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790-357 1-28-08 - Capitalism private ownership/market...

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1-28-08 Capitalism  – private ownership/market exchange. Capitalistic economy is when  most assets are privately owned. The allocation of goods and services is  determined largely though private market activities>all advanced economies in  the world today Socialist economies  – most assets are publicly owned by the state. Productive  assets are owned by the state. Allocation is determined by planning agencies *differences in regulation of stock markets, regulation of unions,  Varieties of capitalism – all capitalist societies, however there are different ways  of organizing economy 1 st  big difference – capitalist economies differ in ways of financing, beliefs  on unions, etc 2 nd  big difference – how international economy has affected these  differences through globalization, which has accelerated substantially since the  1970’s
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