Lecture 9: Major Economic Systems
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Two major economic systems are capitalism and socialism.
IV. Major Economic Systems
A. Socialism, Capitalism, and Interventionism
1. Confusion of Capitalism and Interventionism
2. Crises caused by interventionism
3. Varying degrees
4. Areas of overlap
5. Criterion for categorizing an economy - Degree of economic freedom
B. Socialism - A command system
1. Two Kinds of Exchange
a. The peaceful means of exchange
b. The violent means of exchange
2. Voluntary communities in capitalism
3. Definition of capitalism
a. Framework for decision-making
b. Laws as constraints
4. Objections to capitalism
b. Answer-Not a zero-sum game
c. Sub-Christian attitudes
d. Answer-Capitalism neutralizes greed
5. U. S. Economy is interventionist.
6. Capitalist economies
D. Argument against Socialism
E. Argument against Interventionism
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