Reflective Blog (7 February 2014)

For this week's class, we went over traditional, command, and market economy. We also pretend that we were Adam Smith and Marx Karl at a dinner party. 

Traditional is where when people make decisions custom and beliefs that have been handed down from generations. Command is basically the government controlling the entire economy, they say what is produced and dispute the resources (Marx Karl supports this because he believe it will make everyone equal and a lot of people are sick of the rich oppressing the poor). The last one we studied is market economy where the government has little intervene in business. People are allowed to own private property, make their own decisions, and decides how to run things [Adam Smith supports this because he believes it gives people the most freedom and benefits the nation the most (not everyone)]. 

My opinion on Capitalism (Adam Smith) and Socialism (Marx Karl) is neutral, depending on situation. Every economic and government system has their flaws and there is always a corrupted official that ruins it. Capitalism does not benefits everyone and creates a barrier between the rich and poor, but it does create competition (which make things cheaper) and it has more freedom. Socialism in the other hand, tries to break the social class but there is limited freedom and corruption could ruin its entire purpose.

This could relate to other class topics or current events because it can determine the welfare of the nation and can tell hold it mold the nation how it is right now. It could also tell some possible problems in the nation and  its condition right now.