2. What is it?

3. Definition  Economic and social system characterized by free markets, private property, and individualism

4. Who cares?  Good Civics- our system  Interrelated to numerous debate topics- they economy, social issues, international relations  http://www.youtube.com/watch?v=V6c7Vw6R33E http://www.youtube.com/watch?v=V6c7Vw6R33E

5. Types  Types- state based (mixed, and crony), laissez faire  http://www.youtube.com/watch?v=ZqWh31qyXBw http://www.youtube.com/watch?v=ZqWh31qyXBw

6. 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?

7. The Role of the Economist  Normative vs. descriptive  Large debate in the literature  Determines nature of interventions

8. Good  Peter C

9. Bad

10. Nature of the Argument  Maybe not overall problematic- but mixed economy necessary  http://www.youtube.com/watch?v=sy9FRli7ODg http://www.youtube.com/watch?v=sy9FRli7ODg  Distinct from central planning as the norm  Different ways to suggest the unfettered system is flawed

11. Central Planning  We have individuals like this…..  http://www.youtube.com/watch?v=ERENCqOHJCA http://www.youtube.com/watch?v=ERENCqOHJCA

12. 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 http://www.youtube.com/watch?v=GFrleONrYuU

13. 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 terrorism- reaction 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

14. 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

15. Health Care  http://www.youtube.com/watch?v=Vy_OOMhzKrg http://www.youtube.com/watch?v=Vy_OOMhzKrg  Obama Care attempts to address market failures- pre- exiting 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

16. Growth  http://www.youtube.com/watch?v=Py7OHW3HELk http://www.youtube.com/watch?v=Py7OHW3HELk  Infinite?  08 recession- lack of regulation  Boom and Bust cycles- creative destruction

17. Environment  No regulation for biz practices- having the only goal of productivity  Industrial Agriculture

18. Alternatives  Dedev  More regulated society  Socialism  New system?  System Sustainability

19. Thinkers  Mixed Economy- Keynes, Paul Krugman  Marxism- Karl Marx