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Alternative Economic Systems

Alternative Economic Systems

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Alternative Economic Systems

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  1. Economic Systems Alternative Economic Systems

  2. Communism: Theory • Karl Marx believed history was a struggle between capitalists (owned means of production) and others (who worked for capitalists).

  3. Communism: Theory • Karl Marx believed history was a struggle between capitalists (owned means of production) and others (who worked for capitalists). • During the Industrial Revolution, the means of production became too expensive for most people to own

  4. Communism: Theory • During the Industrial Revolution, the means of production became too expensive for most people to own • This allowed capitalists to make large profits

  5. Communism: Theory • During the Industrial Revolution, the means of production became too expensive for most people to own • This allowed capitalists to make large profits • Exploited the workers, workers couldn’t afford products which led to overproduction and eventually recessions

  6. Communism: Theory • Exploited the workers, workers couldn’t afford products which led to overproduction and eventually recessions • At some point, workers would tire of conditions and revolt

  7. Communism: Theory • Exploited the workers, workers couldn’t afford products which led to overproduction and eventually recessions • At some point, workers would tire of conditions and revolt • After the revolution, they would share the fruits of their labor equally

  8. Communism: Reality • Marx never laid out plans for how a communist economic system would function

  9. Communism: Reality • Marx never laid out plans for how a communist economic system would function • Thus, there have been numerous failed attempts at communism (Soviet Union)

  10. Communism: Reality • Soviet Communism was driven by fear of the government

  11. Communism: Reality • Soviet Communism was driven by fear of the government • The gov’t made all decisions, which led to shortages of needed products, and surpluses of unwanted products

  12. Communism: Reality • Soviet Communism was driven by fear of the government • The gov’t made all decisions, which led to shortages of needed products, and surpluses of unwanted products • The standard of living was very low, and people lacked incentive to work hard

  13. Communism: Reality • The gov’t made all decisions, which led to shortages of needed products, and surpluses of unwanted products • The standard of living was very low, and people lacked incentive to work hard • This led to its failure when the basic commodities needed for survival were not being adequately produced

  14. Socialism: Reality • Socialism traces its roots to Marx, but without the worker’s revolution

  15. Socialism: Reality • Socialism traces its roots to Marx, but without the worker’s revolution • Socialism can exist on very different levels

  16. Socialism: Reality • Socialism traces its roots to Marx, but without the worker’s revolution • Socialism can exist on very different levels • In Western Europe, the government may own large industries and utilities while allowing other markets to be capitalistic

  17. Socialism: Reality • Socialism traces its roots to Marx, but without the worker’s revolution • Socialism can exist on very different levels • In Western Europe, the government may own large industries and utilities while allowing other markets to be capitalistic • The current trends in in Western Europe are away from Socialism

  18. Socialism: Reality • Socialism can exist on very different levels • In Western Europe, the government may own large industries and utilities while allowing other markets to be capitalistic • The current trends in in Western Europe are away from Socialism • Many nations have sold off government owned industry to private business b/c they are more efficient

  19. Capitalism: Reality • Private individuals make the decisions of the economy with limited gov’t input

  20. Capitalism: Reality • Private individuals make the decisions of the economy with limited gov’t input • The government’s role is to set and enforce basic rules for how businesses are organized

  21. Capitalism: Reality • Private individuals make the decisions of the economy with limited gov’t input • The government’s role is to set and enforce basic rules for how businesses are organized • We are far from pure capitalism in the US

  22. Capitalism: Reality • Private individuals make the decisions of the economy with limited gov’t input • The government’s role is to set and enforce basic rules for how businesses are organized • We are far from pure capitalism in the US • Over 1/3 of the money earned in our country goes to the gov’t to support education, welfare, health services and various other gov’t programs

  23. Capitalism: Reality • The US and the UK and the EU are far from pure capitalism • Over 1/3 of the money earned in the US goes to the gov’t to support education, welfare, health services and various other gov’t programs • However, the US is far from other comparative countries like France and Sweden who are well over 50%

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