Introduction to Sociology

SHORT ANSWER

• 
  Explain the difference between state socialism with central planning and market socialism.
  
• 
  In what ways can capitalistic and socialistic economies converge?
  

GLOSSARY

capitalism: an economic system in which there is private ownership (as opposed to state ownership) and where there is an impetus to produce profit, and thereby wealth
communism: as an ideal, it is a political theory supporting equality and a classless society where everyone collectively owns the goods; in practice, it is generally a political and economic system in which the central makes and controls market decisions
convergence theory: a sociological theory to explain how and why societies move toward similarity over time as their economies develop
market socialism: a subtype of socialism that adopts certain traits of capitalism, like allowing limited private ownership or consulting market demand
mutualism: a form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts
socialism: an economic system in which there is government ownership (often referred to as “state run”) of the means of production, with an impetus to share work and wealth equally among the members of a society

1. 
   Roosevelt Institute (2012). Franklin D. Roosevelt: Socialist or “Champion of Freedom”? Retrieved from http://rooseveltinstitute.org/rediscovering-governmentfranklin-d-roosevelt-socialist-or-champion-freedom/. ↵
   
2. 
   Pramuk, Jacob (2019). Expect Trump to make more ‘socialism’ jabs as he faces tough 2020 re-election fight. CNBC. Retrieved from https://www.cnbc.com/2019/02/06/trump-warns-of-socialism-in-state-of-the-union-as-2020-election-starts.html. ↵
   

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