lectur6-page1 - Generally, those wanting larger government...

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1 1 OUR ECONOMIC SYSTEM The title of this lecture series is a little misleading. We are first going to explore what is known as Pure Capitalism, and compare and contrast that to the economic system of the United States. You should quickly realize that “our economic system” as practiced currently in the United States is not Pure Capitalism, but that of a Mixed Economic system that leans towards capitalism. Our economy has a great deal of government involvement, much more than what Pure Capitalism requires. From this knowledge, you should better understand the ongoing discussions between political groups about the size of government in the economy. Generally, those wanting smaller government are wanting the economy to move more towards the doctrines of pure capitalism.
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Unformatted text preview: Generally, those wanting larger government are wanting the economy to move more towards an economic organizational structure known as Som. Picture in your mind a pendulum swinging back and forth along an economic continuum between Pure Capitalism on the left and Som on the right. Over the economic history of our country, that pendulum has swung back and forth a few times. During the 60s and 70s (Kennedy, Johnson, Nixon, Ford, Carter administrations), most economists would agree that the pendulum was swinging in the direction of Som. During the 80s and 90s (Reagan, Bush, Clinton administrations), most economists would agree that the pendulum was swinging back in the direction of Pure Capitalism....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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