youtube/watch?v=HI9NrYb3EMI In defense of Capitalism

1. http://www.youtube.com/watch?v=HI9NrYb3EMI In defense of Capitalism

3. What is the difference between privatization and nationalization?

4. What is the difference between nationalism and nationalization?

5. Explain socialism. Discuss the advantages and disadvantages Of Capitalism, Socialism, and Communism.

6. Who killed the Twinkie? Nov 30 2012 Magazine article Detropia video union says no so it leaves

8. When it comes to producing millionaires, the U.S. still leads the pack. Between July 2013 and July 2014, the ranks of Americans with a net worth exceeding $1 million grew by 1.63 million, or more than one-third of the 3.84 million adults worldwide who saw their net worth exceed $1 million over that span, according to a new report on global wealth from Credit Suisse Overall, the U.S. was home to around 14.2 million millionaires, or more than 40% of those in the world.

11. Honors

12. Socialism and Communism Seeking Utopia Socialism • Term “socialism” coined in 1827 by British socialist Robert Owen to describe his view of a cooperative new society.

13. Socialism’s emergence • Liberal political parties in 19th century Europe failed to address the desperate needs of working people.

14. Social democracy • Change comes through peaceful democratic processes like elections. • Democratic governments should promote economic - as well as political - freedom & equality.

15. Social democracy’s similarities with Marxism • Sees capitalism as exploitive, leading to social injustice and extreme income inequality. • These economic conditions have adverse effects on ordinary working people – in terms of physical health, psychological well-being, housing, education, etc.

16. Both ask the question: why should those who provide the money (capital) receive all the profits, and those who provide the labor receive none of the profits? • It is labor, after all, that turns raw materials (including cash) into something with greater value.

17. Social democracy’s differences from Marxism • Private property not abolished, but the public should control the use of property and make necessities available to all. • Individual rights not abolished but should complement other important values such as concern for others. • Change can occur through an evolutionary process that uses democratic means.

18. Marx’s view of social democracy • Karl Marx said social democrats were naive to think that “enlightened capitalists” would join with workers to form a new society. • Violent revolution was inevitable.

19. German political thinker in 19th century. • Did most of his work in Britain. • Published Communist Manifesto in 1848 with co-author Frederick Engels. • Wrote multi-volume Capital (Das Kapital), starting in 1867.

20. Industrial Capitalism – According to MarxNegative Effects • Destroys important human values, replacing even religious belief with naked exploitation. • Undermines an individual’s sense of personal value in one’s work. • Undermines human relationships; all relationships are based on cash. • Destroys human freedom. The only freedom it protects is free trade.

21. Industrial Capitalism – Positive Effects • Unprecedented exploration and technological advancements. • War less likely. • Urbanization opens people’s minds to new ideas. • Economic production centralized, leading to favorable conditions for communism to emerge.

22. From Communist Manifesto “The bourgeoisie … has created enormous cities, has greatly increased the urban population as compared with the rural, and has thus rescued a considerable part of the population from theidiocy of rural life…. The bourgeoisie, during its rule of scarce one hundred years, has created more massive and more colossal productiveforces than have all preceding generations together… railways, electric telegraphs, clearing of whole continents for cultivation, canalization of rivers.”

23. Communist Revolution Inevitable Capitalism creates huge factories. Workers become concentrated and begin to organize for legal reforms (higher wages/better working conditions). Their effort fails. Fierce competition between capitalists leads to new technologies, which leads to lower costs.

24. Communist Revolution Inevitable In the competition, some capitalists go bankrupt & have to become workers, and many workers lose their jobs as new technology replaces them. (Consider reports that U.S. workers’ productivity is going up. Fewer workers are making more goods, which means technology is replacing them.)

25. Communist Revolution Inevitable • Greater numbers of people permanently unemployed. Misery widespread. • Fewer people can afford the products of capitalists, so fewer companies survive. • Class struggle reaches a climax. • Conditions now ripe for revolution. The proletariat, having nothing to lose but their chains, rise up.

26. Communist Revolution • Revolution will eliminate private property. No longer will man have the means of exploiting another man. • Bourgeoisie will fight, so revolution will be violent. • A dictatorship of the proletariat will follow to weed out remaining capitalist elements.

27. The Worker’s Utopia • In the end, a classless society with no more oppression or internal contradictions. • People will be free to choose how they labor, and can be creatively productive. They will be able to live to their fullest potential. Consider the description in Marx’s Communist Manifesto in 1845:

28. The Worker’s Utopia • “In communist society, …nobody has one exclusive sphere of activity but each can become accomplished in any branch he wishes,… to hunt in the morning, fish in the afternoon, rear cattle in the evening, criticize after dinner, … without ever becoming hunter, fisherman, herdsman or critic.”

30. Socialism: state ownership of major resources and needed goods. People are still able to own property and run small businesses.

31. The following would be made very inexpensive, provided free or not for profit under socialism: • Energy (Electricity, oil production, natural gas) • Water • University education (preschool-12 too) • Internet/cable/phone service • Health care • Housing • Transportation • Steel production

32. Socialists and Communist believe that capitalism unfairly concentrates power and wealth among a small segment of society that controls capital, and creates an unequal society.

33. Socialist and communist advocate the creation of an egalitarian society, in which wealth and power are distributed more evenly.

38. Socialism: state ownership of major resources and needed goods. People are still able to own property and run small businesses. The following would be made very inexpensive, provided free or not for profit under socialism: • Energy (Electricity, oil production, natural gas) • Water • University education (preschool-12 too) • Internet/cable/phone service • Health care • Housing • Transportation • Steel production

40. Socialism is Still practice in…... • Sweden • Denmark • Germany • Canada is pretty socialist

46. CommunismA radical form of socialism. Marxism or communism

47. The Economic Theory of Karl Marx • History is shaped by economic forces • A class struggle exists between the “haves” and the “have nots.” In a modern industrial society, the bourgeoisie, (upper middle-class capitalists), exploit the proletariat (wage-earning laborers). • The class that holds economic power also controls the government for its own advantage. • The middle class begins to shrink, as shopkeepers and owners of small businesses are ruined by competition with powerful capitalists (example Wal-mart). The working class grows larger until society is composed of a few rich people and the proletarian masses. • Make desperate by their poverty, workers seize control of the government and the means of production, destroying the capitalist system and the ruling class. Through violent revolution the workers create a “dictatorship of the proletariat.” • Under the Communist system, property and capital are owned by the people, and all goods and services are shared equally. (Doctors are paid the same as mechanics). • Everything needed is provided at a very low price (food, clothing, public transportation, housing) with very few luxury items. • With the destruction of capitalism, the class struggle ends, a “classless society” emerges. • He wrote the “Communist Montifesto and Das Capital”

48. If brain surgeons were paid the same as teachers would we have any brain surgeons.

49. If we paid everyone in the NBA the exact same ($100,000) would the NBA exist.

50. Would Kobe be any good?