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Integrative approach to the benefits of a capitalist economy in the rising tide of socialist policies

Category: Business

Subcategory: Economics

Level: University

Pages: 10

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Integrative approach to the benefits of a capitalist economy in the rising tide of socialist policies

AbstractIn various economic platforms, they have been an endless debate on whether society should fully operate on a capitalistic perspective or under socialism. In either case, advocates of both socialism and capitalism have had their say and facts that back up their arguments. A capitalist society is one where the market is independent, and the government does not interfere with goods and services. On the other hand, a socialist economy is one that depends on government policies to control prices and determine the outcome of many decisions. From the time capitalism was invented, it has led to various developments as a result of competition that is existing in its nature and various profits that are made by large corporations. Capitalism is the main reason why various societies have succeeded regarding technology and rapid development. Despite all this, there have been challenges at times that have been raised by the supporters of socialism. However, capitalism has proven to be the basis of operation in the economy of the United States and other developed countries. This paper will look at an integrative approach to the benefits of a capitalist society despite the rising tides of socialist policies. This work has been written to represent an interdisciplinary research project for the integrative approach to the benefits of a capitalist economy in the rising tide of socialist policies and organized through Repko’s ten-step interdisciplinary research.
Keywords: Socialism, capitalism, socialist policies, capitalist policies, economic integration, free markets, government policies, Karl Marx,
IntroductionDrawing on interdisciplinary insight step 1: Define the problem or state the research question from the time Karl Marx coined the term capitalism during his era, he implied that capitalism is the ownership of a private enterprise or full ownership of a property by an individual. Since then, economists define capitalism differently based on an economic system. Capitalism is dependent on the private ownership of goods and services that are produced in the market and is characterized by a free market that is motivated by profit. A country cannot have pure capitalism. Just like any capitalist system, it is faced by numerous challenges (Hall, 2017). One of the challenges that have been cited for a long time is the inequality that it presents to society Ajibade, 2017). As many socialists arise to challenge capitalism, it has not been faded by the rising tides of socialism. Socialism advocates believe that society has to be balanced by making sure that everything is controlled by the government. The following research question has been proposed- How does the economy continuously benefited from capitalism despite the rising tide in socialist policies?
Step 2: Justify using interdisciplinary approach issues affecting the economy involves the various leader of the industry, the government, the community, families, economics, advertisement, public relations, political science. Advanced knowledge in the above is crucial in understanding the above topic. Various people have challenged the free market and free capitalism citing that it has massively undermined the poor while promoting the wealth of a few. Such scholar’s various disciplines such as politics and public relations have had their say in various platforms making it a challenge for the capitalists to promote themselves. In every society, there are those who campaign against capitalism and those who campaigned for capitalism. Each of these economies has its advantages and disadvantages. The capitalist economy has had varying success in the country and has improved the economy despite the rising tides of socialist policies.
Literature review step 3 and step 4: Identifying the relevant disciplines and conduct the literature searchCapitalism and socialism are two different political systems and economic ways of reasoning. Both systems are used in different countries around the globe. In the United States, the main idea is always based on capitalism (Kotz, 2015). Hence, the United States is a prime example of a country that believes in capitalists and has had massive success from it. Some countries believe in socialism such as Sweden where the people often believe strongly in the benefits of existing as a socialist society (Van Apeldoorn, and Horn, 2018). In truth, most countries have mixed economies with economic elements of both socialism and capitalism. It is also understandable why it is not ideal for one system to exist than the other. The two also depends they are used as economic social and political systems. Both socialism and capitalism operate differently on a theoretical basis. However, it has been proven that they both exist in an integrated manner in society. It is therefore not ideal for a society to operate a fully socialist society or a capitalist economy (Rees, 2017). Capitalism refers to an economic system where the means of production is mainly in the hands of private people or rich individuals. Means of production, in this case, refers to money and other forms of capital that can be used to produce goods and services (Blaikie, 2016). Under capitalists, the economy is run mainly by the people who are rich in and individuals who own private companies. Various decisions are crucial to the existence of the country and the market over which the assets are mainly ruled and control by the rich owners of the companies. These people have a huge say on the decisions that affect the lives of the citizens (Labrianidis, 2017). In a capitalist society, the people and companies integrate the use of various laws by the same individuals. Corporations in these scenarios can be sued, and they can also sue. They can also buy properties and sell them as well as performing several actions that can be done by people.
