econ434notes15b

econ434notes15b - Class Notes Econ 159 Rob Prim Socialism...

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9/26/05 Class Notes Econ 159 Rob Prim Socialism: Public ownership of capital and land. Utopian Socialism St. Thomas More- wrote a book, Utopia , about an idealized society. Cooperation- theme that production would be used for the benefit of society. Robert Owen -Took over managing factories at an early age, becoming wealthy in the process. -Founded many communes where everything was free. These did well for awhile, but after Owen’s death the communes did poorly. Basic economic principle that the communes were having problems with: Who decides?
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Fabian Socialism -British: proponents included H.G. Wells, G.B. Shaw, Sidney and Beatrice Webb. - Advocated the nationalization of heavy machinery. - Favored unions to protect workers. - Fabian socialism evolved into the British Labour Party Result of policies: nationalization of industries, examples include the steel and automobile industries. Welfare system made France and Germany look cheap. Over time: level of per capita income stayed relatively flat. By 1980 per capita income was below that of Italy. No modernization of British industry. Comparative advantage
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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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econ434notes15b - Class Notes Econ 159 Rob Prim Socialism...

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