Those who own the stuff have capital In private hands only State government own

Those who own the stuff have capital in private hands

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Those who own the stuff have capital In private hands only State government own and control absolutely nothing Free Market Capitalism: do what you want but you pay for it Wealth becomes concentrated into fewer and fewer and fewer hands Wal-Mart (Sam Walton): consolidated wealth and expanded the empire o Putting other businesses out of businesses because they are doing so well o Liberal Left: Communism: communal ownership of all resources and properties and the means of production. Everyone has an equal piece of the pie. Communal ownership: bunch of folks hanging out and sharing everything Own all property, land and means of production All zinc, water, natural gas, corn Doctor services, lawyer services State government provides everything we need, depending on our need State apparatus is only there to distribute everything o Pure communist and capitalist do not exist in the world o Communism looks great on paper but it is just too damn complicated, easily corrupted and becomes extremely stagnant (no motivation to work hard because we all get the same) o Capitalism looks great on paper but there is too much consolidation of wealth, which leads to a stagnant society, limits opportunity in society, too much wealth disparity (only leads to revolution) and easily corrupted. o Center:
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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 owned in individuals hands Most states are in a socialist mixed system Economic system that accounts for some needs of the society at large Provide something for their people o Minimum: protection (military or police) o Maximum: free money, health care Almost every state has a private sector Can regulate and control private business so they don’t grow too large o Sweden gives you two years paid leave for maternity - Industrial Revolution in Western Europe (3 or 4 hundred years ago): warehouse size industry, dump the pollution in Tim’s River, concentration of wealth in the owner’s hands, poor working conditions, pennies on the dollar, child labor Econ #2 2.2 Nationalization vs. Privatization - State has to have some money to run the government - If the government does nothing for its citizens, then it doesn’t exist - You need: o Military o Roads - Where do they get the money?
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