After the expansion of a society that was deemed primitive, slavery system came to existence. Business and environment made up of the masters and their slaves. They must therefore under the factors of production and wealth was accumulated by the slaves through cultivation. After abandoning the slavery system, capitalism started to be appreciated by the people (Griffiths, and Williams, 2017). Capitalism has features that are quite different from all the other forms of economic cooperation. The main idea is their lack of government interference in the policies and decision-making in the market. Apart from these, the property right is a major feature in a capitalist economy where private members own all the labor and other factors of production (Repko, Szostak, and Buchberger, 2016). The owners of these properties have the power to control all the factors and the goods that are produced from the inputs. Corporate owners have the freedom to decide what they produce and how long they reproduce it and can determine whether they are selling it for. This benefits the owners as they own resources such as rent, bland, wages that are paid to the labors as well as the interest that comes as a return on capital investment (Aalbers, 2016). The benefits are mainly due to the interpreter skills that they have exhibited.
Step 5: Develop adequacy in each relevant disciplineAdvantages of a capitalist economy based on various disciplinesA capitalist economy is the main reason why there is a massive competition in the market. It is the main reason why people have to compete in the market so that they can produce better goods and services. In a capitalist economy, the buyers and the sellers determine what they buy and what they sell. This means that the buyer has the power to choose the best quality and the best price that sweets his or her needs. It is this freedom in the market that has acted as a motivator for people to develop the country. If the prices of each good and product that is produced were controlled by the government, there would be little to no initiative by the people to work harder so that they can develop the country (Bouzarovski, Sýkora, and Matoušek, 2016). Many countries are developed as a result of hardworking billionaires who are willing to invest heavily in the free market. The government usually control the prices limiting the competition in the market and therefore production of goods and services. It is because of the freedom that owners have that makes the economy succeed even better.
Under capitalism economy, coordination structure implies that various market mechanisms in the market force the demand and supply for various goods and products to control the prices. It is the demand and supply that determine the output of an economy regarding the price. It is a mechanism that requires no state intervention as most of the activities are current properly with the aim of having to fulfill economic goals. A coordinated, structured economy is one that is motivated to control the supply and demand of products. This control in supply and demand limits wastages. When companies realize that the demand for a product reduces, they are likely to reduce the supply of the same product. When they realize that there is a shortage of a product, they will increase the amount of the same product. This implies that product I will use it produced in case that is demand in the market. When the government controls the prices and the production of various products, there is a likelihood of wastage because there is no force that determines the demand and supply.
Because of the various health interests in the economy, there are various economic agents but prepare their operations in the market. These people determine their supply and various initiatives for the goods and services. Decisions in a capitalist economy are decentralized. This means that there is no centralized decision-making process the right to decide the operations in the market.
Rising tide of socialist policiesAmericans believe that there are always demands on changes in the economy. Various people want things that are new with the purpose of making the lives of everybody better. This is the main initiative of socialists. A socialist society is one that has various policies made by the government to control the market by the suppliers and producers (Bouzarovski, Sýkora, and Matoušek, 2016). Believers in socialism maintain that capitalists take advantage of the poor and therefore there is a need to change policies that guide their operations. Their campaign for the equal distribution of resources through policies that determines the number of resources that one can only within a state. Such policies also have their advantages and weaknesses as well. The main weakness is the fact that there is limited competition. However, it also comes with various advantages that can be cited. One of them is that there is an equal distribution of resources. Instead of living resources in the hands of few people, the resources are equally shared among the people. Socialist believe that capitalism leads to separation of classes. Karlmax believes that those who control the economy under capitalism are those who belong to the upper class. These people control the market and their own most of the factors of production. As a result, there have been various types from the socialists leading to numerous policies that have been implemented not only in the United States but the globe as a whole. One of them is there differences integration where those who are pure as opposed to paying less as compared to the main owners of factors of production. It is these policies that lead to debate such as social security and other insurances that can help those who may not have saved enough when they are retired. Policies such as social welfare and other distribution policies are aimed at maximizing the equal distribution of resources. When the market is controlled by the state, there is less competition. At the same time, the market is under control, and therefore there is no instability in the market. This is the other time that arises as a result of the concerns raised by the socialists. Various countries have tried to implement socialism in the past. However, they failed after realizing that socialism cannot work as not many people will put in efforts as a collective unit. This is where the tide of socialism has been ineffective. The policies in socialism are theoretically better than those in capitalism. This is because they promote many issues that deal with humanity. However, there is less initiative from the socialists who believe in sharing wealth and resources.
