1. Background Readings to be Completed: Pages 27-37
2. Additional Practice and Review: You should have notes that allow you to answer these questions or you can complete Check your Understanding 1-5 Page 34 & 1-4 Page 37
3. Class Discussion:
Who/What determines the economic system that a country uses?
Two main classifications : 1.Democracy 2. Dictatorship
Discussion: Communism, Socialism, Democracy and Fascism – which is the best for economic stability and growth?
Discussion: Every political-economic system attempts to establish goals and a focus for resources – what are those goals? Who should determine them?
4. Does economics/international trade help or hinder human development?
- Discussion: Gunder Frank and David Ricardo
- Marxism/Dependency/modernization debate
- Discussion: the North Atlantic Slave Trade Triangle and the Luddites
6. The Basic Economic Goals for Government:
Reduced Public Debt
Increased Productivity and Efficiency
Equitable Distribution of Income
Viable Balance of Payments and a Stable Currency