Chapter 3  Characteristics of Market
System Capitalism and Political Economy

I. Basic Characteristics of Capitalism  2 videos 
II. Modern Capitalism  2 videos
III. Criticism of Modern Capitalism 6
videos
IV. How Markets Work: The Circular Flow
V. Other Economic Systems
3 videos 

VI. Political Systems
9 videos
VII. Politics in the U.S. Democratic Republic 1 video
VIII. Conclusion 1 video
IX. Market System Capitalism & Political Economy Chapter Videos
X. Quiz on Economic Systems              Please 

I. Basic Characteristics of Capitalism (market economy) 
     A. Economic systems determine what to produce, how to
          produce, and who will receive production. 
     B. An economic system must also have the ability to adapt
          to changing economic environments. For example, How
          will America's economic system adapt to changes caused
          by September 11?
     C. Adam Smith described the beginning of market based Capitalism.
         1. His 1776 book The Wealth of Nations first described
             of capitalism as practiced in 18th century England. 
         2. Why is The Wealth of Nations So Important? Video 

         3. For more visit
econlib.org/library/Enc/bios/Smith

     D. Basic characteristics described by Adam Smith
         1. Private property-the right to own resources and bequeath 
             property
         2. Freedom of enterprise-own a business
         3. Freedom of economic choice-work/not work, spend/not spend ...
         4. Role of self-interest
             a. People are by nature economic creatures
             b. Self-interest is a fundamental characteristic of people
         5. Competitive market system
             a. Many buyers and sellers

    
        b. Market participants, buyers and sellers, 
                  have little control over price
             c. Competition performs the organizing and 
                  controlling functions for a market economy  
         6. Limited government ("Laissez-faire ")
             a. Government should let markets be with a hands-off philosophy
             b. Acceptable government involvement has 
become an important
                 political question in the United States from the revolution.
             c. Francois Quesnay popularized term laissez faire.
         7. Characteristics of capitalism lead to Creative Destruction
             a. First described by 20th century sociologist and economist
                 Joseph Schumpeter, it was an important new  idea of capitalism. 
             b. Change involves the creation of technology, improved economic
                 structures and the destruction of inefficient  economic structures.
   
         c. Capitalism allows this destruction to take place.
             d. The fight between labor and management has also brought much
                 controversy.
             e. Read excerpt from
Dynamic Economics and listen on YouTube
     E. Readings
          1. Understanding Capitalism
              a. Business Isn't Capitalism 5/3/14
              b. The Fall of Rome reviews the market system of the Roman
                  empire and how the author believes government failures 
                  caused its demise.
              c.
Great Economists: Classical Economics and its Forerunners 
                  free course.

              d
. Capitalism.org has a somewhat conservative view of capitalism.
              e. The Shared Capitalism Institute  a somewhat liberal view
              f.
Blackstone's Byron Wien, successful capitalist states
                  lessons of his first 80 years
              g. American Misconceptions about Capitalism 6/13
         
2. Creative Destruction
             
a. Let  Us Now Praise Private Equity explores the application of
                 
creative destruction to poor job creation since the great recession. 
             
b. Carnival of Creative Destruction: a futurist predicts change
             
c. Rust Belt Almanac  Mid-West decline and Creative Destruction
       
      Editor's comment concerning free trade
              Free trade increases supply which forces price down
resulting in some
              combination of lower profit or lower cost. It is an example of creative 
              destruction. Owners and managers are good at maintaining profit and 
              will try to lower the cost of materials, labor or overhead. Workers often
              bear brunt of this process. It was worse before the federal income tax as
              some tariffs not needed to protecting infant industries made necessities
              expensive and many capitalists very rich.