MethodologyStep 6: Analyze the problem and evaluate each insight or theoryI have chosen the inter-disciplines Company public relations and stock market to address the challenges facing capitalism. Under capitalism, the motive behind the success and existence of the companies is the urge to make more profit. Every company and corporation strives to make money. The companies also have their owners and managers that are driven by the urge to succeed and to grow the corporation. In small businesses, the owners are sometimes the same people. When the business gets to expand into a larger corporation, the owners attempt to hire several managers who do not have the stakes for ownership in the firm (Hall, 2017). These managers are referred to as agents of the owner. The agents of the owners operate and make decisions that affect the company while acting on behalf of the owner. The economy is defined as a collection of resources in a region that determine the factors of production and consumption of goods and services. Economies come in two types. The first one is the formal economy and the second one is informal economy (Ajibade, 2017). Formal economies are made up of ideas that are driven by the market or the government. Informal economies are those that exist without any policies that guide them or formalized regulations (Kotz, 2015). Van Apeldoorn, and Horn, 2018). In a society, both formal and informal economies can exist. However, a society identifies itself with one of these two economies.
Formal economies operate within the established policies and regulations that are monitored by the government. Both capitalism and socialism are categorized under formal economies (Rees, 2017). Blaikie, 2016). The main difference comes with the role that the government plays and the equality from the two forms of economics. Capitalism offers freedom as well as various choices to the consumer without interference by the government. The main aim is to allow for higher economic growth true innovations and company independence. Socialism and the other hand is controlled by the states, and its operations are determined by the authority. The main role of socialism is to allow artificial welfare that can be shared by the old society to decrease several forms of fluctuations. Modern civilizations have had its progress under capitalism to a large degree. Even do it is not exclusive, the stock market indicators, as well as the index of the wealth of corporations, are all due to the progress in capitalism (Labrianidis, 2017). There are numerous millionaires and other mainstream media channels that celebrate their independence that they get from capitalism. Issues that do not concern capitalism are only significant in case they enhance to determine the corporate world. The political social and economic environment entail great opportunities and stability because of the performance in the capitalist environment. It is an environment that entails greater profit and opportunities but also present cases of instability with lower possible profits. Profit-oriented corporations function well in relation to the states policies and political contestations (Griffiths, and Williams, 2017).
Step 7: identify the conflicts between the insights or theories and their sourcesStep 8: create common ground between concepts and theoryRepko’s step seven and step eight of the interdisciplinary process is a further understanding through identifying the conflicting concepts and assumptions. In a capitalist state, some people have more power than the others. This is because many people are always able to put more effort into the work than others. As a result of the hard work, they can achieve more and become dominant over the economy. Also, because there’s no government intervention and I’ll fare as well as lacking the human nature, there are several downfalls that can take place in an economy that is ruled by capitalism. The dominant economy forms and a little group within a few people (Aalbers, 2016). The wealth of the society is also cycled in a small group of people who have gained access to resources, and they are monopolizing others. The monopoly comes as a result of the limited government control. Usually, this takes place as a result of the rows that have been constructed to limit the possible money flexibility and resource flow between the elite classes. Socialism is also rising tide by questioning the exploration and exploitation that capitalists have on the labor market. These usually result in strikes and revolting against the elite members (Bouzarovski, Sýkora, and Matoušek, 2016). Exploration strikes usually affect the economy negatively as it can hold production or lead to massive disruption of a well successful economy. Because of the nature of the economy that is profit-driven, there are negative externalities including lack of care for the environment. This seriously affects the economy as externalities such as pollution can derail the success of the economy. Because capitalists also care less about anything other than profit, they may end up doing everything possible to get a profitable business. This can become a serious issue in an economy. It can also lead to a reduction in money supply which is necessary before that is good by the government to help solve their issues in the economy. Also, the beginning of monopoly by the markets is a disadvantage to smaller firms. This is because they are unable to compete with the firms that are well established.
ConclusionStep 9: construct a more comprehensive understandingStep 10: reflect on the test and communicate the understandingExploring and synthesizing capitalists is a complex process. Despite the rising tides in socialist policies, several economies are still benefiting from capitalism. The world today is an example of a purely capitalistic globe. Even though many countries do not possess all the possible characteristics of a pure capitalistic state, capitalism of continuously benefitted countries. Capitalist state is one that does not have any government intervention, and the market is in the hands of the people who all the factors of production. The competitive nature of capitalist economy makes it have too much to admire. Despite the efforts that have been put by the socialists on their disadvantages that capitalists present to the market, capitalism has continuously thrived. The benefits can be seen as a society can only improve if there is competition in the market. Several states have seen the benefits of running their society in the capitalistic nature true living there markets to be decided by supply and demand. The government have also seen transformations under capitalism and are aware of the threats that process as well. Weighing the two options from both economies of capitalism and socialism, it is easier to tell why capitalist economy have always benefited countries in the rising tides of socialist policies. It leads to a self-driven economy and an economy where shareholders have to compete to survive in it. These outweigh the disadvantages such as the impact that it has on the environment and the rise of an elite class or group in a society. As well, the government can count on capitalists on their efforts to develop the country.
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