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econ434notes15c

econ434notes15c - 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
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