Course Description
Introduction to the economic concept of capitalism. The student will study capitalism and other alternative societal mechanisms for resource allocation, including socialism and a mixed economy. The mechanism will be readings both critical and supportive of capitalism as an economic system, including moral, efficiency, and ethical views.
Athena Title
Capitalism
Equivalent Courses
Not open to students with credit in FINA 4050E, FINA 4050H
Grading System
A - F (Traditional)
Course Objectives
Capitalism must first be defined and put in a historical context. The student will develop an understanding of capitalism where decisions about production and allocation are determined mainly by private decisions and exchanges in a market. We will also discuss alternative methods of allocation. The role of private property and state decision making in various areas will be discussed. Capitalism and alternative systems will then be analyzed in terms of the efficiency of the resource allocation, the method of resource allocation, the moral and ethical components of resource allocation under various systems. Throughout the course, both historical and modern examples will be essential to the analysis.
Topical Outline
Texts: 1. The Mind and the Market: Capitalism in Western Thought by Jerry Muller 2. Free to Choose by Milton Friedman and Rose Friedman 3. Atlas Shrugged by Ayn Rand 4. Economics: An Introduction to Traditional and Progressive Views by Howard Sherman, E.K. Hunt, Reynold Nesiba, Philip O’Hara, Barbara Wiens-Tuers Efficiency Arguments For and Against Capitalism: Key concepts include (a) Pareto efficiency, (b) economic incentives, (c) information production and aggregation, and (d) market allocation versus command allocation. Moral Arguments For and Against Capitalism: Key concepts include (a) economic efficiency as an ethical criterion, (b) individual autonomy vs. the state, (c) relationship between economic and political freedom, and (d) inequality and class conflict, (e) exploitation. Additional Topics: The readings for these topics will be taken from news stories at the time of the assignment. Modern forms of capitalism, socialism, mixed economy and development. Analysis of economic situation in China and developing countries. Role of the state in capitalism. The role of the state in regulation, redistribution, and market failure.
Institutional Competencies
Critical ThinkingThe ability to pursue and comprehensively evaluate information before accepting or establishing a conclusion, decision, or action.
The capacity to understand the interdependence of people, communities, and self in a global society.
Syllabus