Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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Question
Chapter 2, Problem 21AA
To determine
To discuss: The reason why society thrived as capitalism and didn’t convert to communism.
Expert Solution & Answer
Explanation of Solution
Capitalism: It is system wherein the factors of production are owned by the individuals.
Communism: It is a system wherein the property is owned by the community and individuals are paid as per their ability and need.
The society thrived as capitalism and didn’t convert to communism. This may be because communism require authoritarian type of leadership while capitalism require laissez-faire type of government. Individuals prefer to be free, work as per their will and earn as per their ability. While unfair income should be eliminated and provision for necessity should be provided to the society but individuals don’t wish to distribute their part of income to others when they can choose to keep it completely. Individuals prefer to own properties, earn as much as possible and want less interference by the government. On the other hand, the basic necessity is provided under communalism but government holds the power to control personal freedom when following authoritarian type of government.
Thus, the society thrived as capitalism and didn’t convert to communism.
Chapter 2 Solutions
Economics Today and Tomorrow, Student Edition
Ch. 2.1 - Prob. 1RCh. 2.1 - Prob. 2RCh. 2.1 - Prob. 3RCh. 2.1 - Prob. 4RCh. 2.1 - Prob. 5RCh. 2.1 - Prob. 6RCh. 2.2 - Prob. 1RCh. 2.2 - Prob. 2RCh. 2.2 - Prob. 4RCh. 2.2 - Prob. 5R
Ch. 2.3 - Prob. 1RCh. 2.3 - Prob. 2RCh. 2.3 - Prob. 3RCh. 2.3 - Prob. 4RCh. 2.4 - Prob. 1RCh. 2.4 - Prob. 2RCh. 2.4 - Prob. 3RCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - Prob. 3AACh. 2 - Prob. 4AACh. 2 - Prob. 5AACh. 2 - Prob. 6AACh. 2 - Prob. 7AACh. 2 - Prob. 8AACh. 2 - Prob. 9AACh. 2 - Prob. 10AACh. 2 - Prob. 11AACh. 2 - Prob. 12AACh. 2 - Prob. 13AACh. 2 - Prob. 15AACh. 2 - Prob. 16AACh. 2 - Prob. 17AACh. 2 - Prob. 18AACh. 2 - Prob. 19AACh. 2 - Prob. 21AACh. 2 - Prob. 22AACh. 2 - Prob. 23AACh. 2 - Prob. 24AA
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