Capitalism and Economic Freedom

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Presentation transcript:

Capitalism and Economic Freedom

Mystery Nations Revealed Country C: Nigeria Population: 126,635,626 Per capita GDP: $950 Life expectancy: 51.07 yrs Literacy rate: 57.1% Infant mortality rate: 73.34/1000 Country A: Argentina Population: 37,384,816 Per capita GDP: $12,900 Life expectancy: 75.26 yrs Literacy rate: 96.2% Infant mortality rate: 17.75/1000 Country E: Singapore Population: 4,300,419 Per capita GDP: $26,500 Life expectancy: 83.35 yrs Literacy rate: 93.5% Infant mortality rate: 3.62/1000 Country B: Japan Population: 126,771,662 Per capita GDP: $24,900 Life expectancy: 80.8 yrs Literacy rate: 99% Infant mortality rate: 3.88/1000 Country D: Russia Population: 145,470,197 Per capita GDP: $7700 Life expectancy: 67.34 yrs Literacy rate: 98% Infant mortality rate: 20.05/1000

The countries, richest to poorest: Singapore (E) Japan (B) Argentina (A) Russia (D) Nigeria (C)

Factors Contributing to Long-Term Econ Growth Greater economic freedom High investment levels in physical and human capital Strong incentives to save and invest Competitive markets Low inflation Political stability Free trade

Capitalism Means of production privately owned—little govt intervention Advantages: efficiency, freedom, high satisfaction, wealth—same as market economies Disadvantages: cannot satisfy everyone’s needs—must be able to pay Examples: US, Canada, GB, Japan

Socialism Means of production controlled by government (at least to some extent) Still allows for democratic elections Adv: basic needs are provided Disadv: less efficient, higher costs = higher taxes Examples: Scandinavian countries (kinda sorta), China, N Korea

Communism All property collectively owned Never been true communism Govt has complete control –usually becomes totalitarian state Adv: basic needs taken care of Disadv. No freedom, private property, incentives, does not cover consumer “wants” Examples: USSR, N. Korea, Cuba

Economic System Cartoon/Comic Strip Project Choose one of the following options: Depict an advantage or disadvantage (or both if you want) of a traditional, communist, socialist, or capitalist economy OR 2. Choose one characteristic and compare two economic systems (ex: capitalism vs. communism and providing basic needs) Include an explanation of what’s going on (you can do this on the back) Due Thurs 9/7

Examples:

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