Escolar Documentos
Profissional Documentos
Cultura Documentos
Session 1 Introduction
Capitalism
A capitalist system is one in which the greater part of the means of production are in private hands
Manufacturing Transport Banking Insurance Mining Telecommunications Media
Capitalism (cont)
The state is left to control
Health Education Welfare Defence
Socialism
In a socialist system there is public ownership and control of the means of production and distribution. Centralised planning rather than individual decision characterises the socialist system
Consequentialist justification
Capitalism produces better consequences/outcomes for individual citizens than alternate economic arrangements
Criticisms of Capitalism
Produces inequality Produces human beings that are wholly economic creatures Produces monopolies and oligopolies True competition is rare Produces exploitation Produces alienation
Video cases