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The Causes Of Capitalism And Socialism In The Caribbean

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While capitalism and socialism have their own tenacity and fault in terms of providing numerous opportunities for the country, socialism provides more for its people. Socialism can be defined as a political and economic theory, which notes that the means of production, distribution and exchange should be owned or regulated by the community as a whole. (Mahase, R., & Baldeosingh, K. (2011). Caribbean history for CSEC (P.171). Socialism actually began from observing the progressing of capitalism, while believing that conditions for workers could be improved if the control of production were moved from capitalist to the state. Karl Marx a socialism theorist stated that socialism as a lower form of communism and held the opinion that socialism was a “halfway” step in moving from …show more content…

In theory, citizens have equal admittance to the products and resources and are recompense based on the amount of work achieve. Many movements across Europe embraced the Marxist view of socialism and this led to the protest and uprising of the working class, including the labour unions. Socialism can be identified within two Caribbean countries, namely: Jamaica and Guyana. Michael Manley first term as Prime Minister of Jamaica lasted from 1972 to 1980. He came to power at a time when Jamaica was experiencing a poverty crisis. The development measures that have been tried after the independence were largely unsuccessful. The transition from colonialism to independence and a capitalist economy needed not only a transformation in the economic and political institutions but also in the social situations. There was a large gap in the material circumstances and welfare of the Jamaican people. The policies tried in the years after independence tended to follow the formula of “industrialization by invitation”. This encourages foreign direct

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