Economic Systems v political systems

Economic Systems:

• manorialism

• mercantilism,

• capitalism

• socialism

• communism,

• labor

• wealth

• corporation

• joint-stock

• mi’ta

• iltizam

• zamindar,

• privatization

• nationalization

• etc.

Political Systems:

• Democracy

• monarchy,

• Parliament

• representation,

• Congress

• totalitarian

• autocracy,

• oligarchy

• authoritarian,

• bureaucracy

• party

• regime

• military

• republic

• sultan

• shah

• Jannisarries

• civil service

• etc.

Capitalism:

• Ideology associated with Adam Smith

• Private Ownership

• Laisse faire economy

  • “Leave it to do”

  • Government stays out of the economy

  • NOT the US. They control:

    • minimum wage

    • minimum age

    • pollution

    • safety for workers

    • etc.

• Competition

• “Regulates itself” -Adam Smith

• Self interest

• Ensures quality products and services at low prices

• No government intervention in the market

• Market acting as a self-regulator

• Land, labor, and capital need to be privately owned

  • So people are using their own resources.

  • Bearing the risk

• Competition between people

*century difference between Smith and Marx. Marx was able to observe industrialization more than Smith.

Socialism:

• “Capitalism DOESN’T suit everyone’s interest” -Karl Marx

• Who’s owning the factors of production

• Land, labor, and capital should be distributed by the government.

• Equality between economic classes

• “the value of the product as the function of the labor involved to make it rather than profit made from the item” (slide 6).

  • Meaning: The value isn’t in the profit, its in the labor (time to make it).

  • Making big machines make the articles, takes its value.

• ALIENATION: Workers have become alienated from the object they are creating. (Value of labor is disconnected from them)

• You wouldn’t be stealing because you have everything you need

• Close communities.

Marx’s Theory:

• Capitalism and Socialism are steps in evolution

Feudalism → Capitalism → (short transition: revolution & dictatorship) → Socialism → Communism

(What we think of as communism isn’t what Marx envisioned)

• World where you don’t need a state because people will govern themselves.

• EVERYONE needs to be Communist

  • Capitalism also needs to be worldwide but they can’t BOTH be complete.

• Communist countries have forgotten that to be communist you need to not have a state. (Rulers aren’t Marxist

• Utopia — “No Place”

Fascism:

Not Communism

• Fascism - System of Government

  • Communism - Economic System

• Don’t believe in democracy

• No “freedom”

• Fascist - person who:

  • extreme militaristic nationalism

  • contempt for electoral democracy and political and cultural liberalism

  • a belief in natural social hierarchy and the rule of elites

  • the desire to create a Volksgemeinschaft (German: “people’s community”), in which individual interests would be subordinated to the good of the nation.

• Cultural power (Nationalism)