Political Science 1020E Lecture Notes - Lecture 14: Brian Barry, Pareto Efficiency, Market Failure
1 Jan 2016
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Document Summary
Capitalism produces boom and bust trade cycle, inefficient distribution of work and unjust inequalities. If you agree with these claims you"re most likely: a: classical liberal, social darwinist, socialists. Socialism is a theory of citizenship: to be a socialist is to be committed to fairness income, wealth distribution, no citizen should be able to fall below a defined level of well being. (democratic distribution power and wealth) Anti capitalist: supports collective control of the economy (we don"t have to accept the distribution of power and money that markets produce) Collective action to overcome undesirable consequences of individual actions: collective solutions to problems that are created by uncoordinated individual actions- prisoners dilemma- works as unregulated market. Core of socialism people act collectively through central and local governments that can"t be achieved by individual"s actions. Social problems must be solved through collective public needs.
