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ISS215_LECTURE_5 - Inequality Lecture5 Outline...

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Economic Institutions and  Inequality  Lecture 5
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Outline Economic Institutions? Economic Systems Capitalism Welfarism Socialism Globalization of Economy Socioeconomic Consequences of Capitalism  Michigan Revenue Highest Paid CEOs Richest of the World
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What Are Economic  Institutions? Social organization of production,  distribution, and consumption of goods  and services in a society.  Production of goods Distribution  Consumption
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Economic Systems of the  World Capitalism Welfarism Socialism Means of production are owned by the  state Production for use, not profit No social stratification State is responsible for basic needs
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Globalization refers to economic and  political interdependence of nations  around the globe Globalization of production International Trade International Finance (World Bank, IMF, 
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ISS215_LECTURE_5 - Inequality Lecture5 Outline...

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