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Bell Ringer #2 – 4/5/11

Bell Ringer #2 – 4/5/11. How do socialist and capitalist economies differ? What makes the French economy “command capitalism”? Describe a “Business Geographer”. Socialist Economic Systems. In socialist economies, the gov’t owns most of the capital and natural resources.

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Bell Ringer #2 – 4/5/11

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  1. Bell Ringer #2 – 4/5/11 • How do socialist and capitalist economies differ? • What makes the French economy “command capitalism”? • Describe a “Business Geographer”.

  2. Socialist Economic Systems • In socialist economies, the gov’t owns most of the capital and natural resources. • 2 forms of socialism: • Market, a.k.a. democratic • Command, a.k.a. authoritarian

  3. Command Socialism • Ex: The Soviet Union (USSR) • Economy that combines state ownership & decision making. • Economic hardships led to the fall of the USSR in 1991. It dissolved into 15 nations. • Today Cuba & N. Korea are the only nations w/ Command Socialism.

  4. Market Socialism • Ex: Yugoslavia after WWII • A.k.a Democratic Socialism – gov’t controls major industries and some decisions are made by individuals. • Yugoslavia’s gov’t and economy failed though.

  5. The “Spectrum” of Economic Models Market Capitalism -> Command Capitalism -> Market Socialism -> Command Socialism

  6. Why did Yugoslavia fail? • Gov’t orders replaced market system, which didn’t necessarily reflect consumer preferences • Buyers had no incentives to seek out new resources & products. • Decisions not based on economic efficiency.

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