Econ Gross Domestic Product o Wealth China is economically exploding Conservative o People work hard for themselves Take care of themselves o Should be allowed to keep the money you earned o Keep the govt out of the economy o Let businesses run the economy o Make everyone richer overall o Govt limits economic growth Should not be involved in economic activity Should minimize regulation and taxation Should provide minimum social services Pro free market Liberal o Free up economic power o For equitable distribution of wealth o Spread the wealth o Govt should be directly related to economy o Business pollute o Protect the citizens Should be involved in the economy Should regulate businesses Should distribute wealth via social benefits Communism o Communal ownership of all resources and properties and the means of production, everyone has an equal piece of the pie Property Land Resources Food, oil, water Everyone owns everything Means of production Businesses State provides what we need Manages, organizes, and distributes Capitalism o All resources and all means of production are in private ownership by individuals, ownership by the few State govt does nothing Let individuals decide the market, supply and demand determines A lot of opportunity Over time wealth becomes concentrated into one hand
Pure communism and capitalism doesn’t exist anywhere o What’s wrong with communism Too complicated Too easily corrupted Becomes extremely stagnant When you give everything away, why would people work hard Why would I want to innovate? o What’s wrong with capitalism Too much consolidation of wealth Becomes stagnant Kids live in country clubs their whole life Limits opportunity Easily corrupt o Get greedy, have a lot of power Working their workers to death, child labor Society becomes too lopsided o Wealth disparity Revolutions occur Socialism o The government owns some of the production or some of the resources or a bit of both and the rest is privately own Most states Socialist mixed systems Accounts for some needs of the society Almost all states provide for their people Free education Private sector Govt has laws that control the private businesses Amount depends on the state If a state owns little resources and doesn’t have much regulation, they are a capitalist society Any state that controls a lot of stuff is communist or open socialist Many European Shift towards the left today Response to consolidation of wealth Industrial revolution of western Europe Packing in workers to run the mills A lot of pollution Recession caused countries to heavily regulated industry Moving to liberal left China has free market capitalism Nationalization vs Privatization All governments do something
o Military o Roads
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