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Sociology 323
Economy & Society
February 12 – Jim Stanford Part 4
Video About Money - Bitcoin
Bitcoin Ted Talks
Bitcoin Explained
Midterm Exam
I can meet people today (Wednesday) between 11 and 3 PM.
I will NOT include chapter 21, 22, 23, or 24 from Economics for Everyone on the exam
Part 5 of Economics for Everyone is NOT on the exam
Study hard!
The Role of Government
Conservative – Neoliberal Policies = Smaller government, claw-back social programs, less government regulation for business, privatization of national businesses, lower taxes.
Progressive – Leftist Policies = Larger government, more government regulation of businesses, progressive tax system, more social programs.
Capitalism developed along with the nation state. Governments were necessary for capitalism to develop.
– Property laws– Military– Standardization of units of measure– Development of public infrastructure
10 Ways Government Serves Business
The Role of Government
Economic and Social Goals that Governments may Pursue when Pressured
- Redistribute income- Stimulate employment and overall economic activity- Provide products and services- Subsidize products and services- Regulate
Economic Tools Used by Governments- The legal system- Monetary policy- Fiscal policy- Service delivery- Labour market and social policy- Competition policy- Technology policy- Industrial policy - Public ownership- Foreign relations and international trade policy
Taxes
Government spending
Canadian Budget 2014
Corporate Welfare - Industry CanadaCorporate Welfare - All Canadian Governments
Taxes
Spending
Interest paymentsProgram spendingTransfer paymentsDirect government productionPublic consumptionPublic investment
Taxing
Income taxesSales taxesPayroll taxesWealth taxesEnvironmental taxNon-tax revenue
The Big Picture
Taxes
Neoliberal PolicyCut income security programs
Privatize public institutions
Abandon counter-cyclical fiscal policy
Reducing income, wealth, and business taxes
Regressive vs Progressive Taxes
Impact of government spending can be measured in three stages.
1 – Market income2 – After-tax-and-transfer income3 – Real consumption
How should people and corporations be taxed in Canada?
Where would you spend the tax money?
Discussion