ECONOMY Flashcards
PARAGRAPH ONE
DISAGREEMENT OVER PRIVATE OWNERSHIP
- revsoc believe private owenwrship leads to exploitation and class conflict. MARX says that only by collectivising property can equality be achieved
- social dems believe it can coexist with fairness providing it is regulated and balanced with public ownership in key industries. CROSLAND argued that nationalisation of some and regulation of other industries can prevent exploitation while maintaining efficiency
- HOWEVER both oppose unchecked capitalism
- BUT marx seeks completely abolition, crosland wants mixed economy
PARAGRAPH TWO
REDISTRIBUTION VS MARKET EFFICIENCY
- revsoc argues that redistribution is insufficient as capitalism creates inequality. LUX says says that only a revolution can truly address economic disparities
- third way believe redistribution is essential but must be balanced with market efficiency. GIDDENS says progressive taxation and welfare programmes can reduce inequality without harming economy
- HOWEVER both see redistribution as necessary for addressing inequality
- BUT lux views it as temporary fix, giddens as long term solution
PARAGRAPH THREE
AGREEMENT ON REGULATION OF CAPITALISM
- all agree regulation is necessary
- MARX says regulation is necessary during transition to socialism to prevent exploitation
- GIDDENS thinks it’s essential to ensure capitalism works
- HOWEVER disagree over temporary or permanent measure
- BUT agree that unregulated capitalism is harmful and must be controlled
