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The communist states do not compare favorably when looking at nations divided by the Cold War. North Korea versus South Korea; and East Germany versus West Germany. East German productivity relative to West German productivity was around 90 percent in 1936 and around 60–65 percent in 1954. When compared to Western Europe, East German ...
Socialism is unfeasible in this view because information cannot be aggregated by a central body and effectively used to formulate a plan for an entire economy, because doing so would result in distorted or absent price signals; this is known as the economic calculation problem. [3]
The Communist Party of Texas is a political party in the U.S. state of Texas. It is a member of the Communist Party USA and operates as a state district. [1] The party is headquartered in Houston. The Communist Party's aim is the abolition of private ownership and control of capital and the construction of a classless, moneyless, and stateless ...
John Maynard Keynes (right) and Harry Dexter White at the Bretton Woods Conference in 1944. The post-war displacement of Keynesianism was a series of events which from mostly unobserved beginnings in the late 1940s, had by the early 1980s led to the replacement of Keynesian economics as the leading theoretical influence on economic life in the developed world.
Marx further explored how the failure of overproduction within a single industry can greatly affect the livelihood of workers which can notably be found with his cotton cloth example: "The stagnation of the market, which is glutted with cotton cloth, hampers the reproduction process of the weaver. This disturbance first affects his workers.
Because the working class accounted for only 15% of the population, Lenin was forced to appeal to the much greater peasant class (accounting for nearly 80%) to propel the Bolshevik faction of Russian Social Democratic Labour Party that under Lenin eventually became the Russian Communist Party (Bolsheviks) due to a split within social democracy ...
Joseph Stalin's government mentioned it occasionally, but did not believe the world was yet in the advanced stage of development where the state could wither away. He believed that at least in the short term the state had to have enough power to strike back against those elements seeking to derail the ultimate victory of communism. The Stalin ...
Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...