World Economics.docx - 2.1 The Systems Conservative Right Economic power in the hands of the people that have it People work hard by themselves People

World Economics.docx - 2.1 The Systems Conservative Right...

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2.1 The Systems Conservative Right Economic power in the hands of the people that have it People work hard by themselves People should be allowed to keep the money they make People should rely on community/ family if they can’t work Keep the government out of the economy and businesses Wealth is concentrated in fewer and fewer hands Economy is screwed when government is regulated Wealth accumulation is not bad because it is deserved to the people that earn it Government should not be involved in economic activity Gov’t should minimize taxation and regulation Gov’t should provide a minimum of social benefits Liberal Left Economic power for everyone to share (equitable) Redistributed via service/ welfare People that can’t go out to work should be economically equal to everyone People have to chip in Every business success is due to the community in which it operates Government should be involved in regulating/ controlling the way a business works to benefit the society Government should be involved in economic activities Gov’t should regulate the economy Gov’t should distribute wealth via social benefits Communism Everyone owns everything (services, business, land, resources) State government provides what we need based on need manages this economic activity (gov’t only function) Capitalism Everything is in private hands State government does nothing Ownership by the few, over time wealth becomes concentrated into fewer hands Walmart and Sam Walton takes over businesses so they are the only ones left Pure capitalism and communism exists nowhere What’s wrong with communism? It’s too complicated Government can’t decide where/what everything should do Too easily corrupted People are greedy Becomes extremely stagnant People don’t work hard What’s wrong with capitalism? Too much consolidation of wealth in too few hands Opportunities limited People don’t have the means to do certain work Easily corrupted People will do whatever it takes for the extra $ Society way too lopsided Too much wealth disparity
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Socialism Most economic systems are socialist Accounts for some needs (military, education, education) Government has laws to regulate some things Industrial Revolution caused economic systems to evolve Inspired Marxism and communism 2.2 Nationalization vs. Privatization Governments raise money through: Taxes Control resources/businesses Nationalization
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  • Fall '08
  • JDBOYER
  • Economics, economic growth rate, social benefits, Economic Sector

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