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FREEDOM AND ECONOMIC PERFORMANCE

FREEDOM AND ECONOMIC PERFORMANCE. Chapter 10 Lecture 4 An important political role is to balance social goods with individual interests. . This is a Historical Challenge Highlighted by Two Different Political Systems.

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FREEDOM AND ECONOMIC PERFORMANCE

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  1. FREEDOM AND ECONOMIC PERFORMANCE Chapter 10 Lecture 4 An important political role is to balance social goods with individual interests.

  2. This is a Historical Challenge Highlighted by Two Different Political Systems • “Under capitalism, man exploits man . Under socialism, the reverse is true”—Polish proverb • “The fear of capitalism has compelled socialism to widen freedom, and the fear of socialism has compelled capitalism to increase equality.”—Will and Ariel Durant • The challenge in China is one of balancing free markets with socialist political systems

  3. Relationship Between Political and Economic Freedom • According to your text, political and economic freedom are interdependent. • 27 free economies in the world account for 17% of the world’s population, but 81% of the world’s output!

  4. Relationship Between Political and Economic Freedom • According to Freedom House, 2/3 of the world’s people live in economies which are not free. • Impediments to economic freedom are not necessarily repressive government • Government can’t establish rules for the economy and see that they are obeyed

  5. Relationship Between Political and Economic Freedom • An important part of that is the inability to suppress fraud and corruption • Use of family connections • Organized criminal activities • Religious persecution • Lack of effective legal system

  6. Relationship Between Political and Economic Freedom • Not everyone agrees • Some Asian governments (particularly Singapore) argue that “freedom” can be overdone. The needs of the many must come before the need for total individualism. • What do you think?

  7. Relationship Between Political and Economic Freedom • According to Freedom House, 2/3 of the world’s people live in economies which are not free • Impediments to economic freedom are not necessarily repressive government • Sometimes the government can’t establish rules for the economy and see that they are obeyed

  8. Relationship Between Political and Economic Freedom • Impediments to economic freedom also are: • Inability to suppress fraud and corruption • Use of family connections • Organized criminal activities • Religious persecution • Lack of an effective legal system

  9. Relationship Between Political and Economic Freedom • According to your text, political and economic freedom are interdependent and they affect outcomes: • 27 free economies in the world account for 17% of the world’s population, but 81% of the world’s output!

  10. Relationship Between Political and Economic Freedom • Not everyone agrees • Some Asian governments (particularly Singapore) argue that “freedom” can be overdone. The needs of the many must come before the need for total individualism • What do you think?

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