Sociology 323 Economy & Society February 12 – Jim Stanford Part 4.

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Sociology 323 Economy & Society February 12 – Jim Stanford Part 4

Video About Money - Bitcoin Bitcoin Ted Talks Bitcoin Explained

Midterm Exam I can meet people today (Wednesday) between 11 and 3 PM. I will NOT include chapter 21, 22, 23, or 24 from Economics for Everyone on the exam Part 5 of Economics for Everyone is NOT on the exam Study hard!

The Role of Government Conservative – Neoliberal Policies = Smaller government, claw-back social programs, less government regulation for business, privatization of national businesses, lower taxes. Progressive – Leftist Policies = Larger government, more government regulation of businesses, progressive tax system, more social programs. Capitalism developed along with the nation state. Governments were necessary for capitalism to develop. – Property laws – Military – Standardization of units of measure – Development of public infrastructure 10 Ways Government Serves Business

The Role of Government Economic and Social Goals that Governments may Pursue when Pressured - Redistribute income - Stimulate employment and overall economic activity - Provide products and services - Subsidize products and services - Regulate Economic Tools Used by Governments - The legal system - Monetary policy - Fiscal policy - Service delivery - Labour market and social policy - Competition policy - Technology policy - Industrial policy - Public ownership - Foreign relations and international trade policy

Taxes Government spending Canadian Budget 2014 Corporate WelfareCorporate Welfare - Industry Canada Corporate WelfareCorporate Welfare - All Canadian Governments

Taxes Spending Interest payments Program spending Transfer payments Direct government production Public consumption Public investment Taxing Income taxes Sales taxes Payroll taxes Wealth taxes Environmental tax Non-tax revenue The Big Picture

Taxes Neoliberal Policy Cut income security programs Privatize public institutions Abandon counter-cyclical fiscal policy Reducing income, wealth, and business taxes Regressive vs Progressive Taxes Impact of government spending can be measured in three stages. 1 – Market income 2 – After-tax-and-transfer income 3 – Real consumption

How should people and corporations be taxed in Canada? Where would you spend the tax money? Discussion