Introduction to Economics and Global Capitalism

My impressions of the debate
Listening the debate one cannot fail to see that there are major differences in perception of how socialism should work and if, addressing the primary question of the debate, socialism has failed. In general, my impressions on the debate is that, while socialism has proven to be a failure, we cannot in the modern day society, avoid the incorporation of some aspects of socialism. For example, the tax scheme all over the globe is oriented to a socialism idea of wealth distribution, and with particular reference to the United States, the welfare scheme is oriented to the socialism ideology of taking from the Haves and giving to the Have-nots.
The other major impression generated from this debate is the fact that, a society cannot run entirely on each of the two ideologies; capitalism and socialism. While the general economy can run on capitalism, the social fabric of any society should adopt various aspects of socialism to ensure equity, a role that should be undertaken by the government of the day. However, the balance between capitalism and socialism is still a contagious issue. For example, the aspects of private property form a primary talking point in the discussion on whether private property should be and how it should be with regard to the ideology in place (TOP Wonks, 2012). Personally, I think that private property cannot be overlooked as it part of the drive in a capitalist oriented economy, but then, the relevant tax policy should be instituted for fair wealth distribution.
Relevancy of the discussion
The primary discussion question on whether socialism has failed is rather straightforward and frankly common talk, because socialism as an economic ideology has failed terribly. However, the discussion on what lessons are to be learnt from the failure of socialism for all global economics is the most relevant part of the discussion. It is important that economies and governments understand and strike the right balance between capitalism and socialism to ensure effective, efficient, and smooth running of the society as a singular unit of administration. Within every society, there will be the Haves and the Have-nots, and it is important that the Have-nots are adequately provided for, at least on their primary needs to ensure a cohesive society. To do this, it requires knowledge on the excesses of capitalism, and the detriments of socialism. This therefore enables policy makers to set the right regulations and schemes that promote investor prosperity and effectively cushion the poor. In addition, continued discussion on the status of this balance is essential so as to address any emerging situation and the dynamics of this balance change with time, until probably a utopia-like society is realized.
Lessons learnt
One of the vital things learnt from this discussion is that, capitalism is the way to go, but injecting aspects of socialism in the capitalism economy provides a boost to sustained growth. For example, giving company ownership to the employee is sure to motivate them with the intimate effect being a u-turn in returns for struggling or failing companied and sustained growth.
However, the discussion doesn’t offer a solution on what is the balance between capitalism and socialism. Should socialism be too much spelled like in Switzerland or less like in the United States (Tom Wonks, 2012)? Personally, I believe there is not a permanent balance between capitalism and socialism, but how far the two are adopted depends on the status of the society in question. For example, wealth distribution in third world countries should be more pronounced for development purposes, more over with high unemployment rates, less fraction of the work-able able mature population will be taxed. However, for the first world economies, capitalism should be more pronounced, with the right control measures to avoid absolutism.
References
Top Wonks, (2012). Samuel Bowles, The Failure of Socialism. YouTube. Retrieved from https://www.youtube.com/watch?v=wXIyPktGLu0 on 30 January 2018