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Educating the Class of 2030 An Economic Prospective/Student Manifesto
Economic Principles Lead to Shorter School Day, Year Round School, Economic Efficiency, Employable Students
 

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 capitalism.
         1. His book, The Wealth of Nations, was the first description of capitalism. 
         2. Published in 1776, it described capitalism as it was practiced in 18th century England.
         3. For more visit http://www.econlib.org/library/Enc/bios/Smith.html
    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 during the last few decades.
              c. Francois Quesnay popularized the term laissez faire.
    E. Modern Capitalism has additional features
        1. Complex Market System Setting Prices
        2. Importance of Capital Goods and Technology
        3. Specialized
            a. Complexity requires company produce limit their product lines
            b. Division of Labor allows specialization by ability ad training.
     F. Corporate Capitalism describe a capitalist marketplace characterized by the
           dominance of hierarchical, bureaucratic corporations.
     G. Crony Capitalism has been around from the beginning, its new name is Corporate Welfare.
     H. Creative Destruction described by 20th century sociologist and 
          economist Joseph Schumpeter
          was an important addition to the idea of capitalism. 
         1. Change involves the creation of improved economic structures based on 
             technology and the destruction of inefficient  economic structures.
         2. Capitalism allows this destruction to take place.
         3. The fight between labor and management has also brought much  
         4. Let Us Now Praise Private Equity explores the application of creative destruction
             to the poor job creation during the great recession. National Review. 2/6/12

violence

Adam Smith from Wiki

François Quesnay - Wiki

wiki on Joseph_Schumpeter

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III. Economic Systems 
      A. Pure capitalism as described by Adam Smith never existed.
      B. Recent economic systems have are Mixed Economies  (a mixture of Capitalism
           and Socialism) See  Democratic Capitalism vs. Capitalistic Democracy 
          1. Socialism  emphasizes collective ownership and management of economic 
              resources that are equally distributed.
          2. Democratic Socialism, as practiced in Western Europe, has public ownership
              of key industries such as transportation and communication 
              a. The 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. See Social democracy
          3. Communism  is the ideal of those practicing a "Marxian system." 
              a. Named after 19th century philosopher Karl Marx
              b. The public owns almost all wealth which is centrally managed, a
                  planned economy sometimes called a command economy.
          4. Fabian Economics  The Fabian Society is a British socialist organization
              whose purpose is to advance the principles of socialism via gradualist and
               reformist, rather than revolutionary, means.^[1][2]
          5. Traditional economy, where customs determines the economy activity,
              is practiced by many developing countries.
          6. Readings
              a. Using Two Cows to explore using resources, Infographic 3/1/13
              b. Harvey - Is Marxism Relevant Today? Video
              c. Presidential Courage explores how Ronald Reagan deplored Communism.
              d. Feudalism is aa system for structuring society around relationships derived
                  from the holding of land in exchange for service or labor.
              e. New Feudalism refers to a theorized contemporary rebirth of policies of
                  governance, economy and public life^[2] reminiscent of those present in
                  feudal society
             f. Plutocracy is rule by the wealthy
IV. Political Systems
      A. Democracy 
           1.  All eligible citizens have an equal say in the political decisions that affect their
                lives
           2. Majority’s power is absolute and unlimited
           3. Dfference between polyarchy and democracy
           4.  American Politics Are we a Democracy? A Republic? A Polyarchy?
                Noam Chomsky breaks down American Politics today and American
                Politics that our founders envisioned.
      B. Republic
           1. a republic is a state that does not practice direct democracy but rather has a
              government indirectly controlled by the people
           2. Offices of states are directly or indirectly elected or appointed rather and are
               not granted primarily based upon family, military, or business connections.
           3. In United States v. Cruikshank (1875), the court ruled that the "equal rights
               of citizens" were inherent to the idea of a republic
      C. Federalism divides powers between member units
          1. Federalism in the United_States
          2. Federalism: National vs. State Government
          3. A conservative look at Federalism video
          4. A liberal look at Federalism
          5. Revolution of 1800 began a 200 plus year battle concerning
              Federal Government power
      D. Commonwealth is a political community founded for the common good,

     E. Political Systems have to do with control.
          1. The Tenth Amendment (Amendment X) to the United States Constitution, 
              which is part of the Bill of Rights, was ratified on December 15, 1791.^[1] 
          2. 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.
          3. The Civil War was a power struggle over federal power and the 2012 federal
              election is to some degree, a continuation of this struggle over power.
       F.  Additional Reading
            1. An Important Distinction: Democracy vs Republic
            2. Republic vs Democracy
            3. In a republic the sovereign is the individual, in a democracy, sovereign is
                 the group
 V. Supplemental reading materials
      A. Crises Capitalism video contains ideas about capitalism resulting from 
           the Great Recession of 2008-2009.
      B. Why is Chinese Capitalism Better than American Capitalism? Time, 1/20/11
      C. Alexis_de_Tocqueville wrote about capitalism and democracy in 19th century 
          America. See Democracy in America-Vol_1
      D. Sequester-capitalism-democracy-and-money-theories 3/1/13
      E. Democratic Capitalism vs. Capitalistic Democracy 
VI. Sundry Information
      A. For a somewhat conservative view of capitalism, visit Capitalism.org.
      B. For a somewhat liberal view of capitalism, visit  The Shared Capitalism Institute.
      C. Interesting Links from Reference.com
          1. reference.com on Capitalism
          2. Why Do Intellectuals Oppose Capitalism? by Robert Nozick
      D. Current Events Internet Library has an interesting economics section.
      E. The Book Summaries Internet Library political section reviews Hoodwinked, 
            a book by John Perkins who feel international corporations are altering capitalism
            as practiced today.
      F. 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 U.S. Inequality is a political
          question. It is the responsibility of voters through politicians to fairly distribute
          without substantially limiting the productive abilities of capitalism which have
          quality coped with  the Great Recession. 3/12/13
          See People Not Voting Their Pocketbook is Literally Killing the Poor
      G. Economic Report of the President 2013
      H. BBC audio on history of camitalism
       I.  Center on Capitalism Columbia University is a great source of information
      J. Is Capitalism Moral? A Commonwealth Club Podcast Debate – 10/ 22, 12
      K.Strange Rebels  1979 and the Birth of the 21st Century is political economics

 VII. Quiz on Economic Systems with answers from steponicseconomics

 VIII.  5 Key Economic Questions an Economic System Must Answer  
          are the topic of chapter 5.

  IX. Class Discussion Question. Has President Obama been a Democratic Socialist?
        Begin with a nominal definition of Democratic Socialism. U. S. Manhood suffrage
        occurred in 1868. When did the ladies get to vote?

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James Keir Hardie was an 
early democratic socialist, 
who founded the
Independent Labour Party
in the United Kingdom

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

Alexis de Tocqueville

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In the early 1980's to solve the problem of not enough income for the middle classes,
capitalism changed the name of Home Improvement Loans to Home Equity Loans and people were allowed to what had been a retirement nest egg before they retired. There is nothing wrong with this as long as people realize that they are delaying retirement.

Edoitor's Note: The recent large decrease in the Household resulted because people defaulted on mortgage debt and the Federal Reserve picked up the tap by printing money.

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