This paper discusses and compares the economic theory of Marxism and the economic system of mercantilism.
Written in 2005; 1,480 words; 2 sources; MLA; $ 48.95
Paper Summary:
This paper explains that the key strength to the Marxist economic system is a more even distribution of wealth among its people, but its weaknesses are a poor understanding of the profit motive in human behavior and the theory's dependence on centralized planning, which in a large, modern nation can become unwieldy. The author points out that the strength of the mercantilist system is that, through competition, successful nations can grow and prosper and their citizens can benefit, but a successful mercantilist policy produces an oversupply of money and serious inflation. The paper relates that the difference between these economic approaches is that Marxists view the international economy as a collection of nations whose workers have been successful in overthrowing the capitalist system and establishing workers' economies and those who have not; mercantilists view the international economy as a zero sum game where one country, to prosper and develop, extracts, through ruthless and cutthroat completion, wealth from other countries.
Table of Contents
Marxism
Economic Aspects of Marxism
Mercantilism
Key Strengths and Weaknesses of Marxism and Mercantilism
From the Paper:
"For Marx and Engels, the capitalist system and the bourgeois class that ran it was seen as filled with inherent weaknesses and many contradictions. These weaknesses and contradictions would become increasingly severe as industrialization progressed and would end up progress into increasingly relentless economic crises. Thus, for Marx and adherents of Marxism, highly industrialized nations, where the problems and crises' of capitalism and the consciousness' of the workers were far more advanced in understanding these weaknesses and divisions, would be among the first to embrace and establish Marxist societies."
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