     
G. Videos/Audios
        
 
 1. BBC audio on the History of Capitalism
          2. The Success and Price of Capitalism Video 61 min 

II. Modern Capitalism has Many New Features
    A. Complex Market System Setting Prices
      B. Importance of Capital Goods and Technology
      C. Specialization
          1) Complexity limits product lines.
          2) Division of Labor allows specialization by ability, training.
      D. Unique Descriptions of Modern Capitalism
         
1. Corporate Capitalism: a capitalist marketplace
              characterized by the dominance of hierarchical,
              bureaucratic corporations.
       
   2. Crony Capitalism has been around from the beginning.
              
a. New name is Corporate Welfare
   
           b. How crony capitalism corrupts the free market 30 min video
   
           c. Hunter Lewis on crony-capitalism 30 min video 
   
           d. Geithner and Summers Crony Capitalist?

       
3. Money Manager Capitalism: money managers dominate
           
  savings and investing and markets impacting economy's
               performance
       
4. State Capitalism: economy driven by the state, less
             
reliance on markets, practiced in China. Editors Question: 
   
      
 Will China's system morph into Democratic Socialism?

Sources of Economic 
Rent Seeking

(Increasing Wealth Through Politics)

"rent-seeking is expending resources on political activity to increase one's share of existing wealth without creating wealth"

          5. Democratic Capitalism vs. Capitalistic Democracy
        
is about cost effectiveness of democracy.
     
6. Patrimonial Capitalism is living off of inherited wealth.
   
E. Readings
     
1. Capital in the Twenty-First Century was a very popular
              2014 book by Thomas Pikett.
              a. Capitalism vs. Democracy editorial 1/28/14
    
         b. Capitalism in the Twenty-First Century 3/25/14
              c. Taking on Adam Smith and Karl Marx NYT 4/19/14
              d. Sequester Capitalism, Democracy and Money Theories
          2. Capitalism is Not to Blame for Middle-Class Plight

          3. Capitalism is a concise overview from reference.com
          4.
Calvin and Hobbes Explain Modern Capitalism
  

Crony Capitalism

III. Criticism of Modern Capitalism
        A. Videos
            1.The Successes and Price of Capitalism  
            2. Capitalism in Crisis 1:40 is well-done.
            3.
Seven Bad Ideas from the left
            4. The Crisis of Capitalism, The Critique from the right
            5. Unfettered Capitalism, Chris Hedges & Michael Moore 8:44
            6. The End of Capitalism
            7.
The Private Sector against corruption 30 min
            8. Great Recession from a Classical-Keynesian View
          
      from Roger Farmer Pepperdine School of Public Policy
           
    a.  Who are the Academic Sc 9.11
               
b. Refining Classical Economics 9.29
                c. Effect of the Great Depression 9.14
               
d. 1970's oil shock shocks the world of economics 8.52
            
   e . How bad is the economy and where is it going 7.41
       
B. Readings
           
1. Philosophy
               
a. Why Intellectuals Hate Capitalism by Robert Nozick
               
b. Is Capitalism Moral? A Commonwealth Club Podcast
               
c. Coercive power of capitalism
                
d.  Capitalism and Inequality (Jerry Z. Miller, Foreign Affairs)  
                     Without social safety nets capitalism is doomed through 
                     social disorder. Editor's Note: I've seen a lot of verbiage 
                    
blaming Capitalism for the inequality in the United States.
                    
Inequality is a political question. It is the responsibility of
                    
voters through politicians to equitably distribute production
                   
 
without substantially limiting the productive capabilities of
                    
capitalism. An example would be how well the economy 
                     adjusted to the 
2007-8 Balance Sheet Great Recession.  
                     The income distribution problem it caused has been helped
                      by Obama Care and now its up to our economy to make 
                      sure it is economically efficient.
                    
See
 People Not Voting Their Pocketbook is Killing the Poor
       
     2. Business
               
a. Chinese Capitalism Better than American Capitalism
                   
Hoodwinked  An Economic Hit Man Reveals Why the
                    World Financial Markets Imploded--and What We 
                    Need to Do to Remake Them, by 
John Perkins
               
b. How Will Capitalism End 6/14
                
c. Has Capitalism Reform Reached a Turning Point Forbes
                
d
. Revisiting Old Argument About Impact Capitalism
                
e. Economic Report of the President 2014 is positive
             
  
f. The Great Recession looks at a recent failure
       
C. Center on Capitalism Columbia University
has information.

Question! Are questions raised here 
economic or political?

