Socialism is an Utopian Concept

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ROGY JACOB P R A N AV D AV E M A H E S H L A LWA N I JYOTI BHAGCHANDANI G I R I S H M I S T RY U R V I PA R E K H

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y Insures the citizens against loss of income. unemployment or retirement. and relationships are controlled by government.Socialism y Socialist economy deals with property which is held in common and not individually. y It counteracts the effects of poverty. y An extensive system of social security. .

y Utopia generally signifies humanity¶s guiding policy. .Utopian Concept y The word utopia has been invented by Sir Thomas More in which all social conflict and distress has been overcome. y Utopia is used to signify a state or place of ideal perfection but difficult in implementing it.

Importance of Utopia y "Utopia" is the word used to denote the best life attainable. y It allows and encourages differences in the goals and aspirations of the individuals. y Utopia amplifies technologies and methods that fully satisfy needs of human existence. . y It basically implies an unbiased approach towards the people of the country.

R. y Socialism is the concept adapted mostly by the Scandinavian countries.S. CUBA and Vietnam.S. y Government working on the principle of socialism has got major stake in the business operated by that respected country. U.Working principle of Socialism y Main principle of socialism is to secure government body. y Government spends more on human welfare rather than on defence and other non-welfare sectors. .

Comparison of Economies Economies MIXED ECONOMY Economies SOCIALISM CAPITALISM 1820 1840 1860 1880 1900 Year 1920 1940 1960 1980 2000 2011 .

PAPER PRODUCTS.Comparison SWEDEN GDP 5. WOOD PRODUCTS. MOTOR VEHICLES. TOBACCO. CIVIL AND MILITARY PRODUCTS. IRON AND STEEL. PULP AND WOOD. SHOES. CHEMICALS CLOTHES. MARINE PRODUCTS. FISH.1% CUBA 3. RICE AND MACHINERIES. ELECTRONICS.5% RUSSIA 8. SUGAR.4% PER CAPITA INCOME SOURCE OF NATIONAL INCOME $36502 $ 3354 $16687 $9900 MACHINERY. CRUDE OIL. PETROLEUM PRODUCTS. METALS. MEDICAL PRODUCTS.5% VIETNAM 8. NICKEL. NATURAL GAS. CITRUS AND COFFEE . CHEMICALS.

. and is one of the few countries that increased its economic freedoms during the financial crisis.Sweden y Is consistently among Europe¶s fastest growing economies. y Sweden ranks 21st. y Sweden had the world¶s fourth-highest GDP per capita.3% this year. with GDP growth set to hit 6.

Cuba y The Cuban government is planning for 3. y Cuban banks settled all outstanding payments to foreign suppliers resulting from a payment freeze imposed in 2008.4 percent growth of the gross domestic product in 2012. while continuing to renegotiate its debt with major creditor nations. and that the government is renegotiating its foreign debt. .

Vietnam y Vietnam achieved around 8% annual GDP growth from 1990 to 1997 and continued at around 7% from 2000 to 2005. making it one of the world's fastest growing economies.) y According to the forecast by the PricewaterhouseCoopers y According to the CIA World Fact Book. the . unemployment rate in Vietnam is 2. in 2008.9% (30 April 2009 est. Vietnam may be fastest growing of emerging economies by 2025 with a potential growth rate of almost 10% per annum in real dollar terms that could push it up to around 70% of the size of the UK economy by 2050.

Russia .

y Russia has a market economy with enormous natural resources. estimated at $1. particularly oil and natural gas.Russia y Russia's GDP.250 billion at 2007 exchange rates. increased by 8. .1% in 2007 compared to 2006. y It has the 10th largest economy in the world by nominal GDP and the 6th largest by purchasing power parity (PPP).

.condtions and regulations to help fight recession. y The socialistic system is the best way to fight recession by applying norms.Socialism v/s Recession y In recession when the production units face problems of demand for the goods and services the socialistic countries take control over the production in the way to control the recession.

to manipulate prices on the world market. y Luxury expenditure for the rich will be ended. to overproduction or. the obscene waste that occurs under capitalism (vast sums on advertising and design products ) will be abolished and a democratically planned economy will take its place. even more shamefully. y Arms spending would be abandoned.Accumulation of Income y Taxing the rich. y There is also the disgraceful wastage of food that occurs due . y Finally. y All large industry would be nationalized.

Socialism follows planning and distribution method. y The profit motive is eventually abolished. housing. fuel etc could be provided for free. y But with the profit motive removed many goods including basic foods. .Growth & Development y The first thing that would happen under socialism is that unemployment would be eliminated overnight. commodities would exist for people to buy and any money gained would be re-invested into society. y Unlike Capitalism.

. y Under socialism. people would be encouraged to work for the benefit of society and not just reasons for survival. the majority of people are coerced to work.INNOVATIONS AND INVENTIONS y Under capitalism. y It stands to reason that innovation is created in socialism. y Every effort will be made to make people¶s lives easier as humanity is good but is shaped by society.

RBI for Banking and financing sector.Utopian concept in Indian context y India is an example of a mixed economy . DOT and TRAI for telecom sector. It shows significant signs of Utopia. y This shows that the government tries to promote the welfare of public by several laws and regulation to achieve perfection in economy i. Utopia. . y Even though freedom of production and consumption exists in indian economy there are several organization which regulate the markets and several sectors y For ex. Sebi for share markets.e.

y Prohibition for other corporations to get in to core fields like Railways. y The licensing policy in various fields by government. y Controlling of exports and imports for ex The export of onion was prohibited by the government due to lack of supply in domestic market. .Examples y The controlling of interest rates for banks by RBI.

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