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Convergence Theory and Capitalist Idelogy

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Hi, I need some assistance answering the following questions:

1. What is convergence theory?
2. Do you think convergence theory describes the society in which you live?
3. From an explicit analytical perspective that you can identify and apply, what are the major social benefits and drawbacks associated with capitalism?

In your responses, be sure to clearly demonstrate your understanding of capitalist ideology.

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Capitalism: The inherent vice of capitalism is the uneven division of blessings, while the inherent virtue of socialism is the equal division of misery.
- Sir Winston Churchill

1. What is convergence theory?

Political theorists have long proposed that socialism, capitalism and even communism will eventually 'converge' (i.e. Galbraith & Sorokin). In the 50's and the 60's capitalist production due to industry arose in socialist systems (i.e. Russia, East Germany, Poland) and measures of capitalism where put in limited practice via internal and external trade. Technology and trade and the demands of a social market are seen as the reasons behind this merger or convergence. The proponents believe that whether or not intended, such an eventuality is bound to happen for a State, however controlled, will still have to manage and manifest trade within and without. Growth cannot be capped and a heavily industrial system will eventually usher in new demands brought by growth as access to capital and wealth as well as property will lead the people of a social system to demand more. Convergence theory for example can be applied to the current situation of China wherein the society managed to blend capitalism with communist socialism. China is the current ...

Solution provided by:
Xenia Rochelle Jones, MA, PhD (IP)
Education
  • MPhil/PhD (IP), Open University, Milton Keynes, UK
  • MA, Open University, Milton Keynes, UK
  • Certificate, Geva Ulpan (via Universita Tel Aviv)
  • BA, University of the Philippines
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