Socialism in its two forms of communism and fascism have caused more deaths in the 20th century than all natural disasters during the same time. Only disease has killed more human beings.
Despite this, many developing countries in the “Global South” turned to socialism in the past as a means to solve their economic problems. A lot of this was at the encouragement of the Soviet Union during the Cold War. Now, in light of the evident failure of socialism, many of these countries seek to create fast growth through the establishment of market economies.
- Select a country in the Global South that has been in the news recently and then visit a reputable website, read a newspaper, or watch a TV broadcast to catch up on the latest events relating to the economic development of the country. Next, using the country you researched, identify which of the five (5) market economy policies the country appears to be following. Provide support for this conclusion.
- What is the fascination of socialism despite all of its failures? Why do we see a resurgence of socialism (both communism and fascism) around the world and even in the United States?
- Speculate about the likelihood of success in achieving a prosperous market economy for the country you researched. Next, discuss which of the policies is most effective and least effective for the country you researched. Provide a rationale for your responses.
Keep in mind that you do not have to respond to each of the above bullets. Rather, this information is simply to provide some ideas on how to respond. As always, please feel free to ask questions.
Please remember to support your opinion with well thought out fact. Do not just state your opinion and leave it without giving the reasons why you think that way.