1.summary
This article informs us about the economy. It shows the economy deficition and etymology and explains the economy historically. I read the economy from the modern industrial society carefully. Adam Smith, who appeared during the Industrial Revolution, define the elements of economy. He insists that the economy should be shaped through free competition without the intervention of the country, which forms the basis of capitalism. While capitalism is represented by 'free competition, socialism is represented by collective production and collective distribution. Socialism emerged an opposite theory of capitalism. However socialism seems as a failed theory today.
2.What was interesting
For me, the socialist economic system was most interesting. South Korea ranks 10th in the OECD countries. However, there are many economic problem in Korean society. A typical example of this is 'The poor get poorer while the rich get richer'. Ideally, it never happens in the socialist economic system.
Before I read this article, socialism was only a bad idea because North Korea is based on the socialist economic system. But now I think socialist economic system is the most defined economic system.
3. discussion point
1) Capitalism is now showing many problems. Can we solve these problems completely?
2) Marx stated that the proletariat started a revolution when workers recognized their classes. However, the proletarian revolution has not happened until now. What is the reason about it?
This article informs us about the economy. It shows the economy deficition and etymology and explains the economy historically. I read the economy from the modern industrial society carefully. Adam Smith, who appeared during the Industrial Revolution, define the elements of economy. He insists that the economy should be shaped through free competition without the intervention of the country, which forms the basis of capitalism. While capitalism is represented by 'free competition, socialism is represented by collective production and collective distribution. Socialism emerged an opposite theory of capitalism. However socialism seems as a failed theory today.
2.What was interesting
For me, the socialist economic system was most interesting. South Korea ranks 10th in the OECD countries. However, there are many economic problem in Korean society. A typical example of this is 'The poor get poorer while the rich get richer'. Ideally, it never happens in the socialist economic system.
Before I read this article, socialism was only a bad idea because North Korea is based on the socialist economic system. But now I think socialist economic system is the most defined economic system.
3. discussion point
1) Capitalism is now showing many problems. Can we solve these problems completely?
2) Marx stated that the proletariat started a revolution when workers recognized their classes. However, the proletarian revolution has not happened until now. What is the reason about it?
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