econ434notes15d

econ434notes15d - Decentralized Private Public Capitalism...

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Decentralized Centralized Private Capitalism Fascism Public Socialism Command Economy Socialism – Public ownership of national industry -There is one enormous problem when everything is owned by the public: -What to produce? What to pay those who produce? -What you have is essentially income redistribution Utopian Socialism – Sir Thomas Moore -Wrote Utopia – a society without greed -Characteristics of Utopia: -What we have in Utopian socialism is cooperation -We are supposed to share in each other’s joy regardless of our material benefits. -It is unable to answer the fundamental questions: -What to produce, How to do it, Who gets what, and who decides? -Ex. Robert Owen’s communes failed when he died, no more money Fabian Socialism – H.G.Wells, George B. Shaw, Sydney and Beatrice Webb -nationalization of heavy industry, bug businesses -early advocates of unions -The Fabians became the British Labour Party -Margaret Thatcher -Britain was subsidizing their industry, job and per capita income and innovation was falling.
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