The Decline Of Economic Systems Under Marxism

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Q1. Given the similarities and differences of three contending theories (Marxism, Neoclassical, and Keynesianism) that you have learned in the class, briefly analyze the key factors that contributed to the decline of economic systems under Marxism in the late 20th century in the countries of Eastern Europe and East Asia. Give specific examples as part of your answers.

Q2. In understanding the process of the rapid transformation of economic systems in many nations in the world from the beginning of the 1990s, briefly explain why the freedom to choose the right theoretical foundations still do matter to develop an appropriate economic system for economic growth and better income distribution of a society.

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