POSC 476 Lecture Notes - Lecture 3: Gini Coefficient, Mixed Economy, Autarky
11 Sep 2018
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Globalization in historical perspective: russia did not start off with capitalism, so they were not able to build up their infrastructure. How extensively is economy integrated into international markets: autarky: the goal is national self-sufficiency, the ownership is public, there is no openness, the economy is closed. Example: north korea, is almost entirely planned, the government run state economy, highly restricted trade, famine and reliance on food aid, gdp per capita around : socialism: the goal is equality, ownership is public, openness: low and limited. Example: cuba, largely state-controlled planned economy, gdp per capita around. , limited market reforms- greater foreign investment and private enterprise recently, engages in trade, though limited. Disadvantage: brexit- impending withdrawal of the uk from the. Advantages: competition leads to efficiency because businesses that have fewer costs are more competitive and make more money. Innovation is encouraged because it provides a competitive edge and increases the chance for wealth: mixed economy: their goal is the growth.
