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Evolution or Revolution / Realist or Idealist - Essay Example

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Under democracy, the government is said to be for the people, of the people and by the people. Equality and Freedom are considered as the two pillars of…
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Evolution or Revolution / Realist or Idealist
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"Evolution or Revolution / Realist or Idealist"

Download file to see previous pages Socialism as a political philosophy is also widely accepted by many nations throughout the world, most of which are successful democracies, for example: India, Brazil, Argentina, etc. However, it should be mentioned that each of them has their own interpretation and degree of belief in Socialism. The people themselves or the state originally refers to socialism as a political philosophy, which advocates control of all the means of production, resources and distribution of products to be controlled. However, as time passed by and capitalism as an economic philosophy gained more ground, Socialism as a philosophy also changed accordingly. Today, democratic Socialism as a new political and economic philosophy has gained much acceptance.  (Busky 2000) 
In context of the Economic structure and philosophy followed by various nation-states it can be clearly seen that even the self professed Capitalist nations follows a “Mixed Economy”. Mixed economy has gained wide acceptance from various nation states. In this kind of economy elements of both socialism and capitalism coexist. In certain areas like control of Natural Resources, Education, defense and few other major areas the Government have complete control. Whereas, in other more general areas, which are more influenced by the demand and supply dynamics, like consumer good/durable goods industries and other similar industries, government have no/less control.  Thus, the coexistence of both the capitalist and socialist elements in the economy not only balances the ill effect of each of them, but also helps the economy to sustain any economic unpredictability to a great extent. (Ikeda 1997)
Mixed economy may be a system comprising elements of both “Planned Economy” and “Market Economy”. On one side few of the areas and industries are controlled by the government, on the other side, some of the areas and industries are ...Download file to see next pagesRead More
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