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ERIC Number: ED311527
Record Type: Non-Journal
Publication Date: 1989
Pages: 17
Abstractor: N/A
Reference Count: N/A
One World: The Union of a New Capitalism and a New Socialism.
Halal, William E.
After decades of bitter conflict between capitalism and socialism, the current technological revolution is driving these two major systems of political economy toward a unified but diverse global order. International trade is growing at twice the rate of domestic trade, competition across national borders is intense, and telecommunication networks encircle the globe. Knowledge is beginning to be harnessed by the computer, accelerating the historical tendency of nations to move toward democratic governance. A more sophisticated political economy is developing, where democracy and enterprise have extended into new economic areas and are uniting to form an unusual synthesis of cooperation and competition. Differences in capitalism and socialism result largely from cultural preferences rather than the superiority of either system. Many nations are committed to socialism because of the flaws they see in capitalism, and, conversely, capitalism is attractive to many others due to the problems in socialism. The key solution focuses on redefining enterprise to incorporate social controls at its grassroots. The resulting economy would serve the public welfare while simultaneously permitting entrepreneurial freedom. Because this concept unifies both ends of the political spectrum, it could prove to be a powerful combination of both economic and social values. (11 references) (KM)
Publications, World Future Society, 4916 Saint Elmo Avenue, Bethesda, MD 20814 ($16.95).
Publication Type: Opinion Papers
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A