resources, or perhaps a little of both and the rest is privately held by individuals Most states are in a shade of socialism economy Economic system that accounts for some needs for the society at large Almost all states have a private sector and almost all states provide some type of service Almost all states will also have laws and regulations of business so they do not get too greedy If a state owns little to none of the resources and regulates private business very little—capital society Any state that owns a lot of stuff and gives a bunch of services—socialist economies or communist economies—Sweden and Finland Where does pure communism/capitalism exist in this world? o Nowhere What’s wrong with communism? o Looks great on paper o But it’s too complicated o Too easily corrupted because individuals get greedy o Becomes extremely stagnant Why would anyone work hard if people get same benefits? What’s wrong with capitalism? o Too much consolidation of wealth in too few of heads o Becomes stagnant o Opportunities limited Bunch of people in poor masses side that could make things better but they don’t have the means/capital to do it o Easily corrupted o Society too lopsided o Too much wealth disparity
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- Spring '08