To what extent are socialist united in their views on the economy

Introduction

Paragraph Focus

• Paragraph 1 = Capitalism

• Paragraph 2 = Equality of Opportunity

• Paragraph 3 = Absolute Equality

Para 1 = Disagreement - Revolutionary

• revolutionary socialists believe that capitalism is flawed and needs to be replaced

• thinkers such as Luxemburg believe that the capitalist system is based in exploitation of the proletariat for profit this produces

• the produces large scale inequalities in society

• therefore, there should be a revolution to replace the capitalist state with a socialist state based on common ownership

Para 1 = Disagreement - Third Way

• third way socialist disagree and argue that there are some benefits to capitalism

• thinkers such as Giddens argue that capitalism produces a higher functioning economy due to competition and should not be constrained

• instead taxes from the fruits of capitalism should be used to fund public spending

• this would redistribute wealth across classes and tackle inequalities

Para 2 = Agreement - Social Democrats

• social democrats argue that equality of opportunity should be pursued in the economy through education

• thinkers such as Crosland supported the introduction of comprehensive education which would break down class divisions more effectively

• thinker would ensure all pupils had equality of opportunity as they would be able to navigate the economy with more knowledge

Para 2 = Disagreement - Third Way

• third way socialist agree and argue that economic education will ensure equality of opportunity

• thinkers such as Giddens argued that education is a great equaliser that could provide training vital for the proletariat to succeed

• this would allow individuals to succeed based on their own ability and effort, instead of class

• therefore, education would create better equality in the economy

Para 3 = Disagreement - Third Way

• third way socialist don’t believe in absolute equality in the economy

• thinkers such as Giddens argued that some inequality is natural in order to benefit from the economic growth generated by the free market

• this means that enforcing absolute equality would stifle economic growth

• instead they focus on meritocracy, believing individuals should be rewarded on talent and contribution

Para 3 = Disagreement - Revolutionary

• revolutionary socialist disagree and advocate for absolute equality in the economy

• thinkers such as Marx believed the economy should be based on common ownership and material rewards should be needs based

• by eliminating class hierarchies, this would ensure every individual equal access to the necessities of life regardless of background