Sociology HWs
Question One
Mandeville illustrates in his poem bee community that effortlessly appreciate honesty and virtue that is adopted by the bees. Abandoning of their private gain desires may lead to the downfall of their territory hence relocating (Mandeville, 2019). It implies that private vices enhance public benefits. Every operation in human life requires money. As a result, greedy, envy and vanity for self-interest has risen. Therefore, competition surfaced through investments where jobs have been created, thus being beneficial to society.
Question Two
Lowering interest rates by financial institutions was implemented to minimize the rate of poverty by allowing low-income earners to obtain loans. It led to the creation of more money by the central banks, which risks the entire economy by increasing debts. This initiative was to favour low-income earners; instead, the middles income earners were affected whereby their investments were affected especially those in the financial and insurance sector. The rich people used this opportunity to access cheap loans investing further (DW Documentary, 2017). On this note, International Debts Conference would assist in addressing the debts rate among the poor. Financial industry interests have influenced the level of politics in society for too long.
Question Three
The cartoons in the third picture illustrate people’s perception and virtues in a different situation. In the image, a leader happens to applause on the improvement of their deliverables, whereas others filled with envy finds it a strategic reason to bring them down. Therefore, we recognize that success in life portrays different perception among different people. For example, when one acquires wealth in a short time, many people will refer to them as thieves no matter how genuine it is.
Question Four
I support the reasons claimed in defending capitalism. Capitalism is just a section of lifestyle people adopt in society. It has on the relation with the demands on tax reduction of a particular state. People who have taken this way of life have been frustrated by governments with tax rates imposed on them which are higher than the other group in the society.
Capitalism and socialism are all economic systems. Operation of capitalism operates with less control from the government. It is advantageous to the economy, whereby it encourages the market to be competitive and innovative (CNBC Television, 2019). The negative side of capitalism arises when there is a recession in the economy, which leads to job losses. The government fully controls socialism systems. Its resources are distributed regarding the deficiency level in society, thus encouraging equity. Socialism has encouraged laziness and increased complaints in the community. For this case, most politician uses this system for political gains. Concerning consumer prices, the price of products and services are influenced by the demand and supply curve in the free market (Kallis, 2019). In the socialism system, the prices are moderated by the government.
The free market is a significant cause of the existence of capitalism and socialism. It is an implication that every human has the freedom to practice their rights in the financial world (CNBC Television, 2019). Therefore, I conquer with the panel that billionaires should exist. Everyone has an opportunity to exercise their rights since access to free-market exists worldwide and thus giving room for self-development.
Most retirees have experienced difficulties in coping up with life after retirement. It is encouraged that all employees in both the private and public sector should have access to retirement benefits and pension schemes. Other special projects should be initiated by the governments to cater to the elder since the retirement scheme would only serve for a short time.
References
CNBC Television. (2019). Capitalism vs Socialism [Image]. Retrieved 22 April 2020, from https://www.youtube.com/watch?v=s9ovOwl5Cns.
DW Documentary. (2017). How the Rich get richer-Money in the World Economy [Image]. Retrieved 22 April 2020, from https://www.youtube.com/watch?v=t6m49vNjEGs.
Kallis, G. (2019). Capitalism, Socialism, Degrowth: A Rejoinder. Capitalism Nature Socialism, 30(2), 267-273. https://doi.org/10.1080/10455752.2018.1563624
Mandeville, B. (2019). The Fable of the Bees; or, private vices, public benefits. Good Press.