Different World Economies
Economics 11 Chapter 2
Descriptive Overview:
In this lesson, students will
be exposed to four types of
world economies. They will
also learn the historical
background that led to the
formation of those economies,
specifically command and
mixed economies.
Lesson Objectives/Goals
Describe and compare the economic systems
predominate in the world today.
Compare and contrast traditional, command and
market economies.
Explain how mixed economies are a combination of
other economic systems.
Terminology/Vocabulary
Capitalism (First World)
Command Economy (Second World)
Traditional Economy (Third World)
Market Economy
Mixed Economy
Free Enterprise
Adam Smith
Adam Smith (1723-1790-Scotland) is
considered the father of modern
economic theory and capitalism.
Best know for the concept of the
“Invisible Hand” of capitalism that
brings benefits to all of society
through the self serving profit
motive (innovations like those of
Steve Jobs and Bill Gates)
Karl Marx
Karl Marx (1818-1883 Germany)
Co-author with Freidrich Engels of
The Communist Manifesto which
popularized the theories that led to
modern 20th Century communism in
Russia, China, North Korea, Vietnam
and Cuba.
Traditional Economies
 Traditional economies are found in
rural, non-developed countries
 Some parts of Asia, Africa, South
America and the Middle East have
traditional economies
 Customs govern the economic
decisions that are made
 Modern Technology is not used in
traditional economies.
Traditional Economies
 Farming, hunting and gathering
are done the same way as the
generation before
 Economic activities are usually
centered toward the family or
ethnic unit (tribal clans)
 Men and Women are given
different economic roles and
tasks
Command Economies
 The government or other central authority makes
decisions and determines how resources will be used
(quotas/five year plans)
 Change can occur relatively easily because the govt. forces
it.
 There is little individual freedom or private property
 There is no competition
 Businesses are not run to create a profit but merely to
provide services/goods
 Social Democratic (NDP) Socialism (Sweden) Communism
(extreme case USSR, CHINA, CUBA)
Command Economies
 Consumers have few choices in the market place
 Factories are concerned with quotas
 Shortages are common because of poorly run
factories and farms (bread lineups in USSR were
common)
 The government dictates the job in which you
work
 “From each according to his ability, to each
according to his need (or needs)” –Karl Marx
Command Economies
 The government sets the prices of goods
and services
 Examples of command economies: Cuba,
North Korea and the People’s Republic of
China
Market Economies
 Resources are owned and controlled by
individuals-private property is the norm
 Economic decisions are made by
individuals competing to earn profits-The
Profit motive decides the 3 questions
 Individual freedom is considered very
important
 Economic decisions are made by the basic
principals of supply and demand
 Profit is the motive for increasing work
rather than quotas
Market Economies
 Also called capitalist economies
 Laissez Faire economics- “to leave, to do” –
government stays out of the economy and does not
regulate it at all. The opposite is a government
regulated economy (Canada, Sweden) or in the
extreme a command economy like the former
USSR.
 There are many economic freedoms
 There is competition among businesses
 Competition determines price which increase the
quality of the product
Mixed Economies
 Government and individuals share the decision
making process (CANADA, France AND Britain
…even the USA when Democrats are in power)
 Government guides and regulates production of
goods and services offered
 Individuals own means of production
 Protects consumers and workers from unfair
policies (gov’t regulated economies) such as those
that caused the 2008 Great Meltdown in the USA.
 Most effective economy for providing goods and
services but not individual wealth (Americans are
