Question

explain the struggles between socialism and capitalism in the 20th century. Thanks!

Answer 1

The twentieth-century experience contributed to an acceptance and confirmation of these claims. Capitalist proponents, which is known as a framework focused on private property, market distribution, and entrepreneurship, have typically emphasized the efficacy and logic of the mechanism of capitalist growth. Private interests will, in their view, naturally fall in line with the common good, and through the virtues of competition, the standard of living of the population can be consistently improved on a long-term basis.

Socialism proponents, which is characterized as a structure based on social ownership and planned economic coordination, have often used normative standards similar to those of their critics, but with opposite assumptions about historical realities. They perceive capitalism as an irrational structure arising from market chaos, resulting in high social waste and misery (through crises and unemployment, among others). It creates tremendous inequality and functions for a wealthy minority, both within capitalist societies and at the global capitalist economy level.

Capitalism as well as socialism are highly diversified monetary and wage-labour structures focused on a systematic division of labor within the economy and large organizations. Both are faced with the question of seeking sustainable forms of capital accumulation and income distribution regimes. Coordination of labor division in a dynamic and monetary system and replication of the wage-labour nexus–which presupposes systemic contradictions in production and distribution–needs proper and effective institutional mediation. Such mediations would allow growth and development as conditions for systemic sustainability and provide social hegemony with legitimacy