 

 

 

 

Some 

Criticize Dramatically

Some Question his motives as
Michael Moore's estimated net worth
is 50 million dollars.

Ida M Tarbell crop.jpg

Ida Tarbell an  investigative journalist called a Muckrakers known. She exposed Standard Oil Trust. Working for McClure Magazine and other monthly magazines they help educated the public from 1890 to 1929 in what is known as the Progressive Era. Her work represents how we slowly improve the people properly represented by our democratic republic.

 

IV. How Markets Work: The Circular Flow

Our Free Internet Libraries
 improve grades and careers.

 

V. Other Economic Systems       Please 
       A. Pure capitalism of Adam Smith never existed.
       B. Recent economic systems are Mixed Economies    
          
(a mixture of Capitalism and Socialism) See
            Democratic Capitalism vs. Capitalistic Democracy 
           1. Socialism has collective ownership and management
               of economic resources that are more equally distributed.
           2. Democratic Socialism as practiced in Western Europe 
               has public ownership of key industries such as 
               transportation and communication.
               a. Economic systems of Europe began moving away
                   from socialism toward capitalism in the late 1970's.
               b. Margaret Thatcher former prime minister of England 
                   started this trend.
               c. Ronald Reagan agreed and stressed the market
                   system during his presidency. 
               d. Capitalism and Socialism
                   1. Capitalism vs. Socialism a Crash Course Video in 
                       World History
#33 uses humor teaching the basics.
                  
2. Laissez fair Capitalism vs. Socialism Video
              
        See Social democracy 
         3. Communism is the ideal of those practicing a "Marxian
             system. " Bolsheviks wanted immediate revolution.
             a. 19th century philosopher Karl Marx created the system.
             b. Wealth is collectively owned and managed in this
                  planned,` command economy.
            
c. The  Paris Commune of 1871 along with the French 
                 Revolution explains why so many feared change
                 promised by new liberal economic systems.
             d. Some equate communism with a totalitarian political 
               
   system democratic communism has never existed.


 

         4. Fabian Economics  Fabian Society is a British socialist
             organization whose purpose is to advance socialism as
             gradualist  
             and reformist rather than revolutionary, means.[1][2]
         5. Feudalism structures society around relationships the
             holding of land in exchange for service or labor
             a. New Feudalism refers to a theorized contemporary
                 rebirth of policies of governance, economy and 
                 public life
reminiscent of a feudal society.
             
       b. Feudalism Then and Now
         6. Traditional economy is directed by custom.
         7. Oligarchy a few people from royalty, wealth, family ties,
             education, corporate, or military have control. U.S. ?
         8. Plutocracy rule by wealthy used by developing countries
             a. plutocrats vs. populist is a controversial topic.
             b. American Dynasty summarizes Bush family plutocracy 
         9. Kleptocracy government exists to increase the
             personal wealth and political power of officials Russia?
       10. Theocracy deity is officially recognized as the civil ruler
             and official policy is governed by officials regarded as
             divinely guided  see
Vatican City  Iran and Sikyong
        
C. Readings
           1. Using Two Cows explore using resources.
                Infographic 3/1/13
            b. Economic system has many concise definitions.
            c. Harvey - Is Marxism Relevant Today?  
               
takes a while to load.
            d. Presidential Courage explores how Ronald
                Reagan deplored Communism.
            e. 5 Questions Economic Systems Must Answer
            f. Book Collections
                1)
Classics of Political Economy

                2)
Classics of Political and Military Science
12. Videos
     
a. Economic Systems Capitalism vs. Communism  13 min
     
b. Capitalism and Socialism is more of an editorial. 14 min 
      c
 When Capitalism is Great and Not So Great
              d. Milton Friedman Versus A Socialist   4 min

