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Human development and economic systems: a unitary approach

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The collapse of the Soviet Union and the success of the US economy at the end of the second millennium do not necessarily mean the end of socialism. In fact both capitalism and socialism are beneficial for a unitary human development, which consists of both material and spiritual development. Capitalism, with its emphasis on self-interest and individual freedom, has been crucial to material development. But socialism, with its preference for other-interest and collective necessity, is conducive to spiritual development. Thus, what is needed for further development of the human race is a unitary economics that synergizes capitalism and scoialism.

Keywords: Capitalism; Economics; Ethics; Socialism; Society

Document Type: Research Article

Publication date: 2001-05-23

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