Alternate Economic Systems

Alternate Economic Systems - Alternate Economic Systems...

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Alternate Economic Systems Political Systems Democracy Dictatorship Economic Systems Capitalism Socialism There is no direct relationship to the political system. Keep them separated. Ex: Sweden has democracy, but is socialist. Capitalism Private owners working for profit Invest in order to make money Society benefits from entrepreneurship and investment Market system- price, supply, and demand are all interactive Produces common good for whole society. Based on specialization and comparative advantage. Assuming the people are looking out for their own interest, will produce the best good for the whole society Laissez Faire- Leave alone economic transactions. However, a nation needs a regulator because we wouldn’t have money to exchange. The question is more like how much interference should we have? Mininmal interference by the government Socialism Common ownership for common welfare. Ex: State owns the property Private property is the source of injustice. People exploit others when they have
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This note was uploaded on 03/30/2008 for the course PSCI 1024 taught by Professor Taylor during the Spring '07 term at Virginia Tech.

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Alternate Economic Systems - Alternate Economic Systems...

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