Economic Systems

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Economy > Economic Systems
Economic Systems
• The Economy
• Capitalism
• The Marxist Critique of Capitalism
• Socialism
• The Capitalist Critique of Socialism
• Democratic Socialism
• Informal Economy
• Welfare State Capitalism
www.boundless.com/sociology/textbooks/boundless-sociology-textbook/economy-16/economic-systems-118/
Appendix
Economy
Key terms
• classical liberals Classical liberals believe in classical liberalism, a political ideology developed in the 19th century that
advocates limited government, constitutionalism, rule of law, due process, and individual liberties including freedom of religion,
speech, press, assembly, and free markets.
• democratic socialism A left-wing ideology that aims to introduce democracy into the workforce, i.e. worker cooperatives, and
ensure public provision of basic human needs.
• economic liberals Economic liberalism is the ideological belief in organizing the economy on individualist lines, such that the
greatest possible number of economic decisions are made by private individuals and not by collective institutions.
• economy The system of production and distribution and consumption. The overall measure of a currency system; as the
national economy.
• externality In economics, an externality, or transaction spillover, is a cost or benefit that is not transmitted through prices and is
incurred by a party who was not involved as either a buyer or seller of the goods or services causing the cost or benefit.
• Fabian Society The Fabian Society is a British socialist organization whose purpose is to advance the principles of democratic
socialism via gradualist and reformist, rather than revolutionary, means.
• industrial paternalism Industrial paternalism is a form of welfare capitalism especially common in the United States. It refers to
the practice of businesses providing welfare-like services to employees.
• industrial paternalism Industrial paternalism is a form of welfare capitalism especially common in the United States. It refers to
the practice of businesses providing welfare-like services to employees.
• Leninism In Marxist philosophy, Leninism is the body of political theory for the democratic organisation of a revolutionary
vanguard party, and the achievement of a direct-democracy dictatorship of the proletariat, as political prelude to the
establishment of socialism.
• libertarian A believer in a political doctrine that emphasizes individual liberty and a lack of governmental regulation and
oversight both in matters of the economy ('free market') and in personal behavior.
• market socialism Market socialism refers to various economic systems where the means of production are either publicly
owned or cooperatively owned and operated for a profit in a market economy. The profit generated by the firms would be used
to directly remunerate employees or would be the source of public finance or could be distributed among the population through
a social dividend.
Economy
• planned economy An economic system in which government directly manages supply and demand for goods and services by
controlling production, prices, and distribution in accordance with a long-term design and schedule of objectives.
• production Production is the act of creating output, a good or service which has value and contributes to the utility of
individuals.
• progressive Favoring or promoting progress; advanced.
• Progressive Era The Progressive Era in the United States was a period of social activism and political reform that flourished
from the 1890s to the 1920s.
• Progressive Era The Progressive Era in the United States was a period of social activism and political reform that flourished
from the 1890s to the 1920s.
• revolution A political upheaval in a government or nation-state characterized by great change.
• socialism Any of various economic and political philosophies that support social equality, collective decision-making, distribution
of income based on contribution and public ownership of productive capital and natural resources, as advocated by socialists.
• socialism Any of various economic and political philosophies that support social equality, collective decision-making, distribution
of income based on contribution and public ownership of productive capital and natural resources, as advocated by socialists.
• voluntary exchange Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions.
Moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before
it occurred.
• wage labor The socioeconomic relationship between a worker and an employer, where the worker sells their labor under a
formal or informal employment contract.
• welfare capitalism Welfare capitalism refers either to the combination of a capitalist economic system with a welfare state or, in
the American context, to the practice of businesses providing welfare-like services to employees.
• welfare capitalism Welfare capitalism refers either to the combination of a capitalist economic system with a welfare state or, in
the American context, to the practice of businesses providing welfare-like services to employees.
Economy
Milton Friedman
Milton Friedman argued against the effects of socialism.
Wikimedia. Public domain http://upload.wikimedia.org/wikipedia/commons/2/20/Portrait_of_Milton_Friedman.jpg View on Boundless.com
Economy
Karl Marx
Religion, Marx held, was a significant hindrance to reason, inherently masking the truth and misguiding followers.
http://Wikimedia. Public domain http://Wikimedia View on Boundless.com
Economy
Vladimir Lenin
Leninism is based on the philosophy of Vladimir Lenin, who advocated organized revolution led by a vanguard party.
Wikipedia. "Lenin CL." Public domain http://en.wikipedia.org/wiki/File:Lenin_CL.jpg View on Boundless.com
Economy
Drugs in the Informal Economy

Dealing drugs is an example of participation in the informal economy.
http://Wikimedia. Public domain http://Wikimedia View on Boundless.com
Economy
Burkina Faso: Informal economy at the centre of solidarity

