How have the world economies changed during the modern era?

Question

A. Economic philosophies such as capitalism and communism have been developed.

B. Environmental protection has become more important than economic growth.

C. Social hierarchies have disappeared as economic equality increased throughout the world.

D. Countries have become more economically isolated from one another.

Answer 1

Communism was a failed policy in Venezuela and the USSR. Capitalism in measure has kept China and Cuba from tanking completely under communism. Capitalism has always made economies thrive because it operates with a free market, rather than communism's government-controlled market. Governments cannot earn money. They can only collect taxes.

Environmental concerns have become more important than economic growth, but they never should. While they are important, they should always come in second, as economies either will thrive or fail.

Social rankings from royalty on down have indeed given way to economic equality thanks to social mobility that has created wealth, investment, profits and a burgeoning middle class.

Countries are discovering both global interdependence and a measure of economic autonomy, not isolation, have benefits galore.