Capitalism Kyle and Peter C

What is it?

Definition Economic and social system characterized by free

markets, private property, and individualism

Who cares? Good Civics- our system Interrelated to numerous debate topics- they

economy, social issues, international relations http://www.youtube.com/watch?v=V6c7Vw6R33E

Types Types- state based (mixed, and crony), laissez faire http://www.youtube.com/watch?v=ZqWh31qyXBw

People Thinkers- Adam Smith The Austrian School of Economics Ayn Rand Think tanks- Cato, Ludwig Von Mises Institute,

Mercatus Institute, Independent Institute, Future of freedom foundation etc.

What do Political Parties have to say?

The Role of the Economist

Normative vs. descriptive Large debate in the literature Determines nature of interventions

Good Peter C

Bad

Nature of the Argument Maybe not overall problematic- but mixed economy

necessary http://www.youtube.com/watch?v=sy9FRli7ODg Distinct from central planning as the norm Different ways to suggest the unfettered system is

flawed

Central Planning We have individuals like this….. http://www.youtube.com/watch?v=ERENCqOHJCA

Ethics Patriarchy- who are the bread winners? Racism- socio-economic divide Calculation- nature of individual views and means to and end of

production Social Services- Welfare Xenophobia- scapegoating immigrations Worker exploitation- sweat shops Individualism means classes and social groups don’t have rights http://www.youtube.com/watch?v=GFrleONrYuU

Poverty Rich and poor cap- strive for greatness- developing

countries exposed to globalization Good for who- the corporation or the individual? Socio economic conditions can be precursor to

terrorism- reaction to asymmetric nature of hegemonic capitalism

Distribution of wealth- The rich must live more simply so that the poor may simply live.

Corporations create shanty towns- displace local populations, overcrowd labor markets, low wages

War International imperialism in the name of liberalism

and for resources such as oil Military industrial complex- war is a racket System demand global security apparatus Global rise of the rest- hegemonic conflict

Health Care http://www.youtube.com/watch?v=Vy_OOMhzKrg Obama Care attempts to address market failures-

pre-exiting conditions, insurance, limited youth involvement

Globalization- disease spread- bi pharma limits access to poor countries

Think of incentive of hospitals- preforms many surgery's, use and buy expensive machines, decisions are not always medical

Growth http://www.youtube.com/watch?v=Py7OHW3HELk Infinite? 08 recession- lack of regulation Boom and Bust cycles- creative destruction

Environment No regulation for biz practices- having the only goal

of productivity Industrial Agriculture

Alternatives Dedev More regulated society Socialism New system? System Sustainability

Thinkers Mixed Economy- Keynes, Paul Krugman Marxism- Karl Marx