Left or Right Wing

Topics: Industrial Revolution, Socialism, Social democracy Pages: 3 (1085 words) Published: April 26, 2006
Left wing or right wing? It is important to know because that decides how much government involvement there is in an economy. Two different ways are classic capitalism, a right wing economy which has less government involvement in people's lives and socialism, a left wing economy, which has more government involvement in people's lives. If these were blended together it would form a mixed economy. Either way there will be issues, such as a decrease in production, decrease in the standard of living, and a decrease in incentive. Those who believe classic capitalism a social system based on the principal of individual rights is the best way to run an economy, say it is because more competition, promotes a high quality of goods for low prices, also the economy is flexible and can respond quickly to changing consumer demand. Those who believe otherwise say classic capitalism may result in unemployment and the crash of the stock market. People that consider socialism, a social organization that is ran by the government is a better alternative say so as income and wealth are more evenly distributed, and consumers then receive the basic necessities of life. Those who oppose this say socialism results in lack of incentive and it is unfair that everyone earns the same wage no matter what job one carries out. A mixed economy is a blend of socialism and capitalism. It is a mixture of freedoms and regulations, constantly changing because of the lack of principles involved. It is the attempt to gain the advantages of freedom without government having to give up its power. The best position is one in favor of a mixed economy because it has a little bit of both, which then equalizes the economy. Classic capitalism can lead to great instability in the market, and example would be the crash of the stock market. It started out in 1929, when people could buy stocks with the money they had, then they purchase them with cash down and the rest on credit. This however,...
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