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Socialism: What does the socialist thinker say about the following in a capitali...

Oct 30, 2023

Socialism: What does the socialist thinker say about the following in a capitalistic market system: i. prices, ii. competition, iii. private property, iv. exchange, V. government , vi. income distribution vii. power, viii. and human nature?

answer: i. prices: Socialists believe that prices should be determined by the government or a central planning authority, rather than by market forces of supply and demand.

Key Concept

Socialists argue for price control by the government or central planning authority.

Explanation

In a capitalistic market system, prices are typically determined by the interaction of supply and demand. However, socialists advocate for government intervention to control prices in order to ensure fairness and prevent exploitation. answer: ii. competition: Socialists view competition as a negative aspect of capitalism, as it can lead to inequality and exploitation. They argue for the elimination of competition and the establishment of cooperative systems.

Key Concept

Socialists criticize competition in capitalism and advocate for cooperative systems.

Explanation

In a capitalistic market system, competition is seen as a driving force for innovation and efficiency. However, socialists argue that competition can lead to unequal distribution of resources and exploitation of workers. They propose alternative economic systems based on cooperation rather than competition. answer: iii. private property: Socialist thinkers generally oppose the concept of private property and advocate for collective ownership of resources and means of production.

Key Concept

Socialists oppose private property and advocate for collective ownership.

Explanation

In a capitalistic market system, private property rights are fundamental. However, socialists argue that private property leads to inequality and exploitation. They propose collective ownership as a means to achieve a more equitable distribution of resources. answer: iv. exchange: Socialists believe that exchange should be based on need rather than on market value. They argue for the establishment of systems that prioritize meeting basic needs over profit.

Key Concept

Socialists advocate for need-based exchange rather than market-based exchange.

Explanation

In a capitalistic market system, exchange is typically based on market value and profit. However, socialists argue that this leads to inequality and prioritizes profit over meeting basic needs. They propose alternative systems that prioritize meeting needs over profit. answer: v. government: Socialists generally advocate for a strong government role in the economy, including central planning and regulation, to ensure fairness and prevent exploitation.

Key Concept

Socialists argue for a strong government role in the economy.

Explanation

In a capitalistic market system, the role of government is often limited to ensuring fair competition and protecting property rights. However, socialists argue for a more interventionist government that can regulate the economy, redistribute wealth, and ensure social welfare. answer: vi. income distribution: Socialists argue for a more equal distribution of income, with a focus on reducing income inequality and providing for basic needs.

Key Concept

Socialists advocate for a more equal distribution of income.

Explanation

In a capitalistic market system, income distribution is often determined by market forces and can result in significant income inequality. Socialists propose policies and systems that aim to reduce income inequality and ensure a more equitable distribution of resources. answer: vii. power: Socialists critique the concentration of power in a capitalistic market system, particularly in the hands of the wealthy and business elites. They argue for a more democratic distribution of power.

Key Concept

Socialists criticize the concentration of power in capitalism and advocate for a more democratic distribution of power.

Explanation

In a capitalistic market system, power is often concentrated in the hands of the wealthy and business elites. Socialists argue that this concentration of power can lead to exploitation and inequality. They propose alternative systems that aim to distribute power more democratically. answer: viii. human nature: Socialists have varying views on human nature. Some argue that humans are inherently cooperative and altruistic, while others believe that human nature is shaped by the social and economic systems in which they live.

Key Concept

Socialists have differing views on human nature.

Explanation

Socialists have diverse perspectives on human nature. Some believe that humans are naturally cooperative and altruistic, and that capitalism distorts these inherent qualities. Others argue that human nature is shaped by the social and economic systems in which individuals live, and that alternative systems can foster more positive aspects of human nature.

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