Political Economy
Economy Options
2. US Economy
Capitalism Defined
Other Economic Systems
Modern Capitalism
Current National Economic
Policies
2024 Economy update
1. Economic systems determine what
and how goods and services are produced.
Four factors of production: land, labor,
capital, and enterprise are mixed
with resulting
excess
paid to owners as
rent, wages,
interest and profit.
2. Capitalism
Begins With Private Property, Freedom of Enterprise and
Limited Government.
Creative Destruction happens when new technology and improved economic structures
replaces both inefficient technology and economic structures.
It is what US capitalism does best.
CD has led to unmatched
economic efficiency.
Historically, distribution of ever increasing excess among factor owners
and government
has intensified confrontation.
Capitalism, managed by democracy,
will determine how artificial intelligence
and other change affected
rent, wages, interest,
profit plus continuing to allow Creative Destruction
2. Socialism has collective ownership
and management of some economic resources
with equitable distributed of resulting production.
3. Mixed Economy, like the US, combine capitalism and socialism
4. Plutocracy
is wealth rules Used by developing countries,
Plutocrats vs. Populist
is controversial.
American Dynasty summarizes the Bush family plutocracy.
5.
Democratic Socialism as practiced in Western Europe had
public ownership of
key industries such as transportation and communication.
Western Europe economies began moving away from socialism
toward capitalism in the late 1970's. The change began with
England's
Prime Minister
Margaret
Thatcher soon followed by US President
Ronald Reagan.
6. Mercantilism economic nationalism to increase the prosperity with restrictive trade practices.
7. Colonialism
profits from political
control over another nation.
The
practice has occurred throughout history and has existed with all
economic and political systems.
8. Communism is
the ideal of those practicing a "Marxian System."
It was designed by 19th century philosopher
Karl Marx.
Wealth is collectively owned and managed with a
planned
command economy.
The
Paris
Commune
government that led to the anarchy the late 18th century
French Revolution has caused many governments and wealthy
individuals
to fear changes promised by liberal economic systems. Some equate
communism
with a totalitarian political system as a democratic communism has
never existed.
9. Fabian Economy
of
British socialist
organizations were
gradualist.
These
reformists
did not want revolution. In Russia,
Bolshevik revolutionists eventually
won political support over
Menshevik gradualists.
10. Feudalism structures society around holding land relationships in exchange for service or labor.
Source Economics 3_Basic Characteristics_of_Capitalism