(This course is available for immediate delivery) All of the tradeoffs in competing economic systems—capitalism, socialism, and communism—are controversial. These ideologies, and the systems they created, have undoubtedly shaped our view of the world and our modern history.
Capitalism vs. Socialism: Comparing Economic Systems
All of the tradeoffs in competing economic systems—capitalism, socialism, and communism—are controversial. These ideologies, and the systems they represent, have undoubtedly shaped our view of the world and our modern history. But where does capitalism start and socialism end. In short, it’s about choice and compromise.
Capitalism Socialism and education are centered on the most important social issues: taxation, healthcare, and social services. They also raise civil liberties issues that balance individual freedom against collective security and the social safety net. Many people mistakenly believe that economics is all about money. In reality, it is only about the end. Economics is about people and their lives. For centuries, societies have sought the ideal system that balances freedom and security. No one has found perfect equilibrium—the debates rage on and economies are in constant flux—but some major contenders have emerged, all of which are variations of capitalism and socialism in differing degrees and combinations. It is difficult to determine which option is the best in a definitive manner.
Comparative economics is about understanding and trying to solve these endless dilemmas. By looking at the many economies around the world—their histories, their failures and successes—comparative economics attempts to uncover the influences, systems, and decisions that can do the most good for the most people. Edward F. Stuart is Northeastern Illinois University’s Emeritus Professor Emeritus in Economics. He is a specialist on both comparative and Russian and Eastern European economics. Professor Stuart has been traveling, teaching, and learning about these economic systems—in the former Soviet Union, the former Eastern Bloc, China, Scandinavia, and Europe—for more than 30 years. It could even be argued that he was born to be a comparative economist, raised in a household defined by the very debates he analyzes as personified in the libertarian views of his father and his mother’s social progressivism. His familial connection to his subject adds a personal dimension to the way he approaches them. It also demonstrates his passion for how these debates are played out on a global level.
Economists try to understand the intricate systems of finance and trade. The 24 insightful lectures of Capitalism vs. Socialism: Comparing Economic Systems will show you the many ways the most influential modern economic theories were developed, how they function (or don’t), and how they manage to operate both together and in opposition to each other, from the rise of Soviet communism to the future of the European Union and beyond. Professor Stuart will compare and contrast the various ways societies approach economic issues. He will also show you how they work together and in opposition to each other.
Measuring Success
Professor Stuart clarifies one of the most common misconceptions about the economy: there is no objective way to determine whether it is objectively functioning. “good” Or “bad.” Economists can use a variety of statistics and data points to determine the relative health and condition of a system. There are many tools available to measure everything, from gross domestic product (GDP), unemployment rates, inflation, and even life expectancy. The hardest part is not translating complex metrics, but choosing which ones are most important. Although GDP is often discussed in the news, it is not the only indicator of economic success. Although few would argue that low unemployment or low inflation are good things, it is not clear whether they are significant indicators of economic prosperity. Professor Stuart notes that “people can argue forever using whatever statistics prove their point.”
What if there aren’t any surefire ways to determine when an economy is doing well? “works”? Which is more important: economic equality or rapid growth? Low inflation or low infant mortality rates? As you progress through the history of capitalism, socialism, communism, and mixed-economies—and look at their manifestations across the world today—Professor Stuart will demonstrate that absolutes in economics are much like those in culture or politics: impossible and ultimately unhelpful. It is not in finding balance, making comparisons, and making compromises that economies can discover how to thrive, stagnate or, in some instances, collapse.
The Paradoxes Of Prosperity
The study of Economics can appear to be a numbers game on the surface. It relies heavily on large-scale, unpersonal statistics to focus attention only on broad trends. This is what it looks like. “big picture” Sometimes, this can mean that prosperity’s human costs can be ignored and viewed as just the cost of doing business. Slavery and exploitation. Unsafe working conditions Child labor. Government oppression. These and other issues should not be ignored. Capitalism Socialism vs. You will travel across centuries and across the globe to see both sides of the story. This includes exploring the history of economics and the individuals and groups who shaped them.
People are the true heart of economics. It is not surprising that there are many paradoxes in economic systems. Professor Stuart walks you through the many changes in modern economics. He explains that while there are many advantages and disadvantages to any system, there can also be unexpected or counterintuitive factors that can cause roadblocks. These paradoxes include the following:
- Strong government is essential in free market systems. A strong central government is essential to ensure that large-scale capitalist enterprises are successful.
- The “paradox of thrift.” Although it is smart for individuals to save money to survive a recession, businesses and individuals will eventually be affected by this behavior.
- More money doesn’t equal more spending. It is also known as “marginal propensity to consume,” While wealthy people tend to have unstable spending habits, poor people spend almost 100% (or slightly more) of their income.
- “All animals are equal, but some animals are more equal than others.” Professor Stuart explains this in his allegorical novel Animal FarmGeorge Orwell demonstrates the irony in communism in practice. Everyone is considered equal but there is a rigid hierarchy to power.
Economic Histories
Capitalism Socialism and communism are often viewed as being in opposition to one another. But if you look at their history and development you’ll see that they are actually inextricably linked. Many social, political, religious, and political factors interacted to support capitalism’s birth at a time when new, more democratic, political systems emerged from the shadow of feudalism. In turn, modern socialism is the direct result of the pitfalls of free-market capitalism in the 18th and 19th centuries—the exploitation and dangerous, impoverished conditions workers were often subjected to inspired reformers and political thinkers to envision new ways to create a better, more equal society. Other countries took socialist ideology to the extreme with various forms of authoritarian communism. Professor Stuart examines these systems and their history, revealing their strengths as well as their weaknesses. He also demonstrates why there is no pure capitalist system (or pure socialist) in the world today.
Professor Stuart will lead you through the evolutions in economic thought. You’ll see some of the most significant experiments and failures of the past century, such as the creation and destruction of early American socialist experiments, World War I’s economic consequences, the Great Depression’s impact on post-war markets, how the collapse of Soviet communism highlighted the instability of postwar markets, and the mixed-model economies of Europe and Asia. He shares his personal stories and shows surprising connections between economics and the other facets and modern culture. You will find answers to questions such as:
- Where can phrases like “when my ship comes in” “there’s no such thing as a free lunch” originate?
- What is the relationship between the average height of a person and economic growth?
- Why are the goldsmiths from the middle ages so important to the history and development of modern economics.
- Where did the idea of a money-back guarantee originate?
- What is the connection between the socialist experiment of the 19th century and the microwave?
- How did novelists like Upton Sinclair, Theodore Dreiser, Charles Dickens and George Orwell influence economic system debates?
- What can rock music and the Rubik’s cube tell us about post-World War II capitalism?
The End of History?
Let’s see what happens in the end Does What makes a good society? How can we predict the future of global economies if every nation, community, and even individual assigns a different value the tradeoffs between social solidarity and individual freedom that determine economic systems? Many economies are interconnected and each has its advantages and disadvantages, which cannot be objectively measured.
Professor Stuart says that we aren’t at the end of history. Many of the questions that we ask today will continue to exist in the future. Comparative economics promises nothing. “final” form of human government or the ultimate economic plan, but rather the opportunity to uncover the ways societies have shaped—and will continue to shape—the world to fit the boundless ideals that make a good society, and what each option can tell us about ourselves, the world we live in, and the world we want to create.
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Here’s what you’ll get in Capitalism vs. Socialism: Comparing Economic Systems
Course Features
- Lectures 1
- Quizzes 0
- Duration Lifetime access
- Skill level All levels
- Language English
- Students 0
- Assessments Yes