Are you Ready for Insta 75 Days Revision Plan (UPSC Prelims - 2020)?
Topic– capitalism, socialism etc.- their forms and effect on the society.
3) The form of capitalism practised in the last 50 years is no longer tenable. Discuss.(250 words)
Why this question
The article discusses the issues with the practice of capitalism in the current era where the contradictions highlighted by Marx in capitalist society is coming to the fore. As a result there is a need to have a discussion and form an opinion on the form of capitalism being practiced.
Key demand of the question
The question expects us to debate the nature of capitalism in our modern world, examine its pros and cons, discuss its impact and give our view on its future.
Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.
Structure of the answer
Introduction – Give an overview of the major issues arising out of capitalism such as concentration of wealth, destruction of forests etc and suggest that in this light, tenability of capitalism seems doubtful.
- Explain the form of capitalism being practiced in the world today where the dominating strand is neoliberalism with states taking a back seat.
- Highlight the issues with this model
- Concentration of wealth and glaring inequality
- Scant regard for the needs of the environment
- Pursuit of wealth sole motive etc
- Discuss what sort of course correction is required
Conclusion – Give your view and discuss way forward.