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econ434notes14a - o Didn’t work very well-Tito[Josip Broz...

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Alternative systems Monarch vs. Democratic capitalism – Are there any other ways? ---Anarchists – Don’t need government, as it is maintained by capitalist classes and serves the higher classes. - To get rid of government, get rid of capitalism - Bomb throwers o Sacco and Vanzetti – accused of trying to fund a revolution by robbing banks. Were executed o Mikhail Bakunin o Nihilists o Nakiavites - would be a world without corporations o Small businesses perhaps - Pacifists o Leo Tolstoy o William Godfrey - Civil disobedience ---Syndicalists – opposed to government like anarchists - Solution – industries should be managed by worker committees. o Ex. Steel syndicate, etc o Workers own factories, means of production o Each industry would be wholly owned by its workers. o No need for government, unions would run everything - George Sorel - French Indicative Planning o Major industrial decisions made by French Unions o Casual agreements coordinate industrial production
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Unformatted text preview: o Didn’t work very well-Tito [Josip Broz] – Yugoslavia o Pulled Yugoslavia out of Soviet bloc o Relied on worker managers o Average growth rate exceeded that of the Soviet bloc---Som – sees capitalism as having failed. -Capitalist markets fail: o Monopoly Produce less, charge more. Marginal benefit of additional production exceeds marginal cost, yet no more is produced. o Public goods Free rider problem: national defense: can’t be efficiently provided o Externalities External costs which are not compensated Positive externality – generates benefits (flu shots) Negative externality – generates costs (smoking) o Asymmetric If one person does not consume efficiently, the market is hurt o unstable o Unfair First 5 are about efficiency, last is about equity. Freedom depends on wealth. Sots: important principle: everyone shares capital and land equally....
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econ434notes14a - o Didn’t work very well-Tito[Josip Broz...

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