Why the idea of socialism was appreciable
Answers
130 years from the death of Karl Marx why who died in 1883.
Early 1960s then Labour Prime Minister Harold Wilson told that we must not look for solutions in High gate cemetery.
In a fore depicted cemetery one can find old bones and dust and a ugly stone monument.
When we speak of the relevance of Karl Marx today we refer to ideas the ideas that have withstood the test of time and have now evolved triumphant as some of the enemies of Marxism have been willing forced to accept. Economic collapse of 2008 showed who was outdated and it was certainly not Karl Marx.
The economists never tried of repeating that Marx’s analysis of an economic downturn were totally outraged. They were ideas of 19th century and people who protect themselves were resolved as hopeless dogmatists.
Gordon Brown confidently proclaimed “the end of boom and bust”.
After crash of 2008 he was forced to eat his words.
Crisis of euro depicts that bourgeoisie has no idea how to solve the problems of Greece, Spain and Italy which threatens the fate of European currency and even the EU.
Socialism refers to the type of economy where the society is the king i.e. all the decision making is done either by the society or by the government chosen by that society.
Socialism is appreciable on many grounds that are as follows:
• It reduces the differences between the rich and poor.
• It can make the optimum allocation of resources like land, capital and labor.
• Prices of the production could be controlled