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Chapter 12: Exploring Economic EqualityChapter Issue: To what extent should governments encourage economic equality?Related Issue: To what extent are the values of liberalism viable?Pages 308-334Defining Economic Equality: What does economic equality mean?What is the difference between economic freedom and economic equality?Fill in the chart below: Understandings of Economic EqualityEgalitarianismEquality of OpportunityEquitable Distribution of IncomeWhat is the difference between parties on the political left and right in terms of economic equality in society?Left-leaning Political PartiesRight-leaning Political PartiesVOICES: Equality. Read pages 312-313 and respond to questions 1-3Summarize your understandings of the concept of economic equality in a chart.Using the details in your chart, identify which aspects of economic equality you believe would be practised in societies with economic systems and valuesBased on collectivismBased on individualismIndicate a “C” for collectivism and an “I” for individualism.Which aspects of economic equality do you believe are most likely to succeed and benefit the common good in a country like Canada? Why?Promoting Economic Equality: In what ways can governments promote economic equality?Where does Canada sit on “Income Inequality” grid? Who is #1? Why?What are the primary liberal values that relate to the economy?Why do economies exist? What purpose do they serve?Define:Command EconomyFree-market EconomyMixed EconomyCommand economy is also known as:The idea of command economy was created as a response to ___________________________________.What are two examples of countries with a command economy?Answer the basic economic questions below as they pertain to Command mand EconomyWhat will be produced?How will goods and services be produced?To whom will goods and services be distributed?Who will make these decisions?In point form, what are some perceived advantages and disadvantages of Command Economy? Command EconomySome Perceived AdvantagesSome Perceived DisadvantagesFidel Castro tried to achieve economic equality for all Cuban citizens. Castro’s goal has been described as the What happened that caused Cuba to change its egalitarian ways? What resulted from the changes?Free market is also known as:What are close examples of true free-market economies?Answer the basic economic questions below as they pertain to Free-market Economy.Free-market EconomyWhat will be produced?How will goods and services be produced?To whom will goods and services be distributed?Who will make these decisions?Which values of classical liberalism are seen as advantages? Why?What is the significance of equality of opportunity? How did the provincial government of Quebec promote equality of opportunity in Canada?How did affirmative action manifest in the US? Based on what?Do you think the policy of affirmative action can promote economic equality? Why? In point form, what are some perceived advantages and disadvantages of Free-market Economy?Free-market EconomySome Perceived AdvantagesSome Perceived DisadvantagesVOICES: Affirmative Action in Michigan. Read page 324 and respond to questions 1-3.How did mixed economy come about?A mixed economy combines elements of ___________________ and _________________.Examples of countries with a mixed economy:Answer the basic economic questions below as they pertain to Mixed Economy.Mixed EconomyWhat will be produced?How will goods and services be produced?To whom will goods and services be distributed?Who will make these decisions?In point form, what are some perceived advantages and disadvantages of Mixed Economy?Mixed EconomySome Perceived AdvantagesSome Perceived DisadvantagesWhat do governments during poor economic times? What do classical liberals believe regarding the function of the free-market?What did John Maynard Keynes believe would prevent a recession from developing into a depression?What are two types of actions that governments can take in a market economy in order to control periods of boom and bust?Define Fiscal Policy. Explain.Define Monetary Policy. Explain.What did the new policies put in place by Franklin D. Roosevelt during the Great Depression reflect?What is the relationship between economic stability and government intervention? Provide an example. What is the difference between progressive taxation and flat tax system? Provide examples. Create a T-chart that outlines some of the benefits and drawbacks of Sweden’s approach to economic equality. Do you agree that “Sweden proves that it’s worth paying high taxes?”Due to the ramifications of the World Wars and the Great Depression, collectivist values gained favour amongst Canadians. This lead to an emphasis on policies reflecting:Create a mind map for the three types of economies that highlights the important elements of each.Provide your understanding and an example of economic equality forEgalitarianismEquality of opportunityEquitable distribution of wealth ................
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