Econ Quiz #2 - Econ Quiz #2 Nationalization vs....

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Econ Quiz #2 Nationalization vs. Privatization Video oThe state/gov’t needs to have some money to run the gov’t, to provide services, such as health care, military, roads, etc. oHow does a government make money? Taxes Income tax Sales tax Control resources/businesses Gov’t controls business or industry so when revenue is made it is going into the gov’t account oNationalization: when a state physically and literally takes over a resource or an industry from private individuals, and takes it out of the private sector and makes a state business. President of Venezula Hugo Chavez, nationalization king Nationalized oil, seized it U.S. froze all Venezuelan assets in U.S. and is suing Venezuela Liberal left view: support it Conservative right view: don’t support it o
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Unformatted text preview:o Priva±za±on: is when the gov't sells o² a resource or industry to the private sector Japan sold its post o³ce to the private sector Liberal leF view: they be´er regulate the private sector, and tax the business to make money for the gov't Conserva±ve Right view: they support it o Why na±onalize? Times of war/emergency Social good far outweighs the cost Save a µailing business o Priva±za±on is the current trend Order of leaders of countries with the largest economies Examples Video o Conserve tradiTon, poliTcal power, economic power, old school, old way o People work hard for themselves and for their families o If you work hard and provide for you and your family than you should be able to keep it. 2