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. Critical in the analysis is the role of prices of goods and finance in the workings of society and capitalism. The class will study ideas 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
Prerequisite
ECON 2105 or ECON 2105E or ECON 2105H or ECON 2106 or ECON 2106E or ECON 2106H
Semester Course Offered
Offered fall and summer
Grading System
A - F (Traditional)
Student learning Outcomes
The student will develop an understanding of capitalism through a historical context. Throughout the course, both historical and modern examples will be essential to the analysis.
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.
The student will develop an understanding of alternative methods of allocation.
The student will discuss and develop an understanding of the role of private property and state decision making in various areas.
The student will develop an understanding of capitalism and alternative systems in terms of the efficiency of the resource allocation, the method of resource allocation, and the moral and ethical components of resource allocation under various systems.
Topical Outline
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 Learning Outcomes
Critical Thinking
The ability to pursue and comprehensively evaluate information before accepting or establishing a conclusion, decision, or action.
Social Awareness & Responsibility
The capacity to understand the interdependence of people, communities, and self in a global society.
