Stuart Edward F. Capitalism vs. Socialism. Comparing Economic Systems

The Teaching Company, 2018. — 279 p.Capitalism vs. Socialism - Comparing Economic Systems (The Great Courses) by Edward F. Stuart argues that virtually all countries around the world debate the role of government and market institutions. All of the tradeoffs in competing economic systems—capitalism, socialism, and communism—are controversial. These systems and ideologies have undeniably shaped the way people view both the world today and modern history. But where does capitalism begin and socialism end? In short, it’s about choice and compromise. Capitalism and socialism turn on the major societal issues of education, healthcare, social services, and taxation. And they raise civil liberties tradeoffs that weigh individual freedom against the social safety net and collective security. Because economics focuses on these pocketbook issues, many people believe the field is simply about money when, in reality, money is merely a means to an end. Economics is really about people and their lives, and societies have been in pursuit of the ideal system for centuries, one that can balance these ongoing, competing desires for freedom versus security. No one has found perfect equilibrium—the debates rage on and economies are in constant flux—but some major contenders have emerged, all of which are variations of capitalism and socialism in differing degrees and combinations. Determining which, if any, is the best possible option in a definitive way, however, is a Sisyphean task and one riddled with complications.Understanding and endeavoring to solve these perpetual dilemmas is the job of comparative economics. By looking at the many economies around the world—their histories, their failures and successes—comparative economics attempts to uncover the influences, systems, and decisions that can do the most good for the most people. Guiding you through this complex web of values and theories is Edward F. Stuart, Professor Emeritus of Economics at Northeastern Illinois University, who is a specialist in both comparative economics and Russian and Eastern European studies. Professor Stuart has been traveling, teaching, and learning about these economic systems—in the former Soviet Union, the former Eastern Bloc, China, Scandinavia, and Europe—for more than 30 years. It could even be argued that he was born to be a comparative economist, raised in a household defined by the very debates he analyzes as personified in the libertarian views of his father and his mother’s social progressivism. This familial link to his subject offers a personal dimension to his approach, one that demonstrates his ongoing passion for the ways these debates play out on a global scale. Economists venture to understand immensely complex systems that encompass not only finance and trade, but social structures, governments, family arrangements, geography, and more. The illuminating 24 lectures of Capitalism vs. Socialism: Comparing Economic Systems will show you the many ways the most influential modern economic theories were developed, how they function (or don’t), and how they manage to operate both together and in opposition to each other, from the rise of Soviet communism to the future of the European Union and beyond. As you compare and contrast the many ways societies tackle economic issues, Professor Stuart demonstrates that even the most controversial economic decisions boil down to a deceptively simple question: What makes a good society?Capitalism and socialism (and by extension, communism) are often treated as if they are always in opposition to each other, but by looking at their origins and development, you will discover that this is far from the truth; they are, in fact, inextricably connected. Many social, political, and even religious factors intersected to support the birth of capitalism at a time when new, more democratic political systems were emerging from under the oppressive shadow of feudalism. In turn, modern socialism is the direct result of the pitfalls of free-market capitalism in the 18th and 19th centuries—the exploitation and dangerous, impoverished conditions workers were often subjected to inspired reformers and political thinkers to envision new ways to create a better, more equal society. Meanwhile, other nations took socialist ideology to an extreme in various forms of authoritarian communism. Professor Stuart looks closely at these systems and their histories, revealing their strengths and weaknesses and demonstrating why there is no pure capitalist (or pure socialist) system working in the world today. As Professor Stuart guides you through the origins and evolutions of economic thought, you will look at some of the greatest experiments and failures of the last few centuries, including the creation of early American socialist experiments, the far-reaching economic implications of World War I, how the Great Depression highlighted the instability of post-war markets, the rise and fall of Soviet communism, the mixed-model economies of Europe, the rising tide of Asian market economies, and much more. Along the way, he also shares insightful personal stories and reveals unexpected connections between economics and other facets of modern life and culture.ContentsGorbachev’s Hello and the Soviet Goodbye
Adam Smith, Karl Marx, Keynes, and Friedman
How to Argue GDP, Inflation, and Other Data
British Revolution: Industry and Labor
American Capitalism: Hamilton and Jefferson.
Utopian Socialism to Amana Microwave Ovens
The Bolsheviks: Lenin, Trotsky, and Stalin
Soviet Planning and 1,000 Left-Foot Shoes
Economic Consequences of European Peace
How FDR and Keynes Tried to Save Capitalism
Social Democracy in Europe
Sweden’s Mixed Economy Model
French Indicative Planning and Jean Monnet
British Labour Party and National Health
Social Welfare in Germany: Bismarck to Kohl
Soviet Bloc: Conformity and Resistance
Two Germanies: A Laboratory in Economics
The Soviet Union’s Fatal Failure to Reform
“Blinkered and Bankrupt” in Eastern Europe
From Chairman Mao to the Capitalist Roaders
After Deng, China Privatizes and Globalizes
Asian Tigers: Wealth and State Control
Both Sides Now: Experiment in SloveniaBibliography
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