Capitalism emphasizes fostering individualism while socialism emphasizes collectivism. A major criticism of capitalism is that it creates an unequal distribution of resources and income within society because of its focus on individualism over collectivism. However, a major criticism of socialism is that it lacks the incentives necessary for greater innovation thus preventing an economy from achieving a level of productivity to adequately support society.
Questions:
A. Why do socialist countries typically have difficulty keeping up with the technological innovations of capitalist countries?
B. Would a society that emphasized a capitalist mode of production benefit by a moral framework that emphasized collectivism (i.e., emphasized greater consideration of others and society)? Why or why not?
Source: Copied & Paraphrased from Colander (2010): Macroeconomics, 8th edition
NOTE: Write your initial response with separate paragraph of no more than 5-7 complete, non-compound sentences for each part. Put each part into a separate paragraph. Subsequent responses must be no more than 10 complete, non-compound sentences. All sources must be cited. Information should not be copied directly from any source.
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