ECON 203 Chapter Notes - Chapter 3: John Maynard Keynes, Friedrich Hayek, Mixed Economy

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ECON 203 Full Course Notes
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ECON 203 Full Course Notes
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A country is run by a certain economic system. The economy of a country can be determined through the factors of the distribution of the wealth and the resources in a society. Some countries can either be control by the government or by the people of the country. This can lead to a stabilize or disrupt society. The source is a statement that portrays welfare capitalism and how if the government intervenes too much, it can cause the economy to fall. Welfare state is a system where the government creates numerous amount of social programs, such as education and healthcare, in order to create more equal based society. The author of this source is stating that these social programs of which the people rely on, will create a disturb economy and lets the government have too much influence on them. This allows the people to believe that the government will always shield them from their mistakes.

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