Economy

Question 1

What is meant by the economy?

Answer 1

-the process or system by which goods and services are produced, sold, and bought in a country or region.

Question 2

Whilst there is some agreement over…

Answer 2

…the level of exploitation in capitalism, how this has led to inequality and that the economy should work in the interests of the people.

Question 3

The main argument of the economy essay?

It is a stronger argument to suggest…

Answer 3

Socialists disagree to a large extent over the economy.

Question 4

Two main points of the economy essay?

Answer 4

1. Disagreements over ideal type of economy.
2. Disagreements on what to do about economic impact on human nature.

Question 5

Two main counterpoints of the economy essay?

Answer 5

1. All critical of the free-market if left unchecked.
2. All see economic activity as important in detrmining social structure + human nature.

Question 6

Which socialists agree that economic activity is important in determining social structure + has a large impact on human nature?

Answer 6

-Beatrice Webb+ Crosland- does create inequality and is wasteful- especially unfettered capitalism.
-Marx- capitalism is the root of all evil and can only create ‘Misery, toil and slavery’
-Third way- aware they need communal responsibility to offset the negative impacts of capitalism.

Question 7

Which socialists agree that private property can be explotiative?

Answer 7

-**Marx, Crosland and Webb- **Maximisation of profits means comprimising the working class+ cooperative federalism for webb.
social democrats + third way- trade unions to ensure fair practice

Question 8

Which socialists disagree over what to do about the negative impacts of capitalism on human nature?

Answer 8

Marx- revolution necessary- communal society based on common ownership- human condition plastic.
-Luxemburg- need for general elections, ‘without a free srtuggle of opinion, life dies in every institution’
Webb- gradual reform of the state. ‘the inevitibility of gradualness’
-Crosland- greater social equality (comprehensive eduction) - no communal owership- infringe individualism
-Giddens- opportunities to escape poverty- communitarianism- individualism + free market.

Question 9

Which socialists disagree over what to do about private property and the markets?

Answer 9

Marx + luxemburg- Abolish private property- no profit= no explotation.
**Webb- **gradual nationalisation-
Crosland +Giddens- too much nationalisation would cause a dull state
Crosland- mixed economy- non essentials private (keynisian) wealth of capitalism taxed- redisribute wealth
Giddens- free competititon- no nationalisation- wealth state. tax as high as 83% under labour too high-kept at 40%.