What is it?
Definition

Economic and social system characterized by free markets,
private property, and individualism
Who cares?

Good Civics- our system

Interrelated to numerous debate topics- they economy,
social issues, international relations

http://www.youtube.com/watch?v=V6c7Vw6R33E
Types

Types- state based (mixed, and crony), laissez faire

http://www.youtube.com/watch?v=ZqWh31qyXBw
People

Thinkers-

Adam Smith

The Austrian School of Economics

Ayn Rand

Think tanks- Cato, Ludwig Von Mises Institute, Mercatus
Institute, Independent Institute, Future of freedom
foundation etc.

What do Political Parties have to say?
The Role of the Economist

Normative vs. descriptive

Large debate in the literature

Determines nature of interventions
Good

Peter C
Bad
Nature of the Argument

Maybe not overall problematic- but mixed economy
necessary

http://www.youtube.com/watch?v=sy9FRli7ODg

Distinct from central planning as the norm

Different ways to suggest the unfettered system is flawed
Central Planning

We have individuals like this…..

http://www.youtube.com/watch?v=ERENCqOHJCA
Ethics

Patriarchy- who are the bread winners?

Racism- socio-economic divide

Calculation- nature of individual views and means to and end of
production

Social Services- Welfare

Xenophobia- scapegoating immigrations

Worker exploitation- sweat shops

Individualism means classes and social groups don’t have rights

http://www.youtube.com/watch?v=GFrleONrYuU
Poverty

Rich and poor cap- strive for greatness- developing
countries exposed to globalization

Good for who- the corporation or the individual?

Socio economic conditions can be precursor to terrorismreaction to asymmetric nature of hegemonic capitalism

Distribution of wealth- The rich must live more simply so
that the poor may simply live.

Corporations create shanty towns- displace local
populations, overcrowd labor markets, low wages
War

International imperialism in the name of liberalism and for
resources such as oil

Military industrial complex- war is a racket

System demand global security apparatus

Global rise of the rest- hegemonic conflict
Health Care

http://www.youtube.com/watch?v=Vy_OOMhzKrg

Obama Care attempts to address market failures- preexiting conditions, insurance, limited youth involvement

Globalization- disease spread- bi pharma limits access to
poor countries

Think of incentive of hospitals- preforms many surgery's,
use and buy expensive machines, decisions are not always
medical
Growth

http://www.youtube.com/watch?v=Py7OHW3HELk

Infinite?

08 recession- lack of regulation

Boom and Bust cycles- creative destruction
Environment

No regulation for biz practices- having the only goal of
productivity

Industrial Agriculture
Alternatives

Dedev

More regulated society

Socialism

New system?

System Sustainability
Thinkers

Mixed Economy- Keynes, Paul Krugman

Marxism- Karl Marx