Communism, Socialism, & Capitalism Lecture Notes
On the “Right”: Capitalism
- Laissez-faire: An economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.
- Unequal society: people with dramatically different
- Canada, United States,
On the “Left”: Communism
- Equality: Egalitarian society
- Limited freedom in market. Everyone is
- Government plans everything for you and you choose what you participate in.
- Planned economy.
- Overactive role of government in freedom.
- Extreme leftist country would be: North Korea
In between the two is Socialism:
Equality by bridging the gap between the two.
Socialism believes in a strong government.
- The government still owns a majority of the land and resources.
- Scandinavian countries as an example government
However: Socialism doesn’t want a communist government. They still want what looks like a free market, so they invite and include privately owned businesses.
Neo-liberalism: Refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism. Those ideas include economic liberalization policies such as privatization, austerity, deregulation, free trade and reductions in government spending in order to increase the role of the private sector in the economy and society. These market-based ideas and the policies they inspired constitute a paradigm shift away from the post-war Keynesian consensus which lasted from 1945 to 1980 (source).