Economic Systems Command Economy

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Presentation transcript:

Economic Systems Command Economy Supply and pricing of goods and services are determined by the government as part of the total plan Mixed Economy Combination of both E.g. Canada and rent controls Free Market Economy Supply and demand determines prices

Adam Smith In 1776 published a famous book, The Wealth of Nations-advocated economic liberalism-no government intervention (mercantalism should be abolished) He also wrote about a pin factory!

Keynesian Economics and Progressive Governments Government has a responsibility to spend in poor economic times to create jobs John Maynard Keynes Progressive governments-taxes provide services, redistribute wealth

Neo-Liberal Economics Neo-liberalism-reduce the role of government (confusing as the policy is favoured by conservative governments)

Privatization What companies have been privatized in Canada?