SOCIOL 2 Lecture Notes - Lecture 16: Government Spending, Economic Globalization
Document Summary
Given these tensions, the question of how much states should try to control markets has been one of the big debates over the past century. Countries with capitalist economies vary in terms of how involved states are in the economy: Countries vary in terms of how much public funds they spend on government services like education, health care, pensions . They also vary in terms of how much they tax people and corporations. Higher spending usually means higher taxes, but also more services. Lower spending usually means lower taxes, but also fewer services. Countries also vary in terms of how much they try to control markets through laws and regulations. Laws to keep markets competitive by preventing domination of industries by one company or group of companies. Laws protecting consumers (for instance laws prohibiting sales of untested drugs, regulation of banks) Laws protecting workers, wage-earners (e. g. minimum wage laws) Laws protecting the environment (e. g. anti-pollution laws)