Degrees of Socialism

 

 

 

 

 

 

 

 

 

Ten-Minute Video

Country Economic Policies
1. Colonialism
is where one nation assumes political or economic control over  another. The practice has occurred throughout history and has been compatible with all economic and political systems.
See Greece and the Endgame of the Neocolonial Model of Exploitation

2. Mercantilism is economic nationalism to build a  wealthy powerful state. It is system of political economy 
designed to enrich the country by restraining imports and encouraging exports.
Some feel  Neomercantilism is practices by Japan, 
China and Germany.

3. Current Political Economy Controversies create difficult policy questions.

  Photograph

Ronald Reagan and Margaret Thatcher at the White House, 16 November 1988 
Click to enlarge.

Editors Note: Most unbiased observers would feel uncomfortable calling Democratic Socialism radical. Followed by many of the great countries of Europe after WWII, it did very well but some would feel it drifted toward communism. Prime Minister Margaret Thatcher pushed Great Britan toward capitalism by selling many large state owned industries and instituted business deregulation. Ronald Reagan followed suit in the U.S. though he concentrated on deregulation. Some 30 years later Thatcher's Great Britan has fared better than more socialistic continental European as politicians have allowed government spending and borrowing to get out of control. Conservatives in America feel they must stop U.S. politicians from doing the same thing.
VI. Political Systems
       A. The Basics Video 3:28

       B. Republics exist when governmental power resides
            in a constitutionally determined government of 
            elected leaders operating according do law  which
            protects individual and minority rights.
           1. There are many application of Republican concept. 
                In the U.S. property rights are strongly associated 
                with a Republic.
           2. To John Adams it was  "a government, in which all
                men, rich and poor, magistrates and subjects, 
               officers and people, masters and servants, the first
               citizen and the last, are equally subject to the laws."
           3. Law may be determined with a direct democracy
              
also known as pure democracy in which voters vote 
               on policy initiatives directly or an indirect democracy  
                or representative democracy as in the U.S. where 
               citizens elect officials to make on their behalf.
               a. State Initiatives and Referendums 
                   1. Part of early 20th century progressive movement.
                   2. They allowed voters of a state to put a proposed 
                       law on the ballot for voter approval and to put a 
                       state law passed to be voided. 
                   3. DC and 27 states have such direct democracy tools.
              
b
. The 1911 17th Amendment  changed election of U.S.
                   Senators from the house of Representatives to voters
                   which was a movement toward direct democracy. 
                   1. The 1919 19th Amendment gave women the vote
                   2. 1971 26th Amendment
lowered voting age to 18.
                         Editor's Note: The country decided young men and 
                         women were old enough to die in Vietnam should 
                         have the right to determine who makes the rules.

                   3. The expanded the electorate thus moving the U.S. 
                       closer to being a Republic as the electorate for a 
                       larger group of "citizens."
               c. Removal of the Electoral College from the presidential
                   election process favored by some would move the 
                   process closer to the people which is Republicanism. 
                   It would be a move toward direct democracy because
                   of majority rules. Thiswould make many founding
                   fathers unhappy as they feared anarchy especially
                   after the French Revolution.
               d. The U.S. is basically a Republic though process often 
                   allows a democratic majority to rule.
                   1. The Constitution protects the minority which is a
                        Republican principle. The Supreme Court follows
                        the democratic majority rule principle.
                   2. The electorate which has continually changed both
                        legally and in practice making our Republic 
                        somewhat dynamic. Editors Note: Voter rules 
                        are again a hot topic in 2015.

        
           3. In United States v. Cruikshank (1875) the court 
                       ruled that the "equal citizens" were inherent to the 
                       idea of a republic.
     C. Democracy exists when governmental power resides in
          a constitutionally determined electorate each with equal
          say
in determining the majority. It makes political decisions
          such that the majority's power
is absolute and unlimited.


