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Economics, Politics and War

3 Pages

Course Code
SOCI 100
Debra Pentecost

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Feb 27, 2013 Economics and Politics Economic Systems: Path to Justice - Every society's economy makes a statement about justice, since it determines who gets what Capitalism and Socialism: Two ends of continuum - Capitalism: o Private ownership of property o Pursuit of personal profit o Competition and consumer choice o In purest state: free market system  No government interference  laissez-faire economy o Adam Smith: economy regulated by laws of supply and demand -- "invisible hand" - Socialism o Collective ownership of property o Pursuit of collective goals o Government control of economy "Justice" - Capitalism o Market freedom to produce, buy and invest according to self-interest - Socialism o Freedom of basic want -- meeting everyone's basic needs in a more-or-less equal manner Economic form along Continuum - Welfare capitalism (e.g. Canada + several European countries) o Mostly market-based economy + extensive social welfare programs o Government owns some of the largest industries and service (Crown corporations) o Extensive government regulation Present Economic globalization and Neoliberal ideology Powerful corporations + G8 (US, Britain, France, Italy, Japan, Russia, Canada) -> expanded to G20 + World Trade Organization, International Monetary Fund, World Bank Corporations - "Core of today's capitalist economy" - Characteristics: o Economic concentration (Exxon, Walmart, GM, BP, Nestle, PepsiCo) o Conglomerates -- involvement in many parts of the economy (ie. General Eclectic didn't only do electricity and appliances, they produced nuclear energy and weapons) o Corporate alliances + Interlocking directorates o Monopolies (single player dominating a sector) and oligopolies (a few players who dominate a secto
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