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.
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?
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.
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
By the Fraser Institute
The United States, Germany, Chile, New Zealand…
Mongolia, Spain, Finland, Peru…
Russia, Mexico, China, South Africa…
Venezuela, Egypt, Myanmar (Burma), Ukraine…
Global Working Conditions
France, Iceland, Togo…
Russia, Australia, Chad…
Iran, United States, Kenya…
China, Greece, South Korea…
Ukraine, Syria, Somalia…
“Free markets and private ownership will result in maximum prosperity and freedom for all.”
– Donald Marron
Give the gift of economics
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.
The customers determine if a business should succeed or fail. If they don’t like a product, they don’t buy it.
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
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.
The state owns large industries and corporations. The government sets quotas they must meet, and the companies do the rest.
Healthcare, education, benefits, retirement payments, and other systems deemed essential (like Social Security) are owned and provided for free by the government.
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
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.
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
“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.
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.
No compulsion to work harder than your comrades, everyone gets the same equal share of the pie. No more fighting then, right?
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.
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.