Many workers in Burkina Faso participate in the country's informal economy. This video describes how the informal economy fails to provide some of the
same social benefits as work in the formal economy.
View on Boundless.com
Economy
The Significance of Socialism

Karl Marx helped to create the system of social thought now called Marxism.
Economy
François Hollande and France

France is an example of a democratic socialist state. In 2012, French voters elected the Socialist Party candidate, François Hollande, into office with the
expectation that he will meet his campaign promises to introduce greater socialist policy.
Economy
Google as Welfare Capitalism

Google provides perks to its employees as a benefit for working at the company. This is an example of welfare capitalism in that it involves a business
providing for its employees.
Economy
Profile of Adam Smith, by James Tassie, 1787

Author of the Wealth of Nations
Wikipedia. "AdamSmith." Public domain http://en.wikipedia.org/wiki/File:AdamSmith.jpg View on Boundless.com
Economy
Socialism in Europe
Europe has far more socialist democracies than the United States. François Hollande won the French presidency on the Socialist Party ticket in 2012.
http://Wikimedia. CC BY 2.0 http://Wikimedia View on Boundless.com
Economy
Attribution
• Wiktionary. "progressive." CC BY-SA 3.0 http://en.wiktionary.org/wiki/progressive
• Wiktionary. "socialism." CC BY-SA 3.0 http://en.wiktionary.org/wiki/socialism
• Wiktionary. "revolution." CC BY-SA 3.0 http://en.wiktionary.org/wiki/revolution
• Wikipedia. "Criticism of capitalism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Criticism_of_capitalism%23Marxian_criticisms
• Wiktionary. "planned economy." CC BY-SA 3.0 http://en.wiktionary.org/wiki/planned_economy
• Wiktionary. "socialism." CC BY-SA 3.0 http://en.wiktionary.org/wiki/socialism
• Wikipedia. "market socialism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/market%20socialism
• Wikipedia. "Socialism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Socialism
• Wikipedia. "welfare capitalism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/welfare%20capitalism
• Wikipedia. "industrial paternalism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/industrial%20paternalism
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//u-s-history/definition/progressive-era
• Wikipedia. "Welfare capitalism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Welfare_capitalism
• Wiktionary. "democratic socialism." CC BY-SA 3.0 http://en.wiktionary.org/wiki/democratic_socialism
• Wikipedia. "Leninism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Leninism
• Wikipedia. "Fabian Society." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Fabian%20Society
• Wikipedia. "Democratic socialism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Democratic_socialism
• Wiktionary. "libertarian." CC BY-SA 3.0 http://en.wiktionary.org/wiki/libertarian
Economy
• Wikipedia. "economic liberals." CC BY-SA 3.0 http://en.wikipedia.org/wiki/economic%20liberals

• Wikipedia. "classical liberals." CC BY-SA 3.0 http://en.wikipedia.org/wiki/classical%20liberals
• Wikipedia. "Criticisms of socialism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Criticisms_of_socialism
• Wikipedia. "voluntary exchange." CC BY-SA 3.0 http://en.wikipedia.org/wiki/voluntary%20exchange
• Wikipedia. "wage labor." CC BY-SA 3.0 http://en.wikipedia.org/wiki/wage%20labor
• Wiktionary. "externality." CC BY-SA 3.0 http://en.wiktionary.org/wiki/externality
• Wikipedia. "Capitalism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Capitalism
• Wiktionary. "economy." CC BY-SA 3.0 http://en.wiktionary.org/wiki/economy
• Wiktionary. "money." CC BY-SA 3.0 http://en.wiktionary.org/wiki/money
• Wikipedia. "production." CC BY-SA 3.0 http://en.wikipedia.org/wiki/production
• Wikibooks. "Introduction to Sociology/Economy." CC BY-SA 3.0
http://en.wikibooks.org/wiki/Introduction_to_Sociology/Economy
• Wikipedia. "Adam Smith." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Adam_Smith
• Wikipedia. "Gross National Product." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Gross_National_Product
• Wikipedia. "welfare capitalism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/welfare%20capitalism
• Wikipedia. "industrial paternalism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/industrial%20paternalism
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//u-s-history/definition/progressive-era
• Wikipedia. "Welfare capitalism." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Welfare_capitalism

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Boundless Lecture Slides

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Free to edit, share, and copy

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Drugs in the Informal Economy

Burkina Faso: Informal economy at the centre of solidarity

The Significance of Socialism

François Hollande and France

Google as Welfare Capitalism

Profile of Adam Smith, by James Tassie, 1787

• Wikipedia. "economic liberals." CC BY-SA 3.0 http://en.wikipedia.org/wiki/economic%20liberals

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