Today, the 1960s civil-rights revolution is firmly entrenched in America civic culture. These rights symbolize as an inspiring story of courage in the face of age-old injustices and violent oppression. Less well-known is that the call for the equal economic rights is the most enduring and successful features of civil rights movement.
In the industrial setting, many black workers fought for many years against discrimination that denied them access to supervisory positions and high-paying skilled jobs. Consequently, Federal law outlawing discrimination in employment had a dramatic effect on black people. For instance, at South Carolina textile companies, the share of black employees jumped from less than 5% in 1963 to more than 20% in 1970 and to over a third by 1980. The same patterns were observed in the Southern textile companies. Although the textile industry declined due to global competition, desegregation in textiles industry was the main contributor to the sharp increase in relative incomes of black people from 1965 to 1975.
It was clear that civil rights movements were helping the black people in America to improve their living standards. The increase in incomes of black people enabled them to send their children to school, who would then get employment elsewhere in America.
The voting Right of 1965 led to an increase in the number of black elected officials. Political representation resulted in economic gains for black people. This was demonstrated by racial equity in the allocation of government contracts, equal distribution of public services and access to public-sector employment.
In a socialist society, means of production are regulated and owned by the state. There are many misconceptions about socialism and its various benefits. Therefore, let us examine the advantages of socialism.
First, socialism takes the responsibility, benefits, and ownership of resources out of the hands of a few people and puts them in the collective hands of all people. With socialism, workers own the means of production, resources, and companies. Therefore, they have a vested interest in the well-being of the companies they work for.
Second, socialism creates communal values. Socialism encourages the idea that “we are working together” instead of each man fighting for himself at any cost. Consequently, socialism does not only ensure equal distribution of workload but also have positive social benefits.
Socialism also enables workers to reap all the benefits of their efforts and puts to an end the institutionalized robbery of the workers who produce the wealth. Thus, when done right, it can raise the living standard of the entire nation.
Finally, socialism can raise the level of health s and education services and make them available for all people thereby raising the quality of life for all citizens. Consequently, when don correctly, socialism helps to end political unrest because everyone has a chance to participate in the system.
Currently, political economy abounds with debates of the weighing of “social benefits” and “social cost” in deciding which public policy are the best. To some extent, that is what is known as utilitarianism. .Jeremy Bentham believed that all our actions are motivated by longing to maximize pleasure and avoid pain. The moral quality of an action depends upon the amount of pleasure to be derived from it: an action which produces the greatest pleasure is ‘morally right’; an action which produced pain is ‘wrong’.
The principle holds that all government policies be made to conform to their most socially beneficial purpose. Although people differ as to the meaning of the word beneficial, most agree that a regulation’s utility may be defined as its ability to increase wealth, pleasure, or fairness. On the other hand, there are some utilitarians who measure a law’s effectiveness by its ability to reduce unhappiness, poverty, or unfairness.
Utilitarians believe that whenever government is deciding what to do, it should perform the action that will create the greatest net utility. In their view, the principle of usefulness—do whatever will generate the best results—should be applied when enacting laws. The right government action in any situation is the one that yields more utility.
Trade is affected by many factors including the government policies. In general, the economic policies may affect both domestic and international trade. But why does the government get involved in the trade? There are many reasons which include creating employment, protecting domestic industry, boosting industrialization, maintaining essential industries, and preserving the culture and national identity.
In the 1920s, only a few people would have known the government as the key player in the trade. Today, few individuals would doubt that statement. The government influence trade in the following ways:
Of all the weapons that government has, monetary policy is the most powerful. If governments want to go for large and sweeping changes, they alter the monetary landscape.
Interest rates are another popular government weapon. Dropping interest rates encourage individuals and companies to buy and borrow more.
Subsidies and Tariffs
From the perspective of the taxpayer, subsidies and tariffs are basically the same thing. In subsidy case, the government taxes the public and offer the money to certain industries to make them more profitable. In the tariff case, the government applies taxes to imported products or services to make them expensive, letting the local suppliers charge more for their product or services. Both of these acts have an impact on trade.
The most significant aspects of capitalism are private control of the factors of production, private property, competition and accumulation of capital. Put simply, market forces control a capitalist system.
The right to private property is an essential tenet of capitalism. People cannot amass capital if they are not permitted to own anything. They cannot either buy or sell things. As long as property owners stay within the parameters of the law, they may do what they want with their property,
In capitalism, the factors of production are controlled by private enterprise, which include land, capital and labor. A common pointer of whether the factors of production are publicly or privately controlled is what happens to surplus product. In capitalist, surplus product is held by the producer who uses it to achieve additional profit while in communism, it is distributed to society.
In a capitalist system, aim of the people is to make profit. Advocates of communism consider this selfish and greedy. However, capitalists see amassing profit as a way to offer an incentive to work harder, produce things more efficiently and innovate more.
Competition is another important attribute of capitalism. Private businesses compete to offer consumer with goods and services that are faster, cheaper and better. The principle of competition is to make businesses offer their product at lowest prices and maximise efficiency.
On August 1, the Director at the Intelligence Office revealed to the press that America had carried out 473 counterterrorism strikes outside its borders between January 2010 and December 2015. U.S. administrators have been effectively utilizing drone technologies in exercising use of force while at the same time lowering risks to military personnel.
However, a key query that looms is, what will artificial intelligence and renewable energy advances bring in to the sector?
Without a doubt, the combat endurance of autonomous warfare will increase as the commercial domain seeks to employ more renewable and efficient energy platforms, for instance the enlarged capacity of batteries. The aforementioned battery strategy is seen in the MQ-9 reaper, which can fly for 1000 knots without refueling; though future drone devices could use solar power to stay aloft till the need for maintenance arises. Also, such gadgets will be equipped with intelligence to periodically charge batteries in periods of mid mission rest, together with algorithms capable of identifying enemy camouflage or individual artillery.