Professional Documents
Culture Documents
socialism in the early 19th century, states controlled all aspects of the
replace the scramble for private gain with the achievement of Collective
Welfare1. The idea was everyone was looking out for himself or herself
which did not help the country. It was a rat race filled with greed and how to
get rich off of other peoples work. Instead of allowing individuals to seek
their own financial gain, the government can take a more macro approach
and focus the nations production to help everyone not just a select few.
Socialism was sold to people across the world as a way to give power to the
workers. Industry was growing along with creating many wealthy individuals.
largely Jewish commercial and industrial elements pursued their own ends
and filled their pockets. The rise of Christian socialismpricked the Liberal
1Yergin, Daniel and Stanislaw, Joseph. The Birth of the British Welfare State.
Comanding Heights, 1998 ed., p. 22-25.
http://www.pbs.org/wgbh/commandingheights/shared/minitextlo/ess_britishwelfare.html (Lin
ks to an external site.)
Hist-B 391 Stephen McNamara 2
the poor and middle class felt disenfranchised and were looking for a
with the market to accumulate wealth. Not only was socialism supposed to
bring prosperity to the nation but also it was seen as the moral approach to
governing. It was going to put an end towards greed and allow the poorest in
the nation to rise up and gain an importance they havent felt in generations.
on capitalist notions and the rise of the free market to boost the economy.
The nations of the world were straddling capitalist and socialist principles. An
crashed, Keynes introduced the idea that government intervention could help
stabilize the market and could allow it to have a soft landing. Intervention
3 Nasar, Sylvia. Keynes: The Sunny Economist. The New York Times. Sept 18,
2011. http://www.nytimes.com/2011/09/18/opinion/sunday/john-maynard-keynes-
his-sunny-optimism-shaped-economists-approach-to-depression.html?_r=2&hp (Link
s to an external site.)
Hist-B 391 Stephen McNamara 3
the market had socialist principles, that were used in capitalist economies.
and quell the Great Depression. The United States took pride in its capitalist
system and the idea of the free market. But even the land of opportunity
looked towards these socialist principles in order to deal with a great crash in
institutions and with the State and municipal authorities to make certain that
socialist ideas were spreading across the world and beginning to shape ideas
on how to govern with the market. As these ideas started to spread, policies
began to change in order for politicians to show their constitutes that they
Capitalist ideals were growing at a rapid rate and nations were trying to
figure out how to make the market work for them. Government greed and
banking crashes were stalling economies and hurting the working class. It
was seen as too much power being consolidated by the government. This led
4 "U.S. World Policy." Times [London, England] 4 Dec. 1929: 13. The Times Digital
Archive. Web. 28 May 2016.
Hist-B 391 Stephen McNamara 4
to the push for privatization and less government interference. Take for
economy to grow at a rapid rate while keeping the citizens invested in the
growth of the economy. Increased profits allowed for more prosperity and
As much of the world was moving towards a privatized economy, the USSR
was still holding on to socialist control over industry. This stringent control
over the economy created drastic conditions when quotas were not achieved
and threatened the stability of the country. The USSR was consistently under
producing enough grain to feed their people, [this] structural weakness was
insistence that all socialist states adopt the Soviet model6. With socialist
having to rely on the importing food from capitalist nations; deep schisms
were being formed in socialist government, and the rulers were doing what
6 Peter, Van Ness. 1980. "Does Market Socialism have a Future?" New York Times
(1923-Current File), Nov 02, 1. http://library2.iusb.edu:2443/login?
url=http://search.proquest.com/docview/121406097?accountid=11653
Hist-B 391 Stephen McNamara 5
they could to keep it from falling apart. The markets showed no signs of
With the aforementioned being the path the West took to reach the
capitalist markets that are formed today, the East installed much different
policies that brought prosperity; while still allowing the free market to work
for them. The East had an interesting balance between government control
and letting companies compete through the free market. This was done by
sough to export not just to get the various export incentives but also build up
credit in their future dealings with the government. In, this sense, there was
completion. This allows the market to still drive the economy, and instead of
regulating, the government is pouring gasoline on the fire. This type of ruling
7 Wade, Robert. The Visable Hand: The State and East Asias Economic Growth,
Current History, 92:578 (1993:Dec.) p. 431
Hist-B 391 Stephen McNamara 6
Eastern nations also made the market work for them by limiting social
policies and growing the idea of competition. Nations such as Japan and
South Korea have both living standards and their economies growing tenfold
simply by letting the market work. Asian countries have a diverse economy
countries are over industrialized and have a large government safety net
the communities and not the state to take care of those who the market
with the incentives given for increased growth helped bring about economic
The 20th century saw the rise, success and failure of socialism. A battle of
ideology was waged against competition, the free market and the role of
began to feel taken advantage of and left behind. As socialism grew it began
through the world, its dominance began to fade as the free market offered
both prosperity and as a way to put check the power of the government. If
8 Passell, Peter. 1995. "The Shock Therapy Route: Is it the Only True Path to
Capitalism?" New York Times (1923-Current File), Jan 19, 1.
http://library2.iusb.edu:2443/login?
url=http://search.proquest.com/docview/109438366?accountid=11653.
Hist-B 391 Stephen McNamara 7
the government intervened and hampered the growth of the market, the
Citation
Nasar, Sylvia. Keynes: The Sunny Economist. The New York Times.
Sept 18, 2011.
http://www.nytimes.com/2011/09/18/opinion/sunday/john-maynard-
keynes-his-sunny-optimism-shaped-economists-approach-to-
depression.html?_r=2&hp (Links to an external site.)
Passell, Peter. 1995. "The Shock Therapy Route: Is it the Only True Path to
Capitalism?" New York Times (1923-Current File), Jan 19, 1.
http://library2.iusb.edu:2443/login?
url=http://search.proquest.com/docview/109438366?
accountid=11653.
Peter, Van Ness. 1980. "Does Market Socialism have a Future?" New York
Times (1923-Current File), Nov 02, 1.
http://library2.iusb.edu:2443/login?
url=http://search.proquest.com/docview/121406097?accountid=11653
"U.S. World Policy." Times [London, England] 4 Dec. 1929: 13. The Times
Digital Archive. Web. 28 May 2016.
Wade, Robert. The Visable Hand: The State and East Asias Economic Growth,
Current History, 92:578 (1993:Dec.) p. 431
Hist-B 391 Stephen McNamara 9
Yergin, Daniel and Stanislaw, Joseph. The Birth of the British Welfare
State. Comanding Heights, 1998 ed., p. 22-25.
http://www.pbs.org/wgbh/commandingheights/shared/minitextlo/ess_br
itishwelfare.html (Links to an external site.)