Tuesday, October 28, 2008

American Economy Turning Into Socialism?

If you have paid attention to the news or radio lately, you most likely heard the term socialism a lot over the last couple of weeks. You may be wondering what socialism has got to do with America. My understanding is that people are concerned with the recent intervention by the US government seen by many as socialist measures.


The US government is planning to buy up large stakes in major banks across America. In the traditional American economic system, that was unthinkable. Yet, the economy has gotten so bad that the government has no choice but to take drastic measures.


In socialism, the ruling regime takes ownerships of core capital infrastructure of the economy. The banking system is vital to the economy and can be regarded as economic infrastructure. If the US government takes over major financial institutions, would it be the end of American capitalism? Apparently, the US economy is already disintegrating.


In fact, many economy professors would happily tell you that the American economic system is not perfect capitalism, but indeed a hybrid system of capitalism and socialism. In the current crisis, it may seem that the US economy is shifting toward socialism.



Related Posts:


No comments:

Post a Comment

About This Blog

KBlog logo This blog is about current events and issues concerning general population. Thanks for visiting the blog and posting your comments.

© Contents by KBlog

© Blogger template by Emporium Digital 2008

Followers

Total Pageviews

icon
Powered By Blogger