Capitalism and Socialism

Dr. Ronald Nash

The Southern Baptist Theological Seminary

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Lesson

An economy based on capitalism has much less government involvement than an economy based on socialism.

Outline

The Christian Worldview and Economics

Part 1

I. Introduction

A. Christians ought to care about social issues.

B. Good intentions are not enough.

C. Christian concern must be linked to sound thinking.

II. Continuum

    Capitalism      Interventionism/Mixed Economy      Socialism
    |__________|__________|__________|__________|
    0                                                                            100

III. Definitions

A. Socialism - A command economy in which all power flows from the top down.

B. Capitalism - A free-market economy where decisions are made freely without coercion from the government.

C. Interventionism - A mixed economy of both market and government control.