1 government should be involved in the economy 2 government should regulate the

1 government should be involved in the economy 2

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citizen. 1) government should be involved in the economy 2) government should regulate the economy 3) government should distribute wealth via social benefits c. World economic spectrum. Communism (extreme left) – communal (commune) ownership of all resources and properties and the means of production. Everyone has an equal piece of the pie. (both political and economically). Free services back and forth. The state is there to manage distribution of services. Capitalism (extreme right) – All resources and all means of production are in private ownership by individuals. Ownership by the few. Capital have the mean the money to run stuff. Simple market for supply and demand will control the economic. Pay for services. A lot of opportunity but over time wealth becomes very concentrated. Socialism – the government owns some of the means of production, or some of the resources, or perhaps a little of both and the rest is privately held by individuals. d. Where does pure communism/capitalism exist? Nowhere. e. What’s wrong with communism? It’s too complicated. Economy is too complicated. Government bureaucrats cant decide on where everything suppose to go. Too easily corrupted. Becomes extremely stagnant. Why would people work hard because people get the same services. f. What’s wrong with capitalism? Too much consolidation of wealth. Becomes stagnant. Opportunities limited. Easily corrupted. Society too lopsided. Too much wealth disparity. Lead to revolution. g. Most states socialist mixed system. Account to some needs of the society at large. How much or how little depends on the state. Minimum services = protection for citizens. Maximum = free healthcare, money, unemployment benefit. All states have private sector but the government regulate and control private businesses so that they don’t too powerful and greedy to the worker. h. US capitalist economy i. Sweden Finland - heavily socialist j. Socialism evolved from communism?
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k. Industrial revolution in western Europe. 3.
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