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Will the Real Capitalism Please Stand Up ?

Classroom Activity – Lesson 1: “Defining Terms”. Will the Real Capitalism Please Stand Up ?. “Capitalism” is identified by its characteristic institutions.

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Will the Real Capitalism Please Stand Up ?

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  1. Classroom Activity – Lesson 1: “Defining Terms” Will the Real Capitalism Please Stand Up ?

  2. “Capitalism” is identified by its characteristic institutions Institutions: the formal and informal “rules of the game” that shape incentives and outline expected and acceptable forms of behavior in social interaction. • Private Property Rights • Rule of law • Open, competitive markets • Entrepreneurship and innovation

  3. ECONOMIC ANALYSIS clearly present – the component is present in the economy with few exceptions generally present – the component is present in the economy, but with many or significant exceptions generally absent – the component is only present in the economy in some limited forms clearly absent – the component is almost entirely excluded from the economy not enough information

  4. UnitedStates • The judiciary functions independently and predictably although serious constitutional questions have arisen regarding the government mandated health insurance decision. • Corruption and cronyism is on the increase and is undermining the institutional integrity of the rule of law, resulting in an 86th percentile ranking in control of corruption and a corruption perception index of 7.1 (out of 10) by Transparency International and a decrease of 4 points in the heritage Foundation score to 71 from a previous 75 in 2010. • Property rights are guaranteed, although affected by increasing regulations, ranking the US 19th in the world, with a score of 85 out of 100 by the Heritage Fndn.

  5. Specific Situation: Apple Patent Victory Aug. 25, 2012 SAN JOSE, Calif.—Nine jurors delivered a sweeping victory to Apple Inc. in a high-stakes court battle against Samsung Electronics Co., awarding the Silicon Valley company $1.05 billion in damages and providing ammunition for more legal attacks on its mobile-device rivals. Jurors Friday found that Samsung infringed all but one of the seven patents at issue in the case—a patent covering the physical design of the iPad. They found all seven of Apple's patents valid—despite Samsung's attempts to have them thrown out. They also decided Apple didn't violate any of the five patents Samsung asserted in the case.

  6. ECONOMIC ANALYSIS clearly present – the component is present in the economy with few exceptions generally present – the component is present in the economy, but with many or significant exceptions generally absent – the component is only present in the economy in some limited forms clearly absent – the component is almost entirely excluded from the economy not enough information Prices and products determined in markets clearly present clearly present Patents upheld Courts act and decisions are enforced clearly present Millions of companies operate in every sector clearly present

  7. 2012 Country Scenario Updates

  8. USA Capitalism is best thought of not as “a system,” but as a continuum of institutional combinations . . . . Czech Republic Uganda Peru Indonesia Egypt More capitalist Less capitalist Some institutional forms confer benefits on the poor . . . and others do NOT.

  9. Fraser: www.freetheworld.com • Ranking Criteria: • Size of government • Legal system & Property rts • Sound money • Freedom to trade internationally • Regulation

  10. Heritage: www.heritage.org/index/

  11. Fraser Institute Index of Economic Freedom 2012 (Released Sept. 2012) 2010 data Hong Kong Canada Finland ChileIreland U.S. Jordan Peru Poland Uganda IsraelCzech Republic Malaysia Indonesia Belize Russia Egypt India Venezuela 10 9 8 7 6 5 Most Free: Hong Kong 8.9 Least Free: Venezuela 4.07

  12. USA Fraser Institute Index of Economic Freedom 2009 2007 data Malaysia Czech Rep. Jordan Canada Egypt Chile Ireland Uganda 10 9 8 7 65 India Peru Russia Belize Israel Poland Indonesia Finland Hong Kong Venezuela Most Free: Hong Kong 8.9 Least Free: Zimbabwe 2.9

  13. Hong Kong 1 Singapore 2 NZ 3 Switzerland 4 Australia 5 Canada 6 Bahrain 7 Mauritius 8 Finland 9 Chile 10 United Kingdom 12 Ireland 12 U.S. 18 (down from 3 in 2006) Japan 20 Poland 48 (88 in 1990) Uganda 50 (67 in 2010, 51 in 2001, 113/113 in 1990) Jordan 62(42 in 2010) Greece 81 Mexico 91 (69 in 2010) Egypt 99(from high of 46, 80 in 2010) Israel 52 (44 in 2007, 83 in 2011) Russia 95 China 107 (82 in 2010) India 111 Iran 111 Zimbabwe 142 Myanmar 143 Venezuela 144 *2010 Data 2012 Rankings* (Out of 144) * 2010 data

  14. Becoming more free: which institutions?

  15. Becoming less free: which institutions?

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