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Lwati: A Journal of Contemporary Research

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A Comparative Analysis of Socialists and Capitalists Economies

Dave Ude Ugwu, Finian Igbede Moko

Abstract


The current essay is a comparative analysis of two of the predominant economic and political ideologies in the current ‘one world system’. This ‘one world system’ is a 21st century ‘global world’ controlled by capitalism, socialism and a mixture of both. From America’s example of capitalist economy and politics, China’s capitalist’s, socialists and communists’ mixed-system; and from North Korea’s example of a purely communists’ state, the current essay has argued for the illusiveness of attempting to eliminate either a communist, a feudal, a fascist or a socialist’s economy, without ultimately having to replace same with a ‘mixed world system’ as it is the case with the current ‘global system’ dictated completely by capitalism, socialism and to some extent communism. The essay attempts to point this out for ‘world policy makers’ in three contemporary examples with America, China and North Korea. Contrary to opposing views of thinkers, such Karl Marx and related academicians who condemn capitalism while down-playing socialism in favour of communism, the current essay has argued for the needfulness of all three of these in the creation and sustenance of the current ‘world system’. The essay is a true highlight to the ‘world’s policy makers’ the fact that the creation of an ‘economic order’ with a fair blend between capitalists’, socialists’ and communists’ economies, as it is the case today with the current ‘global world system’, is largely portentous of creating a greater ‘world system’ without the G8 and other robust economies having to employ capitalism or socialism or communism or a mixture of them as political and economic tool for ‘economic neo-colonialism’.

Key words: capitalism, socialism, economic systems, comparative study.




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