usually far richer or far poorer than Canadians
and Brits).
 Why is Canada a mixed Economy? | Why
Review
Four Types of Economics
Traditional Economies
Command Economies
Market Economies
Mixed Economies
Ch. 2 National Decision Making
The Individual and the Economy
Three Major Questions
1.
2.
3.
What are we going to
produce?
How is it produced?
Who receives how much?
Answers For The Three Major Questions
1.
2.
3.
Pure Traditional Economy
Pure Command Economy
Pure Market Economy
Economic Systems Model
Question Traditiona Comma Market
s
l
nd
What?
How?
Whom?
Adv.
Disadv.
Economic Systems Model
Question Traditiona Comma Market
s
l
nd
What?
How?
Whom?
Adv.
Disadv.
What we always have
produced
Economic Systems Model
Question Traditiona Comma Market
s
l
nd
What?
What we always have
produced
How?
Same way we always
have produced it.
Whom?
Adv.
Disadv.
Economic Systems Model
Question Traditiona Comma Market
s
l
nd
What?
What we always have
produced
How?
Same way we always
have produced it.
Whom?
Same amounts to the
same people as in the
past.
Adv.
Disadv.
Economic Systems Model
Question Traditiona Comma Market
s
l
nd
What?
What we always have
produced
How?
Same way we always
have produced it.
Whom?
Same amounts to the
same people as in the
past.
Adv.
Stable.
Environmentally
friendly.
Disadv.
Economic Systems Model
Question Traditiona Comma Market
s
l
nd
What?
What we always have
produced
How?
Same way we always
have produced it.
Whom?
Same amounts to the
same people as in the
past.
Adv.
Stable.
Environmentally
friendly.
Disadv.
No new technology for
material comfort and
health.
Economic
Systems
Model
Questions
Traditional
What?
What we always have produced
How?
Same way we always have produced
it.
Whom?
Same amounts to the same people
as in the past.
Adv.
Stable.
Environmentally friendly.
Disadv.
No new technology for material
comfort and health.
Command
Government decides. Focus on
essentials, cultural activities
and military.
Market
Economic
Systems
Model
Questions
Traditional
Command
What?
What we always have produced
Government decides. Focus on
essentials, cultural activities
and military.
How?
Same way we always have produced
it.
Government decides. Employ
the most people.
Whom?
Same amounts to the same people
as in the past.
Adv.
Stable.
Environmentally friendly.
Disadv.
No new technology for material
comfort and health.
Market
Economic
Systems
Model
Questions
Traditional
Command
What?
What we always have produced
Government decides. Focus on
essentials, cultural activities
and military.
How?
Same way we always have produced
it.
Government decides. Employ
the most people.
Whom?
Same amounts to the same people
as in the past.
Government decides. Equality.
Adv.
Stable.
Environmentally friendly.
Disadv.
No new technology for material
comfort and health.
Market
Economic
Systems
Model
Questions
Traditional
Command
What?
What we always have produced
Government decides. Focus on
essentials, cultural activities
and military.
How?
Same way we always have produced
it.
Government decides. Employ
the most people.
Whom?
Same amounts to the same people
as in the past.
Government decides. Equality.
Adv.
Stable.
Environmentally friendly.
Equality.
Essential needs met
Disadv.
No new technology for material
comfort and health.
Market
Economic
Systems
Model
Questions
Traditional
Command
What?
What we always have produced
Government decides. Focus on
essentials, cultural activities
and military.
How?
Same way we always have produced
it.
Government decides. Employ
the most people.
Whom?
Same amounts to the same people
as in the past.
Government decides. Equality.
Adv.
Stable.
Environmentally friendly.
Equality.
Essential needs met
Disadv.
No new technology for material
comfort and health.
Poor quality goods & services.
Shortages.
Market
Economic
Systems
Model
Questions
Traditional
Command
Market
Consumers vote with their
purchases
What?
What we always have produced
Government decides. Focus on
essentials, cultural activities
and military.
How?
