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