Socialism and The Economy

Question 1

Social Democrat views on the economy

Answer 1

. Anthony Crosland

. Capitalism provides the economic growth that ultimately raises living standards the most

. The 19th century capitalism Marx criticised no longer exists

Question 2

Evolutionary Socialist thoughts on The Economy

Answer 2

. Beatrice Webb

. Encouraged collective ownership through natinalism, co-ops and unions

. Wanted to redistribute wealth with income taxes and heavy wealth and land taxes

. Clause IV - “common ownership of the means of production”

Question 3

The Third Way thoughts on the economy

Answer 3

. Tony Blair / Anthony Giddens

. Globalisation makes it harder to rely on old interventionist methods

. We must invest in HR and develop entreprenurial culture

. a ‘new mixed economy’ would help to utilise markets in public interest

. Blair - “TTW stands for a modernised social democracy”

Question 4

Revolutionary Socialist thoughts on the economy

Answer 4

. Karl Marx

. Private property is unjust and morally corrupting

. “ `from each according to his ability to each according to his needs” - commie system where every1 contributed based on ability and recieved based on their needs