Responsible and rational people only buy what they need and can afford. I believe both theories can be used to the well-being of a nation and per scripture. To ignore the human suffering that was experienced during the depression would have been inhumane. The New Deal used debt to create lasting infrastructure and create segments of the industry that we still have today. When the economy is back on track and unemployment is at acceptable levels, the government needs to then turn its attention to using increased tax revenue to pay down debt rather than creating additional social programs that continue to grow government
A government monopoly on production is a good stepping stone. It wouldn’t be hard to make the switch model from a government monopoly. But doing the reverse switching from a commercial system to government-run sales would be much harder, as businesses would lobby against any such
Rather than being in the interest of all individuals, in reality a free trade system would favour the most advanced manufacturing states. Economic nationalists regard trade protection as a tool of state creation and statecraft. Many representatives of less developed countries believe that trade with industrialized countries is a form of imperialism; they fear that free trade benefits only the developed economy and leads to dependence of the less developed countries on the developed ones. Protectionism refers to government actions and policies that restrict or restrain international trade, often done with the intent of protecting local businesses and jobs from foreign competition. Typical methods of protectionism are import tariffs, quotas, subsidies or tax cuts to local businesses and direct state intervention.
There will be better allocation of resources as demand and supply will automatically adjust to equilibrium based on individual’s interest and utility. This way, the society is better off and this concept is now a well-known concept accepted by Economists. This theory transit from personal knowledge to share knowledge, which verify that personal knowledge have the ability to shape shared knowledge. Before Adam Smith’s theory of invisible hand, the discipline of economics didn’t even exist. Thus without his personal knowledge, I will not be able to learn about the theory of invisible hand in Economics lessons.
Would you build the pipeline? Why? No, I would not build the pipeline in the current scenario, given the high risks and potential threats. However, if the involvement of World Bank is ensured to stay away from corruption. The economic growth that is promised is undertaken, and if there is an innovative way to reduce the human and environmental risk and the project still ends up being financially attractive, I might revisit my
The idea of socialism and communism may be slightly unrealistic and challenging to implement but in a utopian society, Marx’s view of the political structure is ideal. Arendt argues that there is no place for poverty in politics but Marx makes the point that poverty must be eliminated first so that politics can flourish. The only way to eliminate poverty is through the political system and the overthrow of the elite. As long as there is economic oppression, freedom is not attainable for every citizen. The separation of economics and freedom is unrealistic because money controls the actions of the people.
This leads the concepts of power to shift away from theories that associate power with just the economy and the state. It thus moves towards an ideal beneath which power functions at the most micro level of social relations (Gaventa, 2003). This is a pro because instead of ignoring the power hierarchies between individuals and the various power dynamics within society, Foucault essentially focuses on them. Other critiques have failed to mention historical contextualisation and have been inclined to occur in isolation from questions that regard the broader production of knowledge (Hook, 2004). This helps us to understand power relations and hierarchies better within society.
In order that the developing countries were gaining progressively influence while the developed countries were losing their power. Another issue was that the emerging economies would benefit generously from the open world markets although they are unwilling to open their own markets and to contribute new liberalization in manufactures and
People’s power would be good initially, but as soon as the first problems emerge then a community would not be able to efficiently decide on the best course of action. When problems develop, people will try to solve them according to their own interests, so there will be the necessity of a supranational authority which creates new laws and then executes them. Without such authority, the community would not be able to come to an agreement and especially they would not be able to enforce the laws. Marx’s communism does not take into account also immigration. In conclusion, communism as described by Marx would represent a perfect type of government, where the citizens have the power, and where everybody is equal.
Power, however, is an in itself. Foucault’s writings demonstrate, there may be other concepts intrinsic to the nature of the concept of government, such as freedom. Marx writings illustrate that the emergence of power in the society is preceded but not caused by hostile outbreaks of violence. He does not support the mechanism of violence as a way to obtain power. In a combination of both writings, a standpoint can only be valid depending on the logic presented in both cases.