Critique of Economic Systems

Critique of Economic Systems
PRECURSORS TO DISCUSSION:

[1] An economic system is NOT a political system. Capitalism and socialism with all of their good and bad points are economic systems and are both fully compatible with being a politically democratic nation.

[2] A political system is NOT an economic system. Democracy is policymaking based on majority consent, where the ultimate authority is not a King, political party, or God, but the people themselves. It doesn't matter if the owner of a factory is a person, corporation, or government; the political system is concerned with who that owner answers to.

[3] The United States is neither a democratic nor a capitalist nation. It is a federated republic with a regulated, mixed economy.

TOPICS:

A.	Comparing Socialism and Capitalism
	Neither system exists in its "pure" form/Ownership of means of production/Includes production of non-material things/Necessities of life controlled by a few?/Limit on accumulation of private property/Economic equality and the principle of rewards for labor/Government regulation of economy/Environmental protection, worker safety, consumer protection, minimum wage/Government management of economy/Federal budget, interest rates, monopolies/Government planning of economy/Size of welfare system/Redistribution of wealth as humanitarian necessity/Charity as an unjust form of redistribution.
B.	Strengths and Flaws of Capitalism
	Strengths include: Lower Cost Products/Material Accumulation/Variety/Better Distribution (When Profitable)/Flaws include: Waste,Waste,Waste/Hinderance to True Advancement/Environmental Destruction/A Society of Wage Slaves/Growing Inequality in Income/Wealthy Have More Political Power.
C.	Germany, Japan and the Former USSR
	Communitarian vs. Individualistic Capitalism/Reasons for the Failure.

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[1]	An economic system is NOT a political system. Capitalism and socialism with all of their good and bad points are economic systems and are both fully compatible with being a politically democratic nation.
[2]	A political system is NOT an economic system. Democracy is policymaking based on majority consent, where the ultimate authority is not a King, political party, or God, but the people themselves. It doesn't matter if the owner of a factory is a person, corporation, or government; the political system is concerned with who that owner answers to.
[3]	The United States is neither a democratic nor a capitalist nation. It is a federated republic with a regulated, mixed economy.