ANTHRO 157 Lecture 12: ANTHRO 157 Lecture 12:
Course CodeANTHRO 157
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Recent years countries shifted to free market from planned economics
Capitalism - aka private enterprise system, based on competition in marketplace
and private ownership of factors of production (resources)
• Guarantees economic rights
o Right to own property
o Profit -> encourages entrepreneurship
Govt owns all resources/controls all markets
• Economic decision marking is centralized by govt rather than competitive
force in marketplace
o Decides what's produced
o Where it will be produced/how much produced
Basic industries owned by govt or private sector
• Controls large industries (ex transportation, communications, utilies)
• Smaller businesses may be privately owned
o Certain degree, states determines goals of businesses,
prices/selections/rights of workers
• Socialist countries typically provide citizens w/ higher level of services:
healthcare, unemployment benefits.
o As result, taxes and unemployment may be higher
Mixed economic systems
Pure capitalism and communism are extremes. US leans towards pure capitalism,
but uses govt policies to promote economic stability and growth.
• With policies and laws, govt gives $ to poor, unemployed, elderly, disabled.
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