1. Summary
This article briefly introduces what the economy is and describes its origins and history.
And the article explains socialism and capitalism in detail by its history, how it Works, example by country and criticism.
It also introduces two of the most famous economic standards-gdp and Gini coefficient. It also explains the informal economy.(ex.black market)
2. New, interesting, or unusual items learned
It was impressive to explain that capitalism works by five items.
: Commodities, Money, Labour power, Means of production, Production.
It was also interesting to correlate the demand and supply law graphs with earnings and skills.
This article briefly introduces what the economy is and describes its origins and history.
And the article explains socialism and capitalism in detail by its history, how it Works, example by country and criticism.
It also introduces two of the most famous economic standards-gdp and Gini coefficient. It also explains the informal economy.(ex.black market)
2. New, interesting, or unusual items learned
It was impressive to explain that capitalism works by five items.
: Commodities, Money, Labour power, Means of production, Production.
It was also interesting to correlate the demand and supply law graphs with earnings and skills.
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| http://en.wikibooks.org/wiki/Introduction_to_Sociology/Economy |
The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D).
In other words, people with skills that demand is high but supply is low can earn higher income in the market.
Also, labour unions and the government also influence wages in capitalist nations.
3. Discussion Questions
Is the US a purely capitalist country?
no.
There is no country made up of pure capitalism.
The welfare system from modified capitalism, not pure capitalism.
And, socialist countries also recognize private property "little by little". In a strict sense, there is no purely socialist state on earth too.
Happy Chuseok!^-^
ReplyDeleteI agree with your opinion. Let's take an example of China. Although China was once a full-fledged socialist nation, they has tried to introduce capitalism partly to society by attempting to establish a market economy. And I think this is better than pure capitalism and pure socialism because there are pros and cons to capitalism and socialism. Have a nice Chuseok too!
I agree with your idea. There is no pure capitalism, including US. Because US and other capitalist countries are constantly intervened in their economies. Their aim is to limit concentration of power and prevent economic bipolarization. Therefore, I think US is better off describe as mixed economy country, not purely capitalist country.
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