1. Homework: Ch 2 Review – Paper or Online – due next week…on the day of the quiz. FrontPage: Which of these 2 options would you prefer? #1 - All students automatically receive a C for all work completed and tests taken, as long as a simple baseline of completion is met. OR #2 – The top 20% will receive A’s, and the bottom 80% will receive C’s, D’s and F’s

2. Or, …Do as I say, not as I don’t say… Chapter 2, Section 2

3.  As it is now, some kids get A’s, more get B’s and C’s, and some get D’s or F’s  There is “inequality” in grades  So to help all together, we guarantee that with a modicum of effort, all will receive the same…  And those who cannot do anything will also receive their HS diploma

4.  Centrally-planned economy – a system in which government leaders make all economic decisions Socialism – economic system in which government owns all or most of the means of production, and answers the 3 economic questions Communism – “authoritarian socialism” – more a political system with socialist economy

5.  Author of The Communist Manifesto (1848)  Capitalism is simply workers (proletarians) exploited by the ownership class (bourgeoisie)  Rising tension between these classes was inevitable; would lead to overthrow of the bourgeoisie  Establishment of a “classless”, hopefully “stateless” society  Established the idea of socialism – public (government) ownership of MoP, answers all questions about production  From each according to his ability, to each according to his need

6.  The history of all previous societies has been the history of class struggles.  The theory of Communism may be summed up in one sentence: Abolish all private property.  “Let the ruling classes tremble at a Communistic revolution. The proletarians have nothing to lose but their chains. They have a world to win. Workingmen of all countries unite!”  On Democracy: “The oppressed are allowed once every few years to decide which particular representatives of the oppressing class are to represent and repress them.”

7.  By the early 1900s, people begin to believe that it socialism is a way to make everyone equal, a “perfect” utopian society  Several revolutions overthrow monarchies in Russia and China, and set up communist systems  Aim to eliminate class distinctions and the inequality which existed in these societies

8.  There aren’t many left…why?  The former Soviet Union from the 1910s to 1989 was one example  North Korea and Cuba are modern examples of MOSTLY command economies  These economies struggle to provide for their people…

9.  Inability of centralized planners to effectively make decisions on prices and production  Impossible for anyone to know all of the factors which go into the millions of things that can be bought and sold  Lack of profit motive  Little motivation to work; in fact, the “rational” behavior would actually be to NOT work hard

10.  Can you think of any part of our economy that is “socialized”?

11. http://www.youtube.com/watch?v=pCpCIkcU eDc

13.  So if public ownership of the MoP doesn’t work out, why would anyone want the government to make ANY economic decisions?

15. Homework: Ch 2 Review – Paper or Online – due Tuesday; quiz Ch 2 FrontPage: NNIGN Irony in Real Life