Case study #3 - Essay on the past, present, and future of Economics

An economy is the system according to which the money, industry, and trade of a country or region are organized. The economy is inextricably interconnected with many ideologies on various perspectives.  Ideologies like socialism and capitalism had caused the flowering stage of modern civilization, even though the ideologies are widely dissimilar in perspectives as time goes by.

When the Industrial Revolution had contributed effects on European civilization, the Capitalism accelerated the economic development throughout 18^th century and 19^th century. Polarization between the rich class and the poor class was caused by Capitalism. During the Great Depression caused by inflation, the socialism was strongly appeared with the new ideas of Karl Marx. He claimed that the ideal society should have a joint ownership, solidarity, joint profit, and joint distribution. It was not too much to state that he was ostracized by his society, maintaining his opinions strongly. How could he get captured? His idelogy took one of recurring dreams of human which was to achieve communitarianism. It was planned economy which reduces efficiency according to his new idea of sharing jointly. Nevertheless, the flowering stage of modern civilization turned up as the technology was developed. Since the fundamentals by ideologies were economy, the difference was how much efficiency was accelerated.

How are Capitalism and Socialism being in current world? The world claims to advocate Capitalism. Against globalization, rich classes vie with each other for pursuit of profits. The fact that socialism does not accept the private property system is the limitation of socialism which was made by the flow of the world. By that, it is within bounds to say that socialism which accepts the notion of however much the achievements are done, the property is evenly given to you  is rarely required in 21th century. On the other hand, capitalism leads to the beginning of developing technology with self-contentment. Developing technology will be highly affected to the economical progress. The numbers of countries that have activated Capitalism are still increasing, since money is already dominant in the life of human. The value of money increases by the power of a certain country.

In the rest of 21th century, it is clear that our society would be the world leading by the advancement of science and technology. That is the wave of period which can be described as monstrous waves. People will be able to be treated according as their talents. That treatment may be a driving force of economic growth. Competitions between knowledge are the driving force behind advancement. The propensity of Capitalism would be much apparent. Some people also predict that Capitalism is the short way to reach a ideal world including Utopia which can not ever be reached with Capitalism by itself. It will be been clear that Capitalism can be the first form of proper brainstorm for economical advancement.

Overall, two main ideologies had existed in various ways by being parts of economy as the time passes. Yet the pragmatic ideology for our economy of world might be the Capitalism, motivating some competitions that keep people being forward technologies as time passes.