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Lecture 12

ANTHRO 157 Lecture 12: ANTHRO 157 Lecture 12:


Department
Anthropology
Course Code
ANTHRO 157
Professor
Smolter
Lecture
12

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Capitalism
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
Communism
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
Socialism
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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