Introduction to Sociology/Economy

 Earliest form of merchant capitalism is got a footing in 8th~12th centuries. In the 13th centuries, many early capitalist concepts(big businesses, capital accumulation, pawing...) were introduced and advanced. When the major system was mercantilism, between the 16th and 18th centuries, it was a beginning of the stage of modern capitalism that East India Company and the Dutch East India Company founding. But as the world entered the 19th centuries, problems were resurfaced like economic depressions and market monopoly.

 Socialism contains diverse theories that economic organization owns and manages the means of production and resources. The most popular example of socialism is the Soviet Union’s. The government determines everything like quantities, sale price, and ect, then distributes productions to the labor. In this logic, there was a criticism that socialist planned economies would fail because planners could not have the inherent information about market. But it could complemented as the suggestion that price would be determined by trial and error. Nevertheless the biggest weakness in socialism is there are possibility of violation civil liberties.

 

 The two notions are very familiar but I though the kinds of socialism is just one that Soviet Union’s. But there are so many different types. It was interesting and the illustration(How capitalism and socialism works) is so simple and clear so it’s easy to understand.

 

 I wonder there are no theory that substitute capitalism or much better idea that complemented the weakness of capitalism and socialism.