      
1. Types of Democracy
           
a. Presidential Democracy has a president and the
                 legislative body and their functions are separated
                 providing checks and balances to limit their power. 
           b. Ten American Misconceptions about Democracy
               from econintersect  
           c. American Politics Are we a Democracy? A Republic? 
               A Polyarchy? Noam Chomsky breaks down American 
               Politics today and American Politics that our founders
               envisioned. 
           d. Current Political Economy Questions stems 
               from criticism

      2. In a Parliamentary Democracy as practiced
           in Great Brittan, the executive branch derives
           its legitimacy from and from and is held 
           accountable to the legislature (parliament).
           
a. The executive and legislative branches are 
               thus interconnected. 
           b. Head of state is normally a different person
               from the head of government called a
               prime minister and is appointed from the majority 
               party or from a coalition of parties needed to 
               form a government. 
Heads of state have varying
           
digress political responsibility. It England the
               Queen has ceremonial responsibilities.
           c. W. Wilson Contrasts Democratic Republic
                and a Parliamentary Democracy
      3. History of Democracy
           a. Overview from Wiki
           b. Magna carta at 800

           c. Origin of Democracy video
           d. Athens-The Truth About Democracy video
           e. The War On Democracy video 
          
f. Republican Principles
developed during Jefferson's time

      
4. Is democracy, like communism, a failed doctrine?

         
a. Towards An Ideal Form of Government
            b. We, the Intelligent People of the United States ...
            c. Three New Kingdoms.
            d. Videos
                1. Terminal Democracy Documentary Film
                2. After Democracy Documentary Film
                3. Legalize Democracy Documentary Film
        5. Republic vs. Democracy
            a. In a republic the sovereign is the individual, 
                it is government of the people. In a democracy,
                the sovereign is the group, the majority, it is 
                government by the people.
            b. Republic v Democracy and other governments
            c. An Important Distinction: Democracy v Republic
            d. Republic v Democracy
            e. Why faster growth with a democratic presidents-
                timing is everything
            f. 
Building a Democratic Republic
        6. Democracy and Capitalism
            a. Pyramid Theory Looks at Capitalism as Practiced
                in the US Democracy.
            
b.
Alexis de Tocqueville wrote about capitalism and 
                 democracy in 19th century America. 
                 Read Democracy in America
           
c. Trading Democracy for Corporate Rule Part 1  
      
          video from Documentary Films
     D. Federalism divides powers between member units  
          o that federal political order is non-centralized, often
          constitutionally, between at least two levels so that units
          at each level have some final authority and can be self
          governing in some issue area.
          1. Federalism in the United States
          2. States' Rights Controversy
          3. Federalism: National vs. State Government
          4. A conservative look at Federalism video
         
5. A liberal look at Federalism
          6. Revolution of 1800 began a 200 plus year battle
              concerning Federal Government power. Editors
              Note:
Secretary of the Treasury Alexander Hamilton
              orchestrated the first federal tax on imports in 1789.
           
It was needed to pay Revolutionary War debt of both
              state and federal governments. Relative to GDP, it was
              the largest federal debt to exist until 1933 when revenue
              a collapse caused D3 (deep-do-do). Hamilton began
              the practices of increasing taxes (though not enough)
              to pay for war, paying interest and paying principle over
              a number of years. The practice of refinancing principal
              began after WWI. Some call this passing debt to our
              children but it has been 100 years and none has been
              paid so far. The practice of not increasing taxes to pay
              for war started with Bush II when he cut taxes while 
              starting two wars and increasing Medicare. Hamilton
              (to the dismay of Jefferson) also began the practices 
              of the federal government paying state debt with many
           
states showing their appreciation by telling the federal
              overnment to stay out of state business. This practice
              continues today. Source       
    
E. Sundry Systems 
          
1. Commonwealth is a political community founded for
               the common good.
           2. Oligarchy power effectively rests with a small number
               of people.
 
           
a. US an oligarchy Northwestern study concludes
               b. German Oligarchs financed Hitler.
          3. Polyarchy has decentralized rule where many smaller
              governments tailored to the needs and desires of the
              local populations.
          4. Fascism, a form of is a form of radical authoritarian
              nationalism is considered by some to be right-wing as
              it is social conservatism and uses authoritarian means
              to oppose egalitarianism.
        
