Final Nep Ppt

8/3/2019 Final Nep Ppt

1/18

G R O U P M E M B E R S

R O G Y J A C O B 4 3

P R A N AV D AV E 7 9

M A H E S H L A LWA N I 8 3

J Y O T I B H A G C H A N D A N I 2 4

G I R I S H M I S T RY 8 0

U R V I P A R E K H 4 8

Socialism is an Utopian Concept


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Socialism

y Socialist economy deals with property which is heldin common and not individually, and relationshipsare controlled by government.

y An extensive system of social security.

y It counteracts the effects of poverty.

y Insures the citizens against loss of income,unemployment or retirement.


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Utopian Concept

y The word utopia has been invented by Sir ThomasMore in which all social conflict and distress has

been overcome.

y Utopia generally signifies humanitys guiding policy.

y Utopia is used to signify a state or place of ideal

perfection but difficult in implementing it.


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Importance of Utopia

y "Utopia" is the word used to denote the best lifeattainable.

y Utopia amplifies technologies and methods that fullysatisfy needs of human existence.

y It basically implies an unbiased approach towards thepeople of the country.

y It allows and encourages differences in the goals andaspirations of the individuals.


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Working principle of Socialism

y Main principle of socialism is to secure governmentbody.

y Socialism is the concept adapted mostly by theScandinavian countries, U.S.S.R, CUBA and Vietnam.

y Government working on the principle of socialism hasgot major stake in the business operated by that

respected country.

y Government spends more on human welfare rather thanon defence and other non-welfare sectors.


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Comparison of Economies

CAPITALISM

SOCIALISM

MIXED

ECONOMY

1820 1840 1860 1880 1900 1920 1940 1960 1980 2000 2011Year

Economies

Economies


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Comparison

SWEDEN VIETNAM RUSSIA CUBA

GDP 5.5% 8.5% 8.1% 3.4%

PER CAPITA

INCOME

$36502 $ 3354 $16687 $9900

SOURCE OF

NATIONAL

INCOME

MACHINERY,

MOTOR

VEHICLES,

PAPER

PRODUCTS,

PULP ANDWOOD, IRON

AND STEEL,

CHEMICALS

CLOTHES,

SHOES, MARINE

PRODUCTS,

CRUDE OIL,

ELECTRONICS,

RICE ANDMACHINERIES.

PETROLEUM

PRODUCTS,

NATURAL

GAS, METALS,

WOOD

PRODUCTS,CHEMICALS,

CIVIL AND

MILITARY

PRODUCTS.

SUGAR,

NICKEL,

TOBACCO,

FISH,

MEDICAL

PRODUCTS,CITRUS AND

COFFEE


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Sweden

y Is consistently among Europes fastest growingeconomies, with GDP growth set to hit 6.3% this

year.

y Sweden ranks 21st, and is one of the few countriesthat increased its economic freedoms during thefinancial crisis.

y Sweden had the worlds fourth-highest GDP percapita.


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Cuba

y The Cuban government is planning for 3.4 percentgrowth of the gross domestic product in 2012, whilecontinuing to renegotiate its debt with major creditor

nations.

y Cuban banks settled all outstanding payments toforeign suppliers resulting from a payment freeze

imposed in 2008, and that the government isrenegotiating its foreign debt.


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Vietnam

y Vietnam achieved around 8% annual GDP growth from1990 to 1997 and continued at around 7% from 2000 to2005, making it one of the world's fastest growingeconomies.

y According to the forecast by the PricewaterhouseCoopersin 2008, Vietnam may be fastest growing of emergingeconomies by 2025 with a potential growth rate of almost10% per annum in real dollar terms that could push it upto around 70% of the size of the UK economy by 2050.

y According to the CIA World Fact Book, theunemployment rate in Vietnam is 2.9% (30 April 2009est.)


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Russia


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Russia

y Russia's GDP, estimated at $1,250 billion at 2007exchange rates, increased by 8.1% in 2007 comparedto 2006.

y Russia has a market economy with enormous naturalresources, particularly oil and natural gas.

y It has the 10th largest economy in the world bynominal GDP and the 6th largest by purchasingpower parity (PPP).


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Socialism v/s Recession

y In recession when the production units faceproblems of demand for the goods and services thesocialistic countries take control over the production

in the way to control the recession.

y The socialistic system is the best way to fightrecession by applying norms,condtions and

regulations to help fight recession.


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Accumulation ofIncome

y Taxing the rich.

y All large industry would be nationalized.

y Luxury expenditure for the rich will be ended.

y Arms spending would be abandoned.

y Finally, the obscene waste that occurs under capitalism (vastsums on advertising and design products ) will be abolished anda democratically planned economy will take its place.

y There is also the disgraceful wastage of food that occurs dueto overproduction or, even more shamefully, to manipulateprices on the world market.


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Growth & Development

y The first thing that would happen under socialism is thatunemployment would be eliminated overnight.

y Unlike Capitalism, Socialism follows planning and

distribution method.

y The profit motive is eventually abolished, commoditieswould exist for people to buy and any money gainedwould be re-invested into society.

y But with the profit motive removed many goodsincluding basic foods, housing, fuel etc could be providedfor free.


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INNOVATIONS AND INVENTIONS

y Under capitalism, the majority of people are coerced towork.

y Under socialism, people would be encouraged to work forthe benefit of society and not just reasons for survival.

y Every effort will be made to make peoples lives easier ashumanity is good but is shaped by society.

y It stands to reason that innovation is created insocialism.


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Utopian concept in Indian context

y India is an example of a mixed economy . It shows significant signsof Utopia.

y Even though freedom of production and consumption exists inindian economy there are several organization which regulate the

markets and several sectors

y For ex.Sebi for share markets,RBI for Banking and financing sector,

DOT

andT

RAI for telecom sector.

y This shows that the government tries to promote the welfare ofpublic by several laws and regulation to achieve perfection ineconomy i.e. Utopia.


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Examples

y The controlling of interest rates for banks by RBI.

y The licensing policy in various fields by government.

y Prohibition for other corporations to get in to core

fields like Railways.y Controlling of exports and imports for ex The export

of onion was prohibited by the government due tolack of supply in domestic market.

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