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CAPITALISM IN ECONOMIC THOUGHT Scientists consider that the system of private property in its modem developments leads to great evils. It leads to unemployment, social injustice, the dominance of the interests of property over the interests of human beings. Marx believed in the inevitability of the advance of capitalism and industrialization. He saw the capitalism economy as a transitory stage, carrying within itself the seeds of destruction through monopolization of the economy. Marxists define capitalism as a system in which the great majority of people own no means of production but work for wages and salaries, and in which the owners of means of productions - the capitalist class - acquire wealth in the form of profit made out of the labour of the majority. In this system the capitalist class is the ruling class because it is able to control and direct the resources of social production for its own profit. The critics of Marxism argue that all this is no longer true. Once, they admit, the capitalist owner of an enterprise ran it himself. Today, however, the rise of joint-stock companies has transformed the position of the owners of a joint-stock company, that is the shareholders do not control it. Control has passed into the hands of an increasingly professional group of managers whose interests are distinct from those of the shareholders and who pursue their own policies. This separation of ownership from control is said to put an end to the property owing class and, therefore, to classes in the Marxist sense. Marshall's faith in free-enterprise economy that is liberal capitalism was grounded on the superior qualities of human character - initiative, industry, rationality - which it breeds. Contemporary economists consider that capitalism brings radical change. It brought a vast force of private interests into play. Its whole economic mechanism is directed towards reaping the highest profits. This called for a rationalization of production, for a systematic cut-down in labour costs and rise in labour efficiency. SOCIALISM Under socialism all capital and natural resources are owned by the government, which plans all production. Under it control over the means of production and over production itself is vested in a central authority. It functions through command. It is a command economy. It relies on central directions. Under it administrative law predominates. Because of this extreme centralization it is a monolithic economic system. The protagonists of socialism contend that public ownership and central direction are more efficient than private ownership. They claim that a socialist economy can achieve a high rate of growth despite low dynamic efficiency, by means of labour mobilization and savings. They believe that public property opens greater opportunities for the optimal utilization of the productive forces in the whole economy. The improvement and rationalization of production ... serve all the members of society. The advantages of social property are in themselves no automatic guarantee for achieving sweeping results. They just create the potential. But in order to utilize this potential efficient economic mechanism is necessary. The basic difference between capitalism and socialism is not in the technology and the machinery used; it is in the ownership relations which are totally different under the two systems. MIXED ECONOMIC SYSTEM The public or government sector in a mixed economic system is a very large producer and consumer of goods. It affects individuals and institutions in varied ways by promotion competition, by ensuring the provision of public goods by redistributing income and wealth and by promoting macroeconomics goods. It enters the economy as a balancing factor. In the mixed economy the market mechanism is tamed and the economic system steered by. In the mixed economy the government owns and operates a number of enterprises. There is nationalization of certain industries. The government is a property owner in many instances. But capital goods are largely owned as a private property owner in many instances. (Excerpts from ''Foundation of Modern Economics" by Frasad K.N. - USA. 1986). Exercises I. Pronounce and translate the following words: [in'herit – in'heritəns – in'heritə] II. Read Text II and find English equivalents to the following Russian word combinations: Частная собственность; средства производства; технологический процесс; приводить к безработице, социальной несправедливости; наживать богатство; в форме прибыли, получаемой от результатов труда большинства; профессиональная группа менеджеров; положить конец власти класса имущих; проводить политику; достигать результатов; достигать высоких темпов роста; эффективный экономический механизм; рост производительности труда. III. Read the following English word combinations and find their Russian equivalents in the right column. Memorize them.
IV. Make a skimming reading of Text II and tell what it is about. V. Comprehension check up.
VI. Sum up your answers using the linking expressions given below: the text ... deals with..., it presents..., the text contains…, …are described, ... are considered, ... are viewed. Look through the Text and, beginning with the title, write all descriptors into your note - books, analyze the frequency and length of their use in the Text. Define the theme and micro-themes of the Text. IX. Divide the Text into micro-texts. X. Single a key-sentence out of each micro-text. XI. Compose a logical outline of the Text. XII. Write connective descriptors out of the Text and analyze the ties between micro-texts. XIII. Write down a precis of the Text in the following way:
1) what type of ownership is there in a capitalist system, in a socialist system and in a mixed system? Begin your sentences with anaphora: in a capitalist system ..., in a socialist system ..., in a mixed system ...;
e) read the fourth micro-text and formulate the tenth and eleventh sentences of the precis, using the answers to the questions:
Introduce the sentences with the help of descriptors; they claim, they believe, they contend; f) read the fourth micro-text and formulate the twelfth sentence based on the answer to the question: 1) What is the basic difference between capitalism and socialism? Use the phrase: it is considered that; g) analyze the fifth micro-text and compose the thirteenth sentence, answering the question; 1) How are the ownership and control distributed between the public and private sectors? h) Formulate the conclusion; i) Read and correct the precis; j) compare your precis with the key given below. The precis of the text can be the following:
UNIT III TEXT III TYPES OF ECONOMIC SYSTEM (A Scanning Reading) A PLANNED SYSTEM The Soviet Union operates a planned system. The government of the USSR, through its planning bodies, makes all the decisions in respect of the goods and services produced. It decides:
In other words a planned system involves the state in making choices about what people want and then deciding how the goods and services selected should be produced. This is shown in Figure I.
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