econ434notes14c - Decentralized Private Public Capitalism...

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Decentralized Centralized Private Capitalism Nazism Communism Fascism Public Decentralized (Syndiclism) Command (U.S.S.R. circa 1925-1996) Socialism - supported the public ownership of capital (K) and land (N) Socialists specifically were unhappy with the distribution of income among society Basic Economic Questions (to be pondered while contemplating the idea of government o What to produce in a society? o How will it be produced? o Who will produce it? o Who decides the first three? Branches of socialism: Utopian Socialism – Sir. Thomas More (aside: beheaded by Henry VIII for not acknowledging the king as head of the church) favored cooperation instead of competition; production occurred for the benefit of society; to be a cooperative group (Aside: Robert Owen took over textile mills, making himself a fortune which he used to found utopian communes, communes which survived until Owen died and their source of income dried up) Fabian Socialism – British in origin, H.G. Wells, George Bernard Shaw, Sidney and Beatrice Webb Nationalization of industry, particularly of heavy industry (that which requires large amounts of capitol) Small stores, etc. could still be privately owned, just not the larger industries B. Webb favored labor unions because ‘working people needed to unite to prevent discrimination from factory owners’ Fabian socialism transformed into the British Labor Party The gov’t payout (the dole) was very previlant in the 60’s and the nationalization of certain industries during that period meant that many industries did not modernize. The globalization of this and later periods did not occur in the UK as certain occupations (such as coalminer) were being
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subsidized by the government, insuring that many of England’s industries remained antiquated long after others throughout the world were advanced. o These government subsidies were in effect countering the free-market’s command to ‘go away’ from an industry By 1980, when Thatcher came to office, per capita income in Britain was lower than that of Italy. Christian Socialism
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This note was uploaded on 01/12/2010 for the course ECON 434 taught by Professor Byrns during the Spring '09 term at UNC.

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econ434notes14c - Decentralized Private Public Capitalism...

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