The walls fall, and the wall is strengthened.
DOI:
https://doi.org/10.35319/tmr90g72Keywords:
Socialism, Capitalism, Soviet Union, United StatesAbstract
Throughout the 20th century, two economic models dominated the world: socialism, led by the former Soviet Union, and capitalism, driven by the United States. Both promised to improve living standards, but over time it became clear that capitalism achieved greater progress in economic development, competitiveness, and well-being. While socialism failed to create prosperous and sustainable economies, capitalism drove growth in many countries, including the G-7 and the so-called “Asian Tigers.” Eventually, many socialist countries abandoned that system and adopted capitalism after recognizing its effectiveness in achieving development.
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