Cartoon Ronald Reagan implements Socialis
m – YouTube
https://www.youtube.com/watch?
v=YEa8DpheXkM
Time for the Quiz
Ownership of Property?
- PUBLIC/GOV’T
- PRIVATE/INDIVIDUAL
- BOTH
Capitalism-
Socialism-
Communism-
Principle of Operation?
FREE ENTERPRISE/COMPETITON
FAIR DISTRIBUTION OF WEALTH
CENTRAL/GOV’T CONTROL
Capitalism-
Socialism –
Communism-
Choice of Work?
OPEN/FREE CHOICE
REGULATED
Capitalism-
Socialism –
Communism-
Government Involvement?
GOV’T OWNS BASIC INDUSTRIES/PROVIDES SOCIALSERVICES
GOV’T OWNS ALL INSUSTRIES
GOV’T INVOLVEMENT KEPT TO A MINIMUM
Capitalism-
Socialism –
Communism-
Amount of Competition?
COMPETITON IS LIMITED
COMPETTITON IS PROMOTED
THERE IS NO COMPETTITON
Capitalism-
Socialism –
Communism-
Promoters of Economic
System?
Karl Marx
Adam Smith
Capitalism
Socialism & Communism
Capitalism
Pro
Rewards individual success
Individual success leads to common good
Con
Competition leads to winners and losers
Not all succeed
Socialism
Pro
All share equally the benefits of production
No winners and losers
Con
No competition - efficiency goes down
High taxes
Communism
Pro
Full employment
citizens get what they need
Con
Gov’t decides rewards
Few luxuries
Article
Cuba Pins Hopes on New Farms Run For Profit, Washington
post, 2009
Article
Cuba To Cut State Workers in Tilt Towards Free
Market, Sept, 2010
Market-oriented, subsides, privatization, private sector
% of gov’t workers in Cuba?
What obstacles do Cubans who go in to business face?