pro-workers, pro-labor, pro-people Only 3 major types of economic systems—perhaps only 1 World Economic Spectrum o Communism (extreme left) Communal ownership of all resources and properties and the means of production. Everyone has an equal piece of the pie. Everyone shares everything All property and such is communally owned Political and economic system all rolled into one Factories and business are all communally held and owned State government provides whatever we need, based on need State apparatus is there to manage economic activity o Capitalism (extreme right) All resources and all means of production are in private ownership by individuals. Ownership by the few. Everything in a purely capital society is in private hands “I’m going to do this, and sell my services to other people” Supply and demand Government does not bother anything economically Ownership by the few—lots of opportunity, but over time wealth becomes very concentrated into fewer and fewer hands. Wal-Mart is privately owned, his business grew and kept growing which consolidate wealth, they are putting other business out of business because they cannot compete o Socialism
The government owns some of the means of production, or some of the
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- Spring '08