Essay on Capitalism Vs. Socialism - 1805 Words

Comparisons between countries and regions before and after the advent of capitalism in Eastern Europe, Russia and Central Europe as well as a comparison of Cuba and the ex-communist countries provide us with an adequate basis to draw some definitive conclusions. Fifteen years of transition to capitalism is more than adequate time to judge the performance and impact of capitalist politicians, privatizations, free market policies and other restoration measures on the economy, society and general welfare of the population. Economic Performance: Growth, Employment and Poverty Under communism the economic decisions and property were national and publicly owned. Over the past 15 years of the transition to capitalism almost all basic†¦show more content†¦Moreover economic inequalities have grown geometrically with 1% of the top income bracket controlling 80% of private assets and more than 50% of income while poverty levels exceed 50% or even higher. In the former USSR, especially south-central Asian republics like Armenia, Georgia, and Uzbekistan, living standards have fallen by 80%, almost one fourth of the population has out-migrated or become destitute and industries, public treasuries and energy sources have been pillaged. The scientific, health and educational systems have been all but destroyed. In Armenia, the number of scientific researchers declined from 20,000 in 1990 to 5,000 in 1995, and continues on a downward slide (National Geographic, March 2004). From being a center of Soviet high technology, Armenia today is a country run by crimi nal gangs in which most people live without central heat and electricity. In Russia the pillage was even worse and the economic decline was if anything more severe. By the mid 1990s, over 50% of the population (and even more outside of Moscow and St. Peterburg - formerly Leningrad) lived in poverty, homelessness increased and universal comprehensive health and education services collapsed. Never in peace-time modern history has a country fallen so quickly and profoundly as is the case of capitalist Russia. The economy was privatized - that is, it was taken over by Russian gangsters led by the eight billionaire oligarchs who shipped over $200 billion dollars out ofShow MoreRelatedCapitalism Vs. Socialism And Socialism868 Words   |  4 PagesCapitalism vs Socialism Capitalism and socialism have been two school of thoughts in economics that have opposing factors, and there have been a lot of criticisms and comparison on which economy is better in terms of economic equality, and the role that the government plays in the society. 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