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It is based on rights of the individuals. It can be viewed as a free market when freedom is applied economically. According to Gustafson (2001),…
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Download file to see previous pages Different economic outlooks emphasizes on particular components of capitalism in different places. The government is said not to have control over the market and the significance of individual property rights. The government should have some regulations to protect monopoly in the markets to avoid individual capital accumulation in addition to property and power. Capitalism is based on production of products for profit purposes, the allocation of market-based resources and on accumulation of capital as well.
According to Lynch (2005), in 1990s, Russia underwent an astonishing revolution that changed from a communist dictatorship into a multiparty democracy whereby the leaders are chosen in interval election periods. Its economy was changed into a capitalist based-markets and private owned property. The army based in Europe withdrew in a peaceful manner and the countries became independent. Some years down the line, the Russia had become a catastrophic failure in 1990s as a span of misfortune for its people. Hancock, & Logue (2000) emphasizes that, Russia is not a middle-income country since it does not struggle to overcome its socialists past and find a place for itself in the world, but is seen as a collapsed state and a criminal one too.
By 1999, Russia became a looted and bankrupt state of chaos. It was also known to be the most world’s virulent and the most corrupt country than any other. Economic performance in Russia was seen to be a tragedy of historic proportions, which could only lead to economic collapse hence lack of employment thus resulting to poverty. Later in 2003, the country seemed to have a glimmer of optimism whereby President Bush praised president Putin’s effort for trying to transform Russia into a country in which freedom and democracy as well as rule of law thrives.
This praising talk did not show its fruits for a long time, the Russian prosecutors arrested the oil tycoon in late 2003 and it was seen to be ruled by power hungry ...Download file to see next pagesRead More
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