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Can Socialism be achieved within a Capitalist Society? Course and code Date Name of of Institute Can Socialism be achieved within a Capitalist Society? The advancement of human society has been characterized by the emergence of capitalist and socialist economic, political and social systems…
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Can socialism be achieved within a capitalist society
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Download file to see previous pages The forces of demand, supply and availability of goods determine prices. As a result, there exists a huge gap between individuals in possession of capital and the ones without. Under capitalism, the government has little control over labour forces (Wu, 2002, p. 56; Yunker, 2009, p. 56). Although socialism idea was noble, its enforcement in a modern capitalist society can prove to be retrogressive rather that progressive (Hancke?, Martin, and Mark, 2007, p. 34). The introduction of socialist elements would prove inefficient and wasteful in a capitalist economy. This owes to the difficulties that arise in the organization of production by socialists. Moreover, socialists remain vague on the manner in which the system should be effectively integrated without harming the more stable capitalist form of governance. Gross misconceptions and indolence of the masses about the intentions of socialism also threaten its practicality (Hancke? et al., 2007, p. 58). In effect, this would challenge the scientific thought of rational conduct over life, which promotes rational economic calculations. Socialism would fail to address scarcity, an economic problem, if introduced in a capitalist society. Scarcity stems from the unlimited wants versus limited resources to meet them. Capitalism solves this problem through the theory of value, which asserts that an individual can only chose a good whose value is appeasing. Preference therefore sets the platform for monetary valuations and prices. Socialists do not value pricing or the determination of prices by economic agents. Without prices, valuations of goods and services would not adequately support satisfaction of wants through expending acquired incomes from specialized division of labour (Watson, and Hassett, 2008, p. 121). Socialism, through its limitation of the absence of fluctuating prices and free markets, would undermine proper use of resources in a capitalist society. It is nearly impossible to imagine a successful society that prevents free expression of preferences through a pool of prices. Random and frequent valuations of a resource through the forces of supply and demand are the only sure way of determining whether it is being used effectively to meet human wants. It would be impossible for socialist ideas like these to thrive in a highly competitive capitalist society where only the strong survive (Yunker, 2009, p. 112). While competitiveness in a capitalist society drives civilization, socialist ideas would lead to slow growth. This is because decision making and planning become centralized with bureaucracy standing in the way of development and growth. There is also the aspect of collective effort rather than personal challenge that leaves the society exposed to inefficiency and laxity. There is no place for laxity in a capitalist society as everyone is encouraged to work hard to attain personal development, which often reflects in the overall performance of the economy. Socialists cannot guarantee adequate service to consumers while maximizing profits compared to capitalists. This efficiency arises from the promotion of private ownership of factors of production, which socialists oppose (Lawler III, 2009, p. 6). Freedom by private owners like proprietors and entrepreneurs to acquire and dispose property sets them on the path to determining true prices that reflect market forces of demand and supply. Through such freedom to calculate and ...Download file to see next pagesRead More
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