Merits of political economy

Abstract

In this article, Prof. Dr. M. Azizur Rahman explores the historical and economic performance of different political systems, focusing on the merits and drawbacks of Communism and Socialism. The author argues that while socialist systems aim for equitable distribution, they often lack the non-economic environment necessary to produce goods and services at a maximum level. Rahman highlights that in socialism, members share benefits regardless of their actual economic value to the system, which can lead to inefficiency and lack of diversity in the workplace. By examining the evolution of China and the dissolution of the U.S.S.R., the article concludes that pure communism often fails to meet long-term public expectations, emphasizing the need for pragmatic approaches that balance social welfare with individual productivity.