1. Private property-the right to own resources and bequeath property
2. Freedom of enterprise-own a business
3. Freedom of economic choice-work/not work, spend/not spend
4. Role of self-interest
a. People are by nature economic creatures
b. Self-interest is a fundamental characteristic of people
5. Competitive market system
a. Many buyers and sellers
b. Market participants, buyers and sellers, have little control over price
c. Competition performs the organizing and controlling functions for a market economy
6. Limited government
b. Mercantilism: the law gives preference and special benefits to the sector of the economy owned by the government. b. Free-market capitalism: A system of economics that minimizes government intervention and maximizes the role of the market. Laissez-faire is a more extensive form of free-market capitalism where the role of the state is limited to protecting property rights Pros The pros and cons of capitalism versus socialism have been debated for hundreds of years and there is a lot of misinformation out there. Capitalism increases the opportunities in the marketplace for personal economic growth. It increases opportunities for entrepreneurs to increase their personal wealth and for societies to grow as well. Hard work is rewarded under a capitalist economy. In a capitalist economy, consumers can work toward riches and financial freedom. A competitive market results from capitalism and consumers are presented with a wide array of products and services to choose from. Consumers and companies regulate the free market. This is often seen as one of the strengths of a capitalist society. Cons Capitalist economies are money-driven without much regard for people unless they are owners or shareholders of business firms. In a capitalist economy, there is fierce competition and, perhaps, unfair competition.
There is a tendency, in capitalist economies, for big companies to get bigger and for monopolistic behavior to occur. Unfair labor practices may occur since companies are driven by the profit motive. Since capitalism requires continual growth, environmental damage may occur as the resources of the earth are depleted. Some say capitalism makes the rich richer. a. Globalization is the worldwide movement toward economic, financial, trade, and communications integration. b. Connectivity: Localities being connected with the world by breaking national boundaries; forging of links between one society and another, and between one country and another through international transmission of knowledge, literature, technology, culture and information. Free Trade: Free trade between countries; absence of excessive governmental control over trade; Multinational corporations and A Composite Process: Integration of nation-states across the world by common economic, commercial, political, cultural and technological ties; creation of a new world order with no national boundaries; c. Pros: Because of globalization, a lot of information is shared across the world. Various cultures can be understood and acknowledged on global level. Countries sharing resources.
People can buy a thing which is not local produced and find a cheaper and good quality product in markets. Globalization leads to higher employment since developed countries outsource jobs to under-developed countries. Cons: higher competitive to those local sellers. Since the outset of globalization, free trade between nations has been established, this means that worldwide trade lead these broad products have a cheaper price at the same time it will raid the local market and decrease the local price level. That can make the rich richer and left the poor poorer. Because the other side is multiple cultures will let local country loss its features. More young people just know the other countries goods and left their own specials. Like New York is a multi-culture city in American. d. Globalization is an economic process – corporations move money, factories and goods around the planet at ever more rapid rates of speed, searching for cheaper labor, cheaper raw materials, and weak consumer, labor and environmental protection. Globalism is a political attitude ad Globalism appeals to the libertarian Right because this group mistakenly equates the liquidation of nations with a reduction in the power of their governments. But this does not follow.
Open borders, a. Sex is biologically determined and it is cannot be changed but gender is socialized and it is variable through time and cultures. b. Men always work more than woman. In most families men is a leader. Women are always been looked as a disadvantaged group. c. Feminism is an activity that women want to get the equity rights with men in social, company and life. It is also a spiritual to tell the women around world need to have courage, confidence, independence, and women need believe they can do the thing as same as men do. d. Since feminism that lead higher divorce rate and more girls do abortion with “my body, my choice” but at the same time it is very harmful to our body so it is not an independent behavior. a. Family is a basic social group through bonds of kinship or marriage, present in all societies. The sociology of the family examines the family, as an institution and unit of socialization