Research Report: Capitalism and Socialism impact on Humanity

Added on - 20 Sep 2019

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DISSERTATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Title..............................................................................................................................................1Background of the study..............................................................................................................1Purpose of the study.....................................................................................................................1Scope of the study........................................................................................................................2Research aim and objective.........................................................................................................2Research question........................................................................................................................2LITERATURE REVIEW................................................................................................................2Introduction to economy..............................................................................................................2Concept of socialist and capitalist economy................................................................................2Feature of socialist and capitalistic economy..............................................................................3Theoretical context regarding impact of capitalist and socialist economy on humanity.............4RESEARCH METHODOLOGY....................................................................................................5Research design...........................................................................................................................5Research approach.......................................................................................................................6Data collection.............................................................................................................................6Sample and Sampling..................................................................................................................6Questionnaire for the people of London, UK..............................................................................6Data analysis................................................................................................................................8Limitation of study......................................................................................................................8DATA ANALYSIS AND INTERPRETATION.............................................................................8Thematic analysis........................................................................................................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONTitleThis research report is based on the topic of “Critical analysis of capitalism andsocialism’s impact on humanity: A study on London, UK”.Background of the studyEconomy is basically large set of inter-related production and consumption activities thatassist in giving answer to the question that how scare resources of country are allocated. Thereare three basic type of system such as capitalism, socialism and mixed economy. These givenforms of economy depicts about the ways that nation uses with an aim to allocate scare resourcesamong the citizens of country. Among these socialism and capitalism are being regarded as twomost controversial form of economy. Further, they have been the topic of debate for manyscholars (Hodgson, 2017). In this context, it has been analyzed that there are many researcherswhich consider socialist economy more effective than capitalist. This is because, in socialisteconomy people enjoys equality in the different factor of production. Further, in this form ofeconomy people have a freedom to present their views and opinions with regard to any kind ofdecision taken by government of country.On the other hand, in capitalist economy citizens will have to follow all the rules andregulations formed by the private entities. Here, no individual can raise voice against thedecision taken by private entities. In addition to this, capitalist economy promotes competitionbetween people. In the present report, United Kingdom is taken into consideration. It is themixed economy which follows the aspects of both capitalist and socialist economy. In thepresent study, assistance will be taken from different type of secondary sources like books,journal and online article with an aim to form literature review section. In addition to this, for thepurpose to make an analysis different type of research techniques will be used. These techniqueswill help in attaining the aim and objectives of study in an effectual manner. Finally, at the endconclusion will be drawn based on conducted analysis (Healey, 2017).1
Purpose of the studyThe main purpose of this study is to get full information about the given two systems.Further, here researcher is also interested in getting answer to the question like whether capitalisteconomy is more effective then socialist or not. In order to fulfill this purpose critical analysiswill be carried out between these two economy systems.Scope of the studyThe study conducted has wider scope. This report can be used by PhD scholars who arepursuing their study upon this topic (Ritzer and Stepnisky, 2017). Further, it has its significancefor the government of nation who wants to examine the effectiveness of both capitalist andsocialist economy.Research aim and objectiveThe main aim of present study is “To critically analyze the impact of capitalist andsocialist economy on humanity: A study on London, UK”.On the basis of above mentioned aim following objectives are formulated:To explore the concept of socialist and capitalist economy.To identify the features of socialist and capitalist economy.To investigate the theoretical context regarding impact of capitalist and socialist economyon humanity.Research questionWhat are the impacts of capitalist and socialist economy on humanity?LITERATURE REVIEWIntroduction to economyAccording to the view point ofLevi-Faur (2017) “Economy is basically a system whereinproduction, distribution and goods consumption related activities takes place”. On the otherhand,Xu (2017)depicted that economy consists of different type of activities which helps intaking decision that how the resources of country which are scare will be distributed amongcitizens of nation. As per the view point ofRingen (2017)“Economy has three basic part such ascapitalist, socialist and mixed economy”. Each nation will have to select any one of the givensystem with an aim to carry out their nation work in an effective manner.2
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