Economy - ECONOMY DEFINITION...

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ECONOMY
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DEFINITION The  economy  of a society is the system by which  goods and services are produced, distributed, and  consumed. The “dismal science”  Socioeconomics – Relationship between  economics and social life  
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DIFFERENT SYSTEMS  Capitalism  is an economic system based on the  principles of market competition, private  property, and the pursuit of profit. Socialism  is an economic institution  characterized by state ownership and  management of the basic industries. Communism  is socialism in its purest form.  In  a communistic society the state owns everything.  
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CAPITALISM IN THEORY Adam Smith’s  The Wealth of Nations  (1776) – Textual  study of economics during the beginning of the  Industrial Revolution.  Main idea: The Invisible Hand   Marx’s criticism – Conflict between workers  (proletariat), middle class (bourgeoisie), and owners  (capitalists).  Marx saw the natural order of economic  systems as: 1.Feudalism, 2.Capitalism, 3.Socialism,  4.Communism   Max Weber’s  The Protestant Ethic and the Spirit of  Capitalism  (1904) – Notes the contradiction between  the protestant work ethic and capitalism, yet they  coexist commonly
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CAPITALISM IN PRACTICE  Contemporary Countries – United States, Canada,  European Union (many have mixed economies  exhibiting some Socialist principles such as medicine  in England)   Competition – Individuals and Businesses in a  Capitalist society are constantly competing with  others because they want to become financially the  strongest.   “Laissez Faire” – French for “Let Do.”  Limited  Governmental Intervention The Bowl Game 
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SOCIALISM IN THEORY Robert Owen – Socialist writer who is labeled as  the man who brought Socialism to England. Pierre Leroux – His essay titled “Individualism  and Socialism” introduced Socialist teachings to  France in 1834.
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SOCIALISM IN PRACTICE Contemporary Countries – Sweden, Norway,  Finland Many European Countries used to exhibit a more  Socialist economy but are now moving closer to a  free enterprise system.  Redistribution of Wealth Government Intervention and Subsidies The Bowl Game 
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Karl Marx and Friedrich Engels – Authors of the  most important Communist works  The Communist Manifesto  (1848) – Class conflict  will eventually lead to a revolution by the  Proletariat against the Bourgeoisie.  Eventually a  classless, stateless system will result, this state  is known as “pure communism.”  Das Kapital  (1867) – Criticizes Capitalism and  explains why it will not work.  States that  Capitalism exploits the lower classes. Governmental Control
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This note was uploaded on 02/15/2011 for the course SYG 2000 taught by Professor Joos during the Fall '08 term at University of Florida.

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Economy - ECONOMY DEFINITION...

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