This essay aims to establish all gamut of impacts of the communistic ideology on the economic systems of democratic countries. In theory communism should create a classless society and freedom, in which all people would enjoy equal economic status. That may be a theory of what communism should be like but in practice the government cared little for the working class citizens and only wanted to preserve their own power.
The immediate cause of the Soviet collapse was economic, as the Soviet Union lost the arms race and international competition with the West. The US was able to profit from its imperialist exploitation of other countries, while socialism could only lose economically in that competition. Economic factors were linked to political and psychological factors.
Nowadays traditional Communist party dictatorships held power only in China, Cuba, Laos, North Korea, and Vietnam. China, Laos, Vietnam, and, to a lesser degree, Cuba have reduced state control of the economy in order to stimulate growth. Although economic reform has been allowed in these countries, their Communist parties have proved unwilling to submit to popular democratic movements.
With the Cold War over, politicians, economists and others promoted unfettered free trade and free market ideology. Various factors such as political decisions, military might, wars, imperial processes and social changes throughout last few decades and centuries have pulled the world system in various directions. Today's world is based on 'Global Politics and Economics.' ...Show more