Slides for september 29

Slides for september 29 - 29/09/10 ECONOMY AND SOCIETY...

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29/09/10 1 ECONOMY AND SOCIETY Prof. Luc Turgeon September 29 th 2010 KEY TERMS Free market capitalist economic system Socialist economic system Mixed economy Welfare state Liberal market economies Coordinated market economies Focus on: China, Sweden 2 KEY QUESTIONS What is the proper role of the state in the economy? Why or why not should government redistribute income and wealth Does democracy impede economic development? Does inequality impede democracy? 3
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29/09/10 2 THE ECONOMY AND POLITICS Politics: “Who gets what, when and how” Politics has a dramatic influence on how wealth and income are distributed Perception: The economy is paramount in the minds of voters Key political debates are about best way to ensure economic growth Better in a democratic or non-democratic system (see article by Maravall) Different approaches to economic development (more or less government intervention) 4 THE ECONOMY, POLITICS AND POLITICAL SCIENCE 5 HOT TOPIC: HARMONIZED SALES TAX AND ECONOMIC GROWTH IN ONTARIO 6
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29/09/10 3 ECONOMY AND DEMOCRACY While capitalism generates inequality, democracy is a source of egalitarian pressure. The distribution of power in politics is more equal than distribution of power in the economy. However, all have a stake in economic growth. For the majority, a more egalitarian society is preferable to a less egalitarian society, but a rich society is preferable to a poor society. So key challenge is to find the appropriate balance between promoting economic growth and redistribution/equality. OUTLINE OF TODAY’S LECTURE 1. The role of government in how goods are produce: economic systems 2. The role of the state in re-distributing wealth: the welfare state 3. Different approaches to economic development and the redistribution of wealth in North
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Slides for september 29 - 29/09/10 ECONOMY AND SOCIETY...

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