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Sociology 323 Economy & Society February 12 – Jim Stanford Part 4

Explore the role of government in the economy and society, including taxation systems, government services, and economic policies. Discuss the impact of government spending and various approaches to taxation in Canada.

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Sociology 323 Economy & Society February 12 – Jim Stanford Part 4

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  1. Sociology 323 Economy & Society February 12 – Jim Stanford Part 4

  2. Video About Money - Bitcoin Bitcoin Ted Talks Bitcoin Explained

  3. Midterm Exam I can meet people today (Wednesday) between 11 and 3 PM. I will NOT include chapter 21, 22, 23, or 24 from Economics for Everyone on the exam Part 5 of Economics for Everyone is NOT on the exam Study hard!

  4. The Role of Government Conservative – Neoliberal Policies = Smaller government, claw-back social programs, less government regulation for business, privatization of national businesses, lower taxes. Progressive – Leftist Policies = Larger government, more government regulation of businesses, progressive tax system, more social programs. Capitalism developed along with the nation state. Governments were necessary for capitalism to develop. • Property laws • Military • Standardization of units of measure • Development of public infrastructure 10 Ways Government Serves Business

  5. The Role of Government Economic and Social Goals that Governments may Pursue when Pressured - Redistribute income - Stimulate employment and overall economic activity - Provide products and services - Subsidize products and services - Regulate Economic Tools Used by Governments - The legal system - Monetary policy - Fiscal policy - Service delivery - Labour market and social policy - Competition policy - Technology policy - Industrial policy - Public ownership - Foreign relations and international trade policy

  6. Taxes Government spending Canadian Budget 2014 Corporate Welfare - Industry Canada Corporate Welfare - All Canadian Governments

  7. Taxes Spending Interest payments Program spending Transfer payments Direct government production Public consumption Public investment Taxing Income taxes Sales taxes Payroll taxes Wealth taxes Environmental tax Non-tax revenue The Big Picture

  8. Taxes Neoliberal Policy Cut income security programs Privatize public institutions Abandon counter-cyclical fiscal policy Reducing income, wealth, and business taxes Regressive vs Progressive Taxes Impact of government spending can be measured in three stages. 1 – Market income 2 – After-tax-and-transfer income 3 – Real consumption

  9. Discussion How should people and corporations be taxed in Canada? Where would you spend the tax money?

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