Comparative Economic Systems (Part II)

During what time period was the idea of socialism BORN?

• Industrial Revolution
• World War I
• Enlightenment
• Protestant Reformation

A most fundamental of socialist ideas?

• redistribute the nation's wealth (make everyone more equal)
• enrich the job creators (give them the extra capital they need to invest)
• exploit the workers for all they're worth (the rich get richer and the poor get poorer)
• rewarding the hardest workers (pay raises, job promotions, etc.)

Socialist economies are also called ...?

• "taxation states"
• "welfare states"
• "central planning states"
• "command system states"

Socialist governments believe in taking over/controlling the largest (or most significant) industries - called ...?

• nationalization
• collectivization
• unionization
• central planning

Socialist government must keep _____________ very high (in order to afford all of the "free" social benefits.

• consumer confidence
• prices
• taxes
• employment numbers

What is GOING WRONG is socialist economies around the world (ex. Greece, Venezuela)?

• their governments are hiring too many corrupt officials
• their governments can no longer find enough revenue to "take care" of the citizens
• their governments won't allow ANY private ownership of property, and the citizens are angry
• their governments don't  have enough commodities to export to other countries

Which of the following socialist countries is now officially BANKRUPT (& they've been bailed out by the EU)?

• Greece
• Romania
• Germany
• Bulgaria

Why are people in Greece rioting in the streets? 

• they want a new government in power
• they don't want the government to CUT their social services ("free" services)
• they want more private ownership of land
• they have no (or very little) food, and people are starving to death right out in the streets

What is happening RIGHT NOW in Venezuela (where socialism is proving tone a failed economic system)? 

• the government has begun to provide free healthcare
• the government is conducting "rolling blackouts" (they can't afford to "keep the lights on")
• the government is using its oil wealth to provide a decent lifestyle for the Venezuelan people
• the government is realizing the need for a laissez-faire approach to the economy

Socialist economies ...?

• take care of people (in their adult years only)
• take care of people ("cradle to grave")
• take care of people (while they're gainfully employed)
• take care of people (only those who are unemployed)