day 8 self reliance/survival of the fittest. revisit the political spectrum: -which side of the...
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Day 8Self Reliance/Survival of the
Fittest
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Revisit the Political Spectrum:-Which side of the spectrum usually favors change in a new direction?
-Which side believes the government should play a limited
role in the lives of citizens, especially when dealing with
economic matters.
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Market Economy
• Also known as pure capitalism or free market• All basic economic questions are determined by
the marketplace• All means of production are privately owned• Profit is allowed• Laissez-faire• Government democratically elected• “invisible hand”• Characterized by competition
– Example- USA at turn of the century
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Command Economy• All basic economic questions are determined by the
government– dictatorship
• No competition• Government grants monopolies• 2 Types of Command Economies• Fascism
– Allows private ownership and profit• Example- Nazi Germany, Imperial Japan
• Communism– Government owns all means of production and no profit
allowed• Example- USSR, China (until recently)• Socialism is a command economy in which government is
democratically elected
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Mixed Economy
• Has elements of both market and command
• What most nations follow
• Really no pure market of command economies
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Economic Spectrum
Command Mixed Market Mixed Command
Communism/Socialism
Pure Capitalism Fascism
Dictatorship DemocracyDictatorship
On the sheet provided, write which economic system and which type of governmentFall under each system. Note Left wing and Right wing extremes.
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Today you will be able to:
• Define Laissez-faire
• Identify William Graham Sumner and his philosophy Social Darwinism
• Identify Andrew Carnegie and his philosophy of the Gospel of Wealth
• Develop your political view on the role of government in economics
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Laissez-Faire Economic Policy• Derived from Enlightenment• “let it (nature) be”• Government should stay out of economy• Where would this ideology fall on the
economic spectrum?
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Read page 1 of handout
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William Graham Sumner/Social Darwinism
• Definition: belief that people in society compete for survival and that superior individuals, groups, etc. become powerful and rich
• Natural selection– fittest succeed – unfit sink into poverty and become extinct
• Sumner-– American sociologist who popularized S.D.– Attempts to justify why the rich are so rich…they’re
better
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Carnegie Presentation
Read Gospel of Wealth
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Andrew Carnegie/Gospel of Wealth
• ‘Natural aristocracy’ should control economy – Beneficial to all because weak links are eliminated,
best rise to the top
• Politicians, not subject to natural selection, are not as trustworthy as ‘natural aristocracy’
• Government should follow a laissez-faire economic policy
• Poverty is unfortunate but inevitable• Wealthy have obligation to aid the less
fortunatehttp://historymatters.gmu.edu/d/5766/
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Judge Carnegie So Far:
Do you view him positively or negatively?