Could have (or should have) America turned to Socialism during the late 19th and early 20th...

Could have (or should have) America turned to Socialism during the late 19th and early 20th century? We are still debating the role of government in the economy today and the utility of socialism and capitalism.

Solutions

Expert Solution

No; the country should not turn to socialism in any way.

Socialism is an economic structure where all sorts of business activities are controlled, monitored, and regulated by the government of that country. There is no private ownership.

On the other hand, capitalism is a structure of free economy where there is all private ownership. There is no interference of the government.

America is in the structure of capitalism.

The question arises and the debating is going on because the economy suffers so many recessions during the phase late 19^th and early 20^th.

Recession is a situation where all sorts of economic activities like production, employment, investment, etc decline. The main reason of recession is inflation. Increasing price on steady basis is known as inflation. Up to certain extent inflation is necessary for economic growth. But if the inflation rate is very high, people cut their spending and start saving causing recession.

Some of the recessions during these period are as below:

Recession of 1953: It started in the middle of 1953 and ended in the middle of 1954.

Recession of 1957 - 1958: This was also middle to middle recession and it lasted almost 9 months.

Recession of 1960 – 1961: It was a 10-month recession.

Recession of 1969: This was less than one-year recession. During this period GDP decreased by 1.6%.

Recession of 1973 – 1975: It happened because of rising price of crude oil. GDP decreased by almost 3%. Unemployment became acute.

Recession of 2002 - 2003: The recession appeared because of outsourcing jobs. GDP declined by 0.29% only.

2007 recession: It happened because of acute financial crisis worldwide. The duration of this recession was almost 19 months, starting at the end of 2007. GDP declined by 4% and unemployment rose to 11%.

The country should stay in capitalism because of higher per-capita income and higher life satisfaction compare to any other socialist countries in the world.

If the total national income is divided by the number of population of that country then we will get the per-capita income. This is around $40,000 in America during the phase; compare to socialist countries the average per-capita income during the phase is $1,000. This difference shows that America is richer than socialist countries and should continue to be as rich.

Another reason is people in America are satisfied in their life. This satisfaction level gives them increasing the standard of their living in the hope of getting more satisfaction, which is not possible in socialist countries because they can’t even think about luxury.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

In North America and Europe, as countries developed from the late 19th to the late 20th...

In North America and Europe, as countries developed from the late 19th to the late 20th century, social insurance (public pension) schemes, unemployment benefits, and publicly provided health care and welfare schemes became more pervasive. Over that period, the extended family was replaced by the nuclear family. Use the concepts of economies of scope and path dependency to explain why this happened and why the transformation took several generations.

discuss the economic tensions and historical processes in the late 19th and early 20th centuries.

The Populist and Progressive reformers of the late 19th and early 20th centuries brought about widespread...

The Populist and Progressive reformers of the late 19th and early 20th centuries brought about widespread changes to American politics, economics, and society. In this essay, we want you to consider the ethics and civics of the reformers. Who were these reformers? What methods did they use to further their goals through civic engagement? What ethical considerations did they take into account in pushing reforms?

Unions were tremendously successful in the late 19th and early 20th centuries because many manufacturing workers...

Unions were tremendously successful in the late 19th and early 20th centuries because many manufacturing workers were low-skilled and spent most if not all of their working lives in a single manufacturing plant and with the same company. Today, the American economy is far more knowledge-based. Think about what compensation strategy would prove more effective today: the incentive-based, more knowledgeable worker, or the lower wage-base with more self-service? Based on what approach you choose, how would organized labor be affected?...

One of the major developments in late 20th and early 21st century is the IT revolution...

One of the major developments in late 20th and early 21st century is the IT revolution (emergence of computers and internet). Based on your knowledge as the word citizen (which means you don’t need to know any specific technological knowledge), describe how you think the IT Revolution did affect the cost curves of a typical company, in a sector you choose. Explain your view.

What were three specific ways in which the concept of ‘social Darwinism’ shaped either late 19th and early 20th centuries’ European society, culture or politics?

1. What were three specific ways in which the concept of ‘social Darwinism’ shaped either late 19th and early 20th centuries’ European society, culture or politics? 2. Why can 1917 be viewed as the year that witnessed the decisive turning point of the “Great War”? Discuss at least 2 significant points to support your answer.

the economic development of the United States in the late 18th and early 19th centuries.HowdidindependencechangetheeconomiesoftheUS?Whatwasthedifference between...

the economic development of the United States in the late 18th and early 19th centuries.HowdidindependencechangetheeconomiesoftheUS?Whatwasthedifference between Hamilton’s (Federalist) approach to economic development as opposed to Jefferson and his supporters? What role did fraud play in the economic development of the US? How did the conflict over slavery in the US become an economic issue?

Discuss the goals of American businessmen in their U.S. Imperial Acquisitions during the late 19th and...

Discuss the goals of American businessmen in their U.S. Imperial Acquisitions during the late 19th and early 20th century. How were the native people negatively affected by imperialism with results that still exist in the 21st century?

US History. analyze the laissez-faire system of the late 19th century. Your essay should have 3...

US History. analyze the laissez-faire system of the late 19th century. Your essay should have 3 parts. One paragraph should explain laissez-faire, one paragraph should explain the benefits of this system, on paragraph should explain the costs (who was hurt). You conclusion should, ultimately, recommend what – if anything – you would change.

There was much progress in nursing during the early to middle part of the 20th century...

There was much progress in nursing during the early to middle part of the 20th century (1900 through the late 1930s). After reading the textbook and the lesson for this week, describe one area of change in nursing during that time period that intrigues you. Discuss how that area could be applied today. No screenshots. Please type the answer.

Subjects