Final answer:
The phrase 'cutthroat competition' exemplifies a capitalist belief, where businesses aggressively compete for profits and market shares. This contrasts with communist ideologies where such competition is deemed unnecessary. The 'Kitchen Debate' was a display of this competitive spirit during the Cold War, and in capitalism, firms often strive for a monopoly to avoid competition.
Step-by-step explanation:
The term 'cutthroat competition' would typically be an example of what is known as capitalism. In a capitalist market, businesses compete fiercely against one another in order to maximize their profits and market shares.
This can involve aggressive strategies that, while legal, may be seen as ruthless or excessively competitive, akin to the 'survival of the fittest' doctrine. This is opposed to a communist system where, theoretically, resources and means of production are shared equally among the people, and competition in this sense is unnecessary or even counterproductive.
The 'Kitchen Debate' displayed the competitive nature of capitalism in the context of the Cold War. It was a spontaneous debate between U.S. Vice President Richard Nixon and Soviet First Secretary Nikita Khrushchev in 1959, showcasing the rivalry between the American capitalist lifestyle and Soviet communism.
Lastly, the desire for a 'monopoly' is inherent in any capitalist endeavor. While perfect competition is one end of the economic spectrum, where many firms compete with identical products, monopoly stands at the opposite extreme, where a single firm controls the market, reflecting a lack of competition.
This monopolistic control is preferred by many firm executives because it enables them to attain high profit levels without the pressure of competitors.