Same way we always have produced
it.
Government decides. Employ
the most people.
Whom?
Same amounts to the same people
as in the past.
Government decides. Equality.
Adv.
Stable.
Environmentally friendly.
Equality.
Essential needs met
Disadv.
No new technology for material
comfort and health.
Poor quality goods & services.
Shortages.
Economic
Systems
Model
Questions
Traditional
Command
Market
What?
What we always have produced
Government decides. Focus on
essentials, cultural activities
and military.
Consumers vote with their
purchases
How?
Same way we always have produced
it.
Government decides. Employ
the most people.
Producers have to keep costs low
and quality high
Whom?
Same amounts to the same people
as in the past.
Government decides. Equality.
Adv.
Stable.
Environmentally friendly.
Equality.
Essential needs met
Disadv.
No new technology for material
comfort and health.
Poor quality goods & services.
Shortages.
Economic
Systems
Model
Questions
Traditional
Command
Market
What?
What we always have produced
Government decides. Focus on
essentials, cultural activities
and military.
Consumers vote with their
purchases
How?
Same way we always have produced
it.
Government decides. Employ
the most people.
Producers have to keep costs low
and quality high
Whom?
Same amounts to the same people
as in the past.
Government decides. Equality.
Producers and human resources
that produce high demand, small
supply products receive the most
income.
Adv.
Stable.
Environmentally friendly.
Equality.
Essential needs met
Disadv.
No new technology for material
comfort and health.
Poor quality goods & services.
Shortages.
Economic
Systems
Model
Questions
Traditional
Command
Market
What?
What we always have produced
Government decides. Focus on
essentials, cultural activities
and military.
Consumers vote with their
purchases
How?
Same way we always have produced
it.
Government decides. Employ
the most people.
Producers have to keep costs low
and quality high
Whom?
Same amounts to the same people
as in the past.
Government decides. Equality.
Producers and human resources
that produce high demand, small
supply products receive the most
income.
Adv.
Stable.
Environmentally friendly.
Equality.
Essential needs met
High quality, variety, and
inexpensive goods.
Disadv.
No new technology for material
comfort and health.
Poor quality goods & services.
Shortages.
Economic
Systems
Model
Questions
Traditional
Command
Market
What?
What we always have produced
Government decides. Focus on
essentials, cultural activities
and military.
Consumers vote with their
purchases
How?
Same way we always have produced
it.
Government decides. Employ
the most people.
Producers have to keep costs low
and quality high
Whom?
Same amounts to the same people
as in the past.
Government decides. Equality.
Producers and human resources
that produce high demand, small
supply products receive the most
income.
Adv.
Stable.
Environmentally friendly.
Equality.
Essential needs met
High quality, variety, and
inexpensive goods.
Disadv.
No new technology for material
comfort and health.
Poor quality goods & services.
Shortages.
Income inequity.
Free Market Capitalism
 Private property rights
 Profit
 Consumer Sovereignty
 Self-Interest
 Competition
http://www.scribd.com/doc/27961797/Capi
talism-ppt
The Economy of Canada
 Mixed market economy
Capitalist/Free Market aspects(private property, free market,
private companies, publicly traded
companies)
Socialist/Command Aspectsgovernment regulated banks, social
programs (healthcare, welfare, free
public schools), Central Bank that
regulates the economy through
setting interest rates
Objectives (Economic Council of Canada - E.C.C.)
1.
2.
3.
4.
5.
6.
7.
8.
Full Employment
Stable Prices
Balance of Trade
Economic Growth
Economic Justice
Economic Freedom
Economic Efficiency
Reasonable Debt
Capitalism vs. Socialism
(extreme socialism-communism)
Russia in the 1990s post Soviet communist era
Definition of Capitalism
According to Dictionary.com,
Capitalism is…


