Lecture 6 .docx - Lecture 6 Economic Institutions 10.02.18...

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Lecture 6- Economic Institutions 10.02.18 What are Economic Institutions o Soc organization of production, distribution and consumption of goods and services in a society Production of goods Distribution: linking place of production and place of consumption Consumption: production everywhere heavily depends on the consumer, their age, economic and social backgrounds etc., Economic Systems o Capitalism Means of production owned by the individual, own the property, machinery, infrastructure no such thing as producing things not for profit, you’re done if you don’t make a profit The ppl own everything leading to inequality No guarantee of anything o Welfarism Based on capitalism Means of production are owned by the people Production for profit There is inequality Basic needs are guaranteed, job is not but food, healthcare, housing, education all provided in a welfare state Norway, Denmark, Sweden, Finland are all welfare states Narrow the gap between the rich and poor

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