Money / Currency

A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively. Something a seller finds useful in exchange for another product.

Taxation

A compulsory contribution to state revenue, levied by the government on workers’ income and business profits or added to the cost of some goods, services, and transactions. Theft?


Economics

The study of production, consumption, and the transfer of wealth between individuals. So basically: money, products, and services.

Supply & Demand

Prices being set based on the availability of a commodity, product, or service vs. the desire of buyers for it. Example: The more people want a product, the more expensive it gets.

Production

The action of making or manufacturing from components or raw materials, or the process of being so manufactured. Creating a useful product from raw materials.


Economic freedom of the world

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    Most free

    The United States, Germany, Chile, New Zealand…

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    Second Quartile

    Mongolia, Spain, Finland, Peru…

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    Third Quartile

    Russia, Mexico, China, South Africa…

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    Least free

    Venezuela, Egypt, Myanmar (Burma), Ukraine…


Global Working Conditions


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    Best conditions

    France, Iceland, Togo…

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    Second Quartile

    Russia, Australia, Chad…

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    Third Quartile

    Iran, United States, Kenya…

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    Fourth Quartile

    China, Greece, South Korea…

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    Worst Conditions

    Ukraine, Syria, Somalia…

Capitalism


“Free markets and private ownership will result in maximum prosperity and freedom for all.”
– Donald Marron




Give the gift of economics

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    Private Ownership

    People have a right to buy and sell private property by law. They have the ability to own their house, car, phone, and everything in between.

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    Consumer Sovereignty

    The customers determine if a business should succeed or fail. If they don’t like a product, they don’t buy it.

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    Competition

    The rivalry between sellers in the same field for consumers’ dollars. To outcompete the competition, companies must create better products.




Capitalism vs. Socialism


“The state can be and has often been in the course of history the main source of mischief and disaster.”Ludwig von Mises
“They talk about the failure of socialism but where is the success of capitalism in Africa, Asia and Latin America?”Fidel Castro
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”Winston Churchill

“Socialism states that you owe me something simply because I exist. Capitalism, by contrast, results in a sort of reality-forced altruism: I may not want to help you, I may dislike you, but if I don’t give you a product or service you want, I will starve. Voluntary exchange is more moral than forced redistribution.”Ben Shapiro
“You are horrified at our intending to do away with private property. But in your existing society private property is already done away with for nine-tenths of the population; its existence for the few is solely due to its non-existence in the hands of those nine-tenths.”Karl Marx

Socialism

The government owns industries and corporations. Companies run themselves, but let the state set prices and control investment – that way, free market efficiency and collective ownership will happily coexist. Socialist policies include progressive taxation, government ownership of large industries, and citizen benefits.


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    Industrial Government

    The state owns large industries and corporations. The government sets quotas they must meet, and the companies do the rest.

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    Government Welfare

    Healthcare, education, benefits, retirement payments, and other systems deemed essential (like Social Security) are owned and provided for free by the government.

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    Taxation

    Socialism utilizes progressive taxation. Companies and wealthy citizens are typically taxed for a majority of their income, while the poor are taxed lightly.


No, not this kind of social.

“Democracy and socialism have but one thing in common—equality. But note well the difference: democracy aims at equality in liberty. Socialism desires equality in constraint and in servitude.Alexis de Tocqueville

Command Economy

Decisions about what to produce and how to produce it are made centrally – there’s no room for free market here. How much wood to chop, gold to mine, iPhones to produce, and Levi’s Jeans to sew is all decided by the government. Want to open a local cupcake shop? Nope.


What’s the difference between planned’ and ‘command?’
“Planned economy” is another term for command economy, although some economists make a distinction between the two.  For some scholars, a planned economy allows for private ownership of the means of production, whereas in a command economy, the government almost exclusively owns the means of production.  China and Cuba, for example, are economies where this distinction is relevant. They have a mix of government-owned businesses as well as tightly controlled private businesses.

Communism

In its Marxist roots, Communism is defined as a stateless and moneyless society where everyone works for mutual benefits. Private property is done away with, and all people work for the betterment of one another. You are not forced to work, you desire to work.

“From each according to his ability, to each according to his needs.”Karl Marx
There have been
1000
Communist Societies



“All history has been a history of class struggles between dominated classes at various stages of social development.”Friedrich Engels

Note from Marxists:
Authoritarian Communism is not Communism! North Korea, Cuba, the USSR, and China are not Communist societies.

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    No Private Property

    While you may own your house, it’s still available to the community. No locked doors. Everything you have, the people have.

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    No Competition

    No compulsion to work harder than your comrades, everyone gets the same equal share of the pie. No more fighting then, right?

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    Working for others

    At your job, you don’t work to buy that new Ferrari. You work so that your community may thrive. The harder you work, the more your friends eat.

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    No money, no government

    There is no need for a government to keep everyone in line- everything just works. Money is useless because no owns unique belongings, everyone gets the exact same share.

“You get what you get and you don’t get upset.People who use adages too much.
It doesn’t sound “evil,” but is it even possible?