an economic system
investment in and ownership of the
means of production, distribution, and
exchange of wealth is made and
maintained chiefly by private
individuals or
corporations
Definition of Socialism
According to Merriam-Webster, Socialism is…


Government ownership and
administration of the means of
production and distribution of goods
A system of society or group living in which
there is not

private property
A system or condition of society in which
the means of production are owned
controlled by the state
and
Capitalism vs. Socialism
Capitalist countries:
 America
 Canada
 Brazil
 Japan
 Mexico
Socialist countries:
 Cuba
 Saudia Arabia
 Iran
 North Korea
 Burma
Mixed Economy
According to dictionary.com, a
Mixed economy is:
 An economy in which some
industries are privately owned
and others are publicly owned or
nationalized
 Many capitalist economies are
mixed economies (some
capitalism and some socialism)
Pros and Cons of Capitalism
Pros





Competition to
provide goods and
services keeps
prices low
Rewards hard
work
Provides choice
Allows for the
building up of
wealth and
possessions
Consumers
regulate the
market
Cons




Exploits people
who cannot
compete
Uneven
distribution of
wealth
Creates a moneyoriented society
Constant
economic growth
may deplete the
earth’s resources
A con: recessions and economic depressions
1929-39….2008-2011 (various)
Great Recession - Wikipedia, the free encyclopedia
Pros and Cons of Socialism
Pros





All members share
benefits
Those who cannot
contribute may still
participate (disabled,
elderly)
Each member’s
survival needs are
met
Equal distribution of
wealth
No socioeconomic
classes
Cons




No incentive to
work harder
No competition
means no reward
to be innovative
New members to
the community
(immigrants) are
seen as
competition for
limited goods and
services
Higher taxes
Which is best: Capitalist economy, Socialist economy, or a Mixed economy?



A free market exists with some
regulation by the government
People can create their own
businesses and make a profit
All businesses pay taxes, which
benefit everyone
Government subsidized programs








Postal service
Rail lines
Libraries
Health care
Social programs
Roads
Infrastructure (bridges,
freeways, etc.)
Can you think of any others?
What is Communism?



Communism - a government where people shared work fairly
and were paid equally.
The word “Communism” comes from the Latin word “Communis”
which means common or belonging to all.
marxismbest2013.ppt
The Beliefs of Communism



The rich get
richer.
The poor get
poorer.
People wanted
to make
everything
equal.
The Goal of Communism

Goal: to get rid
of social
classes and
make
everything fair
for everyone.
Do you agree? Or disagree?

Based off of
what you
know, do you
think
Communism
is a good
idea?


If yes: explain
why
If no: what
are potential
dangers of
Communism?
Capitalism

An economic and
political system in which
a country's trade and
industry are controlled
by private owners for
profit.
Basics of Capitalism:


Capitalism is said to promote
economic growth and the
overall standard of living.
In other words, capitalism
creates CAPITAL (money)
…and lots of it.
Basics of Capitalism:



Buyers (people) influence the market through their demand
and ability to purchase goods and services. There is very
little government intervention.
Producers (businesses) are motivated by profit (money)
and therefore create whatever goods people will buy.
In other words, the businesses run the economy, the
government stays out of it!
Do you agree? Or disagree?

Based off of
what you
know, do you
think
Capitalism is
a good idea?


If yes: explain
why
If no: what
are potential
dangers of
Capitalism?
Problems with Capitalism:

There is a
growing gap
between the
rich and the
poor. The rich
get richer and
the people
who work for
them remain
poor.
Problems with Communism:




Lack of individuality
Lack of choice
Equal treatment for all,
even if you work harder
than all the rest
People seen as “workers”
not as spiritual beings with
emotions, etc. Religion was
banned and the family unit
de-emphasized.
Imperial Russia Pre-WWI



Prior to WWI,
Russia was a
monarchy, ruled
by the Romanov
Dynasty.
The Russian
rulers were
known as czars,
the Russian
equivalent of the
word caesar.
The Czar of
Russia at the
time was
Nicholas II.
Nicholas II,
last czar of Russia
Imperial Russia Pre-WWI



The Russian people were not satisfied
with Czarist rule, and prior to the war
there were many who agitated for
more self-government in Russia.
As WWI began, Russia entered the
war on the side of the Allies (Britain,
France) against the Central Powers
(Germany, Austria-Hungary, the
Ottoman Empire).
WWI did not go well for the Russians.
They suffered many casualties,
especially after the twin defeats of
Tannenberg and the Masurian Lakes.
The Germans, sensing that
Russia was weak at this
Vladimir
Lenin
point, helped
send Vladimir
Lenin to Russia, hoping he
would cause trouble.
 Lenin had been a proponent
of communism and an
enemy of the czar before the
war who had been exiled.
 Upon his return, he helped
lead the Russian Revolution
which established the Soviet
Union.

