anthro30 10 economic system
TRANSCRIPT
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INSTITUTIONSECONOMIC
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ECONOMIC SYSTEMS
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CAPITALISM
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CAPITALISMan economic system in which the means of production are held largely in private hands and the main incentive for economic activity is the accumulation of profits.
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STAGESIndustrial Revolution
Laissez-faire (let them do)
Modern day
capitalism
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MAIN FEATURESPrivate ownershipMaximization of profits Government regulation of economic relations
Tolerates monopolistic
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SOCIOLOGICAL IMAGINATION
Which aspects of capitalism do you personally appreciate?
Which do you find worrisome?
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SOCIALISM
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SOCIALISMthe means of production and distribution in a society are collectively rather than privately owned.
basic objective is to meet people’s needs rather than to maximize profits
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SOCIALISMIn theory, the wealth of the people as a collectivity is used to provide health care, housing, education, and
other key services to each individual and family
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COMMUNISM
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COMMUNISMan economic system under which all property is communally owned and no social distinctions are made on the basis of people’s ability to produce
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CPC COUNTRIESSoviet Union, the People’s Republic of China,
Vietnam, Cuba, and nations in Eastern EuropeCommunist Leaders:
Lenin Joseph Stalin
Fidel Castro
Mao Zedong
Ho Chi Minh
Ernesto “Che”
Guevarra
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INFORMAL ECONOMY
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INFORMAL ECONOMYTransfers of money, goods, or services take place but
are not reported to the government.Participants in this type of economy avoid taxes and
government regulationFunctionalists contend that bureaucratic regulations
sometimes contribute to the rise of an informal, or underground, economy.
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Year: 2002Source: Forbes and World Bank
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FIVE LARGEST ECONOMIES
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END