Econ Test 2 Part 2
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How does socialism decide what to produce, how much?
- people's needs are supposed to determine this, regardless of money
- it should not be based on rich people's money and desire for luxuries
Socialist's view of human nature
- philosophizing: imagining the ideal society
- experimentation: to demonstrate the benefits
- persuasion (not coercion)
Capitalist's view of human nature
- capitalism's warped social environment causes people to become bad
- the social institutions have to be changed to free up people's goodness
Why did Karl Marx expect capitalism to have crises,
- worker revolution
- capitalism would be less and less able to generate employment/profits
- creation of automation will cause unemployment
- companies go out of business
What is communism?
- kind of paradise-on-earth
- products are abundant and people can do whatever they want, whenever they wanted
- no more need for economic organization
- no more struggle or survival
- no more incentive for some people to be ruthless and selfish at the expense of others
Why was Marx so influential?
- new, true predictions: realistic predictions of economy
- discontent: people were dissatisfied with the work life
- organization: not waiting for the revolution to organize itseft, but took steps to forge the discontented into a political force
How did Lenin and Mao modify Marx?
- Marx though that an economy had to go through a capitalist stage before it would be ready for socialism
- Lenin changed this by saying that a socialist revolution could occure successfully, even in societies that were barely capitalistic
- Mao said that the peasants could form an army
What do modern Marxists believe, compared to Marx?
agreed with Marx stating that society needs to reach an advanced stage of capitalism before most people see its flaws
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