ECON 1740 Lecture Notes - Lecture 3: Feudalism, Mercantilism, United States
15 Sep 2016
School
Department
Course
Professor
Document Summary
Capitalism is set up with both winners and losers. Capitalism is set up to be competitive at all times. Businesses/people are always trying to gather more and more wealth. Based on the basic necessities. (depending on the country. ) Amount of money that a household of 4 would make to live least expensively. Businesses are always increasing profits by selling more goods and services. Capitalism forces people to keep striving to make a profit or you will fall down the economic ladder. (king of hill analogy) Cause a monopoly and equality and competition disappears. Feudalism, mercantilism, to capitalism was a fairly smooth transition. No american dream or ability to change in socioeconomic status. There are both upsides and downsides to capitalism. If the united states falls, the whole globe will be in trouble!! (us is #1 economy) Set up more equal in terms of income and wealth (less of a difference between the richest & the poorest)
