Lecture5 Powerpoint - Economic Institutions and Inequality...

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Economic Institutions and Inequality Lecture 5
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Outline Economic Institutions? Economic Systems Capitalism Welfarism Socialism Globalization of Economy Socioeconomic Consequences of Capitalism Michigan Revenue Highest Paid CEOs Richest of the World
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What Are Economic Institutions? Social organization of production, distribution, and consumption of goods and services in a society. Production of goods Distribution Consumption
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Economic Systems of the World Capitalism Welfarism Socialism Means of production are owned by the state Production for use, not profit No social stratification State is responsible for basic needs
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Globalization of Economy Globalization refers to economic and political interdependence of nations around the globe Globalization of production International Trade International Finance (World Bank, IMF, World Trade Organization, NAFTA) Cooperation among industrial nations Third world debt
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This note was uploaded on 09/24/2008 for the course ISS 215 taught by Professor Lang during the Spring '06 term at Michigan State University.

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Lecture5 Powerpoint - Economic Institutions and Inequality...

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