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March 3, 2020 Geography NotesECONOMICS: Some general comments Economics is one of the 3 basic topics in all social studies classes. Religion and government are the other two. The theme of economics is money and finance.The heart of economics for individuals is all about ‘making a living’, providing the necessities and ‘stuff’ that we all need or want. We require FOOD, CLOTHING, and SHELTER. We want a multitude of things. The success of meeting your needs and raising your STAND-OF-LIVING by acquiring ‘stuff’ that you want depends upon your economic success, your ability to ‘make a living’.America has been most successful in providing everything necessary for individual economic success. But how did we in America develop the richest, most advanced society in human history? What did Americans do to create the largest ECONOMY in the world? How is it that we live so well? Why is our economy so free? Why in America can anyone with the will to work succeed? The United States was originally settled by many people who fervently wanted to be able to worship freely. Never underestimate the importance of the desire of these people to relate to God in their own way. But EVERYONE who came to America was captivated by the economic opportunities that America promised. Cheap LAND was here for the taking with promised prosperity for those who could endure the hardships of the frontier. Owning property was the American Dream, and it became reality for untold thousands. These industrious, brave American ancestors created a new and free nation rooted in moral living. By necessity, however, it was also rooted in hard work. Opportunity was readily available but was realized only by those who conquered the challenge of frontier life through sweat and tears. These hardy people appreciated the freedom as well as the economic opportunity America offered. This love of freedom led to a revolution that established a brand new country where citizens believed that Life, Liberty, and the Pursuit of Happiness were rights granted by God rather than by man. Out of these belief our republican form of government was created, a government of the people, by the people, and for the people where freedom was guaranteed by a newly written Constitution. These freedom loving Americans had fought not only for political and religious freedom, but also for economic freedom. CAPITALISM, even though it was a new economic system, became the system by which our country did business because capitalism was an inherently free system. The competing and predominate economic system of that era, SOCIALISM (referred to as the ‘common store’), was briefly tried in our very first colonies, Jamestown and Plymouth, in the 1600s. It quickly became evident that the common store would not work for these colonies because some of the colonists were lazy. Captain John Smith in Jamestown and Governor William Bradford in Plymouth quickly determined that colonists would be much more motivated to build successful colonies if everyone were working their own land and benefiting directly from their hard work. Thank the Lord for the wisdom of these leaders. The right to own property and to benefit from your own work is still our economic way today. We call it CAPITALISM. Fast forward to 2020. We have candidates for President who openly and proudly call for the rejection of FREE MARKET CAPITALISM in favor of GOVERNMENT CONTROLLED SOCIALISM. Stunningly, Senator Bernie Sanders, an avowed socialist, is now the favorite to run against President Trump in the November election. His brand of socialism calls for free college, college loan debt forgiveness, free health care, and lots of other free stuff. The choice in the next election is ‘stark’. Will we move toward government control of our economy or will we continue to favor ‘free market’ economics? Will the promise of ‘free stuff’ overwhelm rational thinking? Our nation’s future and its prosperity are at stake. Remember these two natural economic laws: 1. WORK IS REQUIRED FOR EVERYTHING2. NOTHING IS FREEAnd a third natural law to keep in mind: 3. (when allowed to work without government interference) The LAW OF SUPPLY AND DEMAND determines the quantity of goods produced and the value of those goods based entirely on the desires and needs of CONSUMERS. TWO COMPLETING ECONOMIC MODELS: CAPITALISM is sometimes called ‘free enterprise’ or ‘free market’ economics. Capitalism featuresPrivate ownership of propertyFreedom of economic choiceIndividuals directly benefit from their own laborSuccess can be achieved through one’s own efforts...and one is also free to failThe natural Law of Supply and Demand works freely without government interference Private citizens decide how they are going to make their money and how they are going to spend it. SOCIALISM is an economic system controlled by government officials. Government officials control what is made (the manufacturing process), the quantity made, and the price consumers have to pay. The Law of Supply and Demand is not allowed to work. Instead of consumers deciding what they can or cannot buy, it is government officials who make those decisions. On the next page is a chart comparing characteristics of Capitalism and Socialism. Examine the chart carefully.CAPITALISMSOCIALISMFreeControlledNot Regulated: decided by consumers (L of S & D)Government regulatedPrivate PropertyCommunity PropertyEmphasis on Individual desires, needsEmphasis on group needsIndividuals profit from their workGroup profits from individual workHigh motivation to succeedLittle motivation to succeedHigh productivityLow productivityPlentyScarcityInnovative*Stagnant*ProsperityPovertyWants frequently acquiredNeeds usually met but few wantsLightDarkInnovative CapitalismStagnant SocialismTransportation: steamboats, railroads, automobiles, planes, rockets?Communication: telegraph, telephones, cell phones, computers, internet?Medicine**: ether, anesthetics, antiseptics, conquered diseases, transplants?Agriculture: plows, reapers, tractors, combines, harvesters, irrigation, insecticides ?Home Life: washers, dryers, refrigerator, central heat and air, TVs, electronic games ?A question was raised by a commentator on television about where a cure or vaccine for the Coronavirus would originate. The responder was adamant with his reply: “It will come from a capitalist economy! Socialism never comes through in these situations.” Does the chart above support this response?Free market capitalism has transformed the world with technological innovation—an astounding array of stuff, some of which we didn’t even know we wanted. These inventions make our lives so much more comfortable and safe. They save us so much hard labor.But maybe the best outcome of the use of free market capitalism is that the huge number of people living in crushing POVERTY has been DRASTICALLY REDUCED in every country where CAPITALISM has been instituted. It is estimated that well over a billion people have come out of poverty in the last decade in INDIA and CHINA alone, all because these 2 countries that had been mired in socialism decided to give free market economics an opportunity to grow their wealth. Capitalism has produced a much cleaner environment today than just 20 years ago.Capitalism has seen life expectancy grow by as much as 10 years.Capitalism has produced the best healthcare in the world. But what do SOCIALISTS say about Capitalism?CAPITALISM IS ALWAYS PROTRAYED BY SOCIALISTS AS EVIL UNFAIR MOTIVATED BY GREED PROFITS VALUED OVER PEOPLE Socialists are quick to criticize rich people. The argument is that the rich acquired their wealth stealing from poor people, especially people of minority ethnic groups. So the idea to tax away nearly all profit made by rich people is justified…they deserve to have their wealth confiscated by government. Bernie has repeatedly stated that the rich are robbing from the poor in this country and that CAPITALISM only works for about 1% of Americans.Alexandria Ocasio-Cortez has repeatedly said that poor people are just left to die…that people with regular jobs are being treated like slaves and being paid slave wages. (Never mind that slaves were NOT paid.)Bernie and AOC are not lone voices speaking against capitalism. There are many ‘leftists’ who make the above arguments publicly.On the other hand Socialism, they say, should replace capitalism because it is FAIR TO ALL, never forgetting or leaving behind WOMEN, MINORITY GROUPS, or POOR PEOPLE—always making sure that each group gets its fair share. And this can only be accomplished when government controls the economy. The government will be fair to everyone, so only government is qualified to run an economy. These ideas will be discussed in class next week. ................
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