ISS 215 Lecture Notes - Lecture 6: Economic Inequality, Social Inequality, North American Free Trade Agreement
29 Oct 2018
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Document Summary
Social organization of production, distribution, and consumption of goods and services in a society. Consumption- the what, where, and why depends on the consumer ( age, money, religion, etc plays a part in consumer needs: economic systems of the world. Capitalism- inequality, ownership of property, people do a lot for themselves; individuals on m. o. p; no basic needs are guaranteed. Welfarism- welfarism is capitalism; m. o. p owned by individual; production is for profit; inequality; guarenteed basic needs except job; norway, denmark, swedan, finland (basic needs are free) Socialism- individuals dont own anything, owned by gov"t; no inequality. Means of production are owned by the state. State is responsible for basic needs ( food, housing, health care, education, job: globalization of economy. Globalization refers to economic and political interdependence of nations around the globe. International trade- not a single country that does not buy or sell from a different country. International finance (world bank, imf, world trade organization,