Russian Revolution of 1917



The Revolution was led by Lenin, and was successful in
overthrowing the Czar and setting up a new government. The
Russian Empire became the Union of Soviet Socialist Republics, or
the USSR.
It was to be a country led by communist ideals, a worker’s paradise.
In this new state, there was no room for royalty; Nicholas II and the
entire royal family (his wife, and their 5 children) were executed by
firing squad.
Early years of the Soviet Union




Upon Lenin’s death in 1924, Joseph Stalin came to
power.
His goal was the creation of a model communist state.
The goals of this state were agricultural and industrial
growth.
All private farms were abolished and replaced with
collectives — large government-owned farms, each
worked by hundreds of families.
Joseph Stalin
Soviet Union under Stalin’s rule



Wanted to transform USSR from a backward rural nation
into a great industrial power.
Towards this end, created what were known as “Fiveyear plans” to direct industrialization. All economic
activity was placed under state control.
By 1937, the USSR had become the world’s 2nd largest
industrial power, surpassed only by the USA.
The cost of industrialization


In his attempt to modernize the Soviet Union, Stalin was
ruthless and did away with anyone who he thought
opposed his power.
The 1st people that fell victim to his policies were the
kulaks, independent farmers. When collectivization
began, these people were forced off their farms to work
for the state. Those that did not comply were executed.
The cost of industrialization




Stalin also executed or imprisoned all his political
enemies.
One of the first people to fall under this category was
Leon Trotsky, a fellow communist who Stalin had
outmaneuvered to become Lenin’s successor.
Trotsky fled Russia, first to Paris, and then eventually
Mexico City.
He was assassinated in 1940 by one of Stalin’s agents,
stabbed to death with an ice pick.
The Great Purge



In the late 1930’s, Stalin secured his power and position
by killing off many people in high level positions,
including many who had been leaders of the Russian
Revolution.
The trials given to these people were a sham, their
confessions of guilt tortured out of them.
One result of this purge was that many of the Soviet
Union’s best military minds were killed, a situation which
left the state vulnerable in case of foreign invasion.
The Holodomor





During the years 1932-1933, the Ukraine, a territory of the Soviet
Union, suffered from widespread famine and malnutrition.
There was no reason for this famine however, because the Ukraine
is the breadbasket of the Soviet Union.
However, the government was collecting all the food for storage and
not distributing it properly to the populace.
As a result, millions (approx. 2-10) died from starvation. There were
reports of widespread cannibalism in fact.
Scholars still argue today whether the Holodomor was a planned
genocide or not, though several countries officially recognize it as
such.
Countries which recognize the Holodomor as a
genocide
The Holodomor
Totalitarian State


In total, Stalin was responsible for the death of some 8 to
13 millions people. Millions more died in famine caused
by trying to collectivize and industrialize the Soviet Union
at such a breakneck pace.
His establishment of the NKVD, a secret police, also led
the people of the Soviet Union to live in fear for their
lives. The state was firmly in control of every aspect of its
citizens lives. Thus, the Soviet Union is known as a
totalitarian state.



After watching the sham trials of the late 30’s, many
American communist began to desert the party.
It was also quite evident that even though the Soviet
Union espoused communist ideals, it was not living up to
them.
Stalin and his favorites had all the power while the life of
the average peasant was hardly any better than it had
been under the rule of the Czars.
History’s Important?



