W6.1 April 8（Mon）—소염일SHAO TIANYI

 1.Summary

Economy refers to the way in which people use the environment to meet material needs, which includes the production, exchange, distribution and consumption of goods and services in the region.A given economy is the end result of a process that involves technological evolution, historical and social organization, as well as factors such as geography, natural resources, and ecology.The economy started and developed in the political sphere, from the concept of punishing illegality to war, colonization and trade.Capitalist economics develops from the interaction of five items: commodities, money, labor, means of production, and production.What drives the capitalist economy is the constant search for profit (income minus expenditure).Marx believed that a central requirement of capitalist society was that a large proportion of the population could not have an independent source of self-sustainment, but had to be forced to sell their labor for a living wage in order to survive.Socialism is on the opposite side of capitalism, advocating public or direct workers' ownership and management of the means of production and the distribution of resources.


2.What I Learned?

The concepts of capitalism and socialism have their advantages and disadvantages.Unemployment is an essential component of a capitalist economy that ensures an excess of labor.Without the unemployed in the capitalist economy, capitalists would not be able to exploit their workers, who might demand what they deserve, thereby undermining their profits.The rapid development of enterprises has promoted the development of the national economy, but the relative sacrifice of workers is large, and there will be social alienation, economic inequality, unemployment and economic instability.


Socialism advocates public or direct worker ownership and the management of the distribution of means of production and resources, and a society characterized by equal access to resources by all individuals, with compensation methods based on the amount of labor spent.Economic inequality among workers is relatively small compared to capitalism, but the complete realization of socialism is very difficult, requires a strong state power, and dictatorships may follow.


3.Questions 

The modern socio-economic system can be divided into capitalism and socialism.How can we find common ground between the two economic systems, where ideological conflicts and even wars occur?

Comments

  1. ZHONG QIApril 14, 2024 at 6:17 AM

    Both capitalist and socialist countries need international cooperation and trade to obtain resources, technology and markets. Although there are some ideological differences and competition in international relations, they also share some common interests and goals in terms of trade and cooperation.

    ReplyDelete

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