5. Totalitarianism the state holds total authority over
               society and seeks to control all aspects of public
                and private life.
          6. Dictatorship rules by a few or one person. Germany had
              Hitler as a dictator, he controlled a few advisors, and they
              instituted a strongly nationalistic totalitarian state.

Thoughts of our Founding Fathers toward a Democracy varied dramatically. Federalist George Cabot of Massachusetts feared ..."the terrible evils of democracy," and felt Jefferson was unstoppable,..." From p368 of Thomas Jefferson The Art of Power, 2012, a biography by Jon Meacham as summarized by Walter Antoniotti

Democracy and a Republics are often used interchangeably. Source

 

Current Political Economy Questions may substantiate that democracy could not control government spending.

 

 

 

 

 

 

 

 

 

 

Universal male suffrage  began in 1884 France  and was an important milestone in the history of democracy. 

 

 

 

Alexis de Tocqueville
toured the U.S. and made some salient observations about democracy.

Read the Book
Democracy in
America

Listen on YouTube

Listen on LibriVox

Alexis de Tocqueville
On Majority Rule and Mediocrity

Please 

 For a Political Economy Approach Read History of the United States audio book from LibriVox. Search archives for 
Charles A Beard.

Paper version from Gutenberg is easily searchable by topic.

VII. Politics in the U.S. Democratic Republic  

Current U.S. Political Economy Controversies provides data to assist analysis.         

       A. U.S  Voting Rights Timeline
       B. 20th Century U.S. Political Economy           
       C. Money in U.S. Politics Using 40 charts.
       D Presidential Politics is a 5-page concise
           summary of Presidential Elections.
       E. Presidential Courage depicts great
            presidents serving democracy.
       F. The End Game for Democracy Bill
           Moyer's 3 minute video on all aspects
           of public and private life.
       G. A Republic No More Video 1:03 
          
explores of U.S. Democracy and
        
the concept of a Republic.
       H. Political Systems Sundry Materials
            1. Political Systems are about control.
            2. Tenth Amendment (Amendment X)
                to the United States Constitution, 
                which is part of the Bill of Rights
                as ratified on December 15, 1791.[1] 
                a. The Tenth Amendment states the
                     Constitution's principle of
                     federalism
by providing that powers
                     not granted to the federal government
                     nor prohibited to the States by the
                     Constitution are reserved to the
                     States or the people.
                 b. This requires judicial interpretation.
             3. The Civil War was a power struggle over
                 federal power and the 2000 federal
                 election is a good example of the 
                 struggle over power.
             4. Libertarianism wants to limit power.
             5. Rights vs. Freedoms
             6. We the Intelligent People of the U. S.   
                 provides insight into American 
                 democracy. by Frank Li, Ph.D.4/23/14
             7. Book Summaries Internet Library's
                
reviews Hoodwinked, a international
                 corporations are altering capitalism as
                 practiced today.       
            8. Origins of Democracy and the Citizenship 
                of Athens c. 440 BC – 430 BC is about
                the beginning of government.
           9. Misconceptions About Democracy
         10. Eric X. Li: A tale of two political systems

VIII. Conclusion: Four Horsemen 1:39 video is a collection of today's greatest sociological, political and economic voices that analyze and put into historical perspective the decisions and results of our economic and political systems.

Editor's Note: The democracy we enjoy today has been built over 250 years. Part 2 of Turning Points in American History Explores the Journey.