Russian
Revolution in
1917
Established a
communist
state; became
totalitarian
Tried to create
unified, central
state where
national and
ethic differences
were eliminated
Historical Problems in Russia



Non-Russian
ethnic groups
resisted
assimilation
Economic
planning failed
to meet the
needs of the
State (arms race
with US)
Communism
never took root
and lost
influence
Underlying Causes





Years of Soviet
military buildup at
the expense of
domestic
development
economic growth
stalled/stagnant
economy
Failed attempts at
reform
war in Afghanistan
general feeling of
discontent,
especially in the
Baltic republics
and Eastern
Europe (i.e.
Chernobyl)
Mikhail Gorbachev



March 11, 1985
Inherited many
problems;
recognized need
for change (the
economy
needed
fundamental
reforms)
Introduced twotiered policy of
reform to meet
the needs of the
Russian state
Policy #1: Glasnost



Freedom of
speech and free
elections
1989 elections reformist
politicians swept
into power
unwittingly
unleashed
emotions and
political feelings
that had been
pent up for
decades
Policy #2: Perestroika




Economic reform
and rebuilding
(complete
economic
restructuring)
did not have the
immediate results
Gorbachev had
hoped for and had
publicly predicted
Unsuccessful –
bureaucratic
corruption
People used free
speech to criticize
Gorbachev
Fall of the USSR




Disintegration
began on the
peripheries
Baltic nationalist
movements;
demanded
autonomy
challenge to
glasnost
Non-Russian
minority groups
agitated for
independence
during this
period
Gorbachev’s Response



decision to not
use military force
to put down
revolutions in
Eastern Europe
allowing
revolutions to run
their course would
spell disaster for
the Soviet Union
Ultimately eroded
the power of the
Soviet Union
during 1989 and
1990.
August 1991
–
August
Coup
“hard-line”





Communists take
over of
government
last-ditch effort to
save USSR
country went into
an uproar;
massive protests
soldiers
themselves
rebelled – “can’t
fire on our
countrymen”
Coup collapsed
after 3 days
Results of August Coup




Gorbachev was
unable to reestablish
real control
negotiated the
transition of power
made inevitable by
the will of the
people.
December 1, 1991
all non-Russian
republics declared
independence
(population wanted
democracy)
political movements
which had emerged
since the
implementation of
glasnost resulted in
immediate fall
Collapse of the Soviet Union





a new entity was
formed
“Commonwealth of
Independent
Republics"
Russia and 15
independent former
USSR countries
complete political
independence,
linked to other
Commonwealth
countries by
economic, and
military ties
the Soviet Union,
with its centralized
political and
economic system,
had ceased to exist
December, 1991
How does America fit in?
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Russia built up a military arsenal
surpassing that of the United States
enormous military expenses, in
combination with collectivized
agriculture and inefficient
manufacturing were a heavy burden
on the economy
Reagan Administration persuaded
Saudi Arabia to increase oil production
resulted in a three times drop of oil
prices in 1985; oil was the main source
of Soviet export revenues

recognized the
change in the
direction of Soviet
leadership
shifted to
diplomacy to
pursue substantial
arms agreements
four summit
conferences
between 1985 and
1988
believed that he
could persuade
the Soviets to
allow for more
democracy and
free speech, this
would lead to
reform and the
end of
Communism
President Ronald Reagan
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June 12,
1987,
Berlin
Wall
Reagan


challenged
Gorbachev:
“General
Secretary
Gorbachev, if you
seek peace, if you
seek prosperity for
the Soviet Union
and Eastern
Europe, if you
seek liberalization:
Come here to this
gate! Mr.
Gorbachev, open
this gate! Mr.
Gorbachev, tear
down this wall!”
Response in the West
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victory for freedom
triumph of
democracy over
totalitarianism,
superiority of
capitalism over
socialism
Rejoicing formidable enemy
was brought to its
knees
Relief – end of
Cold War which
had hovered over
the two
superpowers
Results of the Fall

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
transformed the entire world
political situation
reformulation of political,
economic and military alliances
America sole military and world
hegemonic power
End of Cold War and MAD threat

2008’s Great Recession: the darkest days reminded
citizens of the Great Depression
..\occupywallstreet.ppt
The Men Who Crashed the World - Meltdown Part 1 –
YouTube
Meltdown -The men who crashed the world. Aljazeera
PART 2 – YouTube
Meltdown : The men who crashed the world PART 3 –
YouTube
The Men Who Crashed the World - Meldown Part 4 –
YouTube
Capitalism: A Love Story - Documentary - YouTube
Chinese Economy from WWII - Present


