Week 6 World Regions Econ #1 1. Money! Intro to Economics - Wealth, bank, capital, cash, coin, mulla, jack, doe, green - Live, thrive, survive - Obama, Hu, Kan, Merkel, Cameron, Sarkozy o Leaders of states with largest economies on Earth - GDP: Gross Domestic Product - China is now economically, exponentially exploding - Most European countries’ economy is stagnantly shrinking 2.1 The Systems - Left and right have huge differences in economic opinion - Conservative Right: o Conserve, keep the same o Tradition, political power, and economic power in the hands of the people who already have it o People who work hard to take care of their own o Should be allowed to keep the fruits of labor o If you want wealth, you should provide it for yourself and not through tax dollars o Keep the government out of the economy and out of businesses all together o Economy is screwed once you start distributing wealth o Makes economy uncompetitive o The government should keep its damn nose out of the economy and out of business all together. Business creates all the wealth and jobs in our society, therefore let them do their job. Government should not be involved in economy activities Government should minimize regulation and taxation Government should provide a minimum of social benefits - Liberal Left: o Free up ourselves from standard tradition o More equitable distribution of economy o Spread the wealth, spread the love o Government of the state should be directly involved in aspects of the economy to be able to benefit the citizens o If you let businesses do whatever they want then they will pollute the environment, pay workers pennies on the dollars, child labor, poor working conditions and screw over everyone for money o Most distribute wealth through benefits
o The government should be used a tool of empowerment politically and economically. It should protect its citizens with some level of wealth distribution Government should be involved in economy Government should regulate the economy Government should distribute wealth via social benefits. - World Economic Spectrum o Conservative Right: Capitalism: all resources and all means of production are in private ownership by individuals. Ownership by the few.
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- Fall '08