Building a
Democratic  Republic

A Nerve With The 1773 Boston Tea Party

A Hesitant Reluctant 1776 Nation Seeks Freedom

The French Save the Day

1786 Shays' Tax Rebellion Leads to Constitution

First Peaceful 1800 Transfer of a Power by a Democratic System  

Marshal Creates a Third Separate Power

"We the People..." Who Are they?

Who Protects Unalienable 1866 Rights of 
 
Whom

The 1870's Takes Away Unalienable Rights

Government's 1930's Safety Net Deficits Like War Deficits Prove Affective

Civil Rights Goes Fast Track in 1963


 

 

IX.
Market System Capitalism and Political Economy Videos  
X. Quiz on Economic Systems
    
A. Provided with answers from steponicseconomics 
      B.
Exam Strategies +  has comprehensive testing advise.

Class Discussion Questions/project #1 6/15


   
  A. How is the concept of creative destruction
          currently affecting the United States economy?
      B. Explain how the concept of creative destruction
          has affected European politics: 
          a. in the recent past 
          b. in the near future
      C. Read the John Adams section of Presidential 
          Courage
for the economic and political issues
          faced by President Adams at the turn of the 
          18th century. Are they similar to those faced by
           the U.S. early in the 21st Century. Cam these
           questions can be applied to most of America's
           presidents.
      D. President Obama been accused of being a
          Socialist? Begin with a nominal definition of
          relevant political and economic terms explored
          in this chapter and relate them to our current
          economy and politics. How accepted are
          political and economic concepts? What did
          suffrage have to do with this accusation. 
          See
Presidential Politics: Party Politics and
          Presidential Elections from 1788 to 2012
and
         
20th Century U.S. Political Economy: An
         
I
nteraction of Politics and Economics.

       
E. Give examples of current political discussions
         designed to move the U.S. toward or from a
         Republic.
     F. Class Project can take a day, week, month, term,
        lifetime! Something happened during the last 30
        years to disconnected wage growth from
        productivity growth. 

   G. Course project/discussion # 2
        Using concepts explored in this chapter and this
        course Investigate
        1. Competition
        2. Energy cost
       
3. How are capitalism and democracy designed
            to return a normal growth in wages?
       
4
.Geekability 
        5. Other Stuff 


     
          Answers Class Discussion Questions

Editor's Note: To solve the problem of not enough income for the middle classes in the 1980's capitalism changed the name of Home Improvement Loans to Home Equity Loans.   People were encouraged to immediately spend what had been a retirement nest egg. There is nothing wrong with this as long as people realize that they may be delaying retirement.

Please   

 

Is This Divergence an Economic or Political Issue?

 

2015 Political Economy Controversies
cover poverty, middle class income and politics in 2015
 

 

 

 

 

 

More Project Data For many years, Americans have worked hard, produce more, and voted to give  more and more of the income gains to the rich.

Editors Note: A closer look would reveal that these same voters allowed governments to build up debt,  governments and businesses to have large unfunded pension liabilities, and individuals to spend unrealized home equity using home equity loans. deleveraging



 

For Those Wanting to Improve Education

1. Educating the Class of 2030 for Employment and Creativity

2. How Germany, Our Chief Competitor, Educates Toward 
  
Student Employability and Self-Esteem

3. Economist Lower Wage Predictions Came True

4. Individualized Curriculums for a Complex World 

 

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C
alvin and Hobbes Explain Modern Capitalism 
from The Daily Beas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here is a visual version of the well-known cow based analogy of capitalism.

from  Infographic and Daily Global  Economic Intersection Newsletter WikiMoney Explains Capitalism Around The World - An Infographic from WikiMoney

 

US Produces Most Per Capita

Voters Hire Politicians That Overspend and
 Promise More in the Future at all levels of Government

Cheap Imports Allow Even More Consumption.

We Borrow on Home Equity for Current Consumption.

Yet Many Seem Dissatisfied?

 

Market System Capitalism and Political Economy Videos