After WWII,
the
Communist
Party gained
a lot of
support.
Mao Zedong
was the
leader
Mao’s China

Mao Zedong
used
propaganda to
spread the ideas
of Communism
and published
“The Little Red
Book” to teach
people
communist
philosophies
The Great Leap Forward - 1958




In 1958 Zedong began a radical program called the Great Leap
Forward to increase production in farms and factories
The Communists rushed to increase production and made people
with little to no experience try to farm or produce steel in their
backyards.
The steel was of poor quality making it useless and the poor weather
resulted in a widespread famine.
An estimated 30 million people died of starvation (“sparrow story”).
The Cultural Revolution - 1966

Create a society with no ties to the past:
 Closed schools
 Urged students to rebel against their teachers and
parents, these people were called “Red Guards”
 Many Ancient Chinese buildings were destroyed
 Anyone opposing Zedong was attacked by the young Red
Guards
 Finally, they began to turn against Zedong and were
eventually imprisoned
 Hundreds of thousands of
people were killed
 China was in turmoil!
The Four Modernizations - 1981


Deng Xiaoping became the new leader of
China in 1981. Over the past 20 years,
China has seen slow changes in their
economy, allowing some free enterprise
(meaning that the government does control
ALL aspects of the economy)
Xiaoping led The Four Modernizations:
 Farming
 Industry
 Science
 Defense
Modern China



Today, China is a major economic power
China still only has one political party, the Chinese Communist Party,
meaning there is no political freedom
In 1989, people gathered in Tiananmen Square in China’s capital to
protest for democracy. The government sent in troops and tanks,
1000’s were killed or wounded.
Modern China



There is still a need for human rights reforms…
China today is one of the world’s greatest manufacturing countries
While the economy is slowly changing, there is not much room for
political change given the fact that there is only one political party
allowed.

Free speech is limited. Hong Kong Protests
2014
Hong Kong Protests Spread as 'Umbrella Revolution'
Takes Hold - NBC News
Inferring what you know…

Based off of what you know about Mao Zedong, what is the irony of this
political cartoon, and what it is trying to communicate?
Economy of the Former Soviet Union’s economy led it to
embrace Glasnost and Perestroika in late 1980s and
shift towards a market economy in the 1990s.

Failure of coordination (quotas of
useless goods-all LARGE NAILS)
 Inadequate quality control (poor
consumer goods like Ladas)
 Lack of incentives (no profit motive
to encourage hard work or innovation)
 Pollution due to lack of
environmental regulations and a focus
on shifting from agrarian to industrial
society
Richest Capitalists Project

capitalistswealthiestproject.doc
CAPITALISM/FREE MARKET VS
COMMAND/COMMUINISM/MARXISM/SOCIALISM

Watch Capitalism: A Love Story Online | Netflix

H:\economics 11\marxismbest2011.ppt
Capitalism and Socialism: Crash Course World History #33 –
YouTube
Bill Maher Demystifies Socialism & Compares the American Model
with the European Model – YouTube
Marxist Philosophy - YouTube
Communism: The Promise and The Reality - Red Flag [pt 1/6] –
YouTube
Communism: The Promise and The Reality - Red Flag [pt 2/6] –
YouTube
Gulag: Many Days, Many Lives | Days and Lives – YouTube
Frozen to death - Siberian gulags – YouTube
The Collapse of the Soviet Union – YouTube
Berlin Wall Erected - A Day that Shook the World [HD] - YouTube
Nov. 10, 1989: Celebration at the Berlin Wall - YouTube
Obama Socialist: President Obama in His Own Words is Obama
Socialist – YouTube
Socialism in America – YouTube
What is Socialism? - YouTube
The Lost World of Communism (Part 1) - YouTube
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