Economy/ Week4/ ji eun Bang

1.Summary
 The economy uses the environment to meet its material needs. It develops technology, organizes society, and provides resources. And it includes production, exchange, distribution and consumption.
The economy in capitalism provide means for industrialization. People use money and labor to participate in the economy in many areas such as consumers, workers, and investors. capitalism has its downsides: it leads to wealth and power inequality.
The economy in socialism distributes social dividends to ensure reasonable income equality.It features equal access to resources for all individuals with compensation methods based on the amount of labor we consume. But it is inefficient in generating profits.

2.What did you learn? / What is interesting?
 I learned the government plays a relatively important role in capitalism. For example, It can determine how much money a company will pay or what price it will charge to a product. Capitalism enhances our standard of living by growing the economy, but it leads to concentration of capital, employment and power, and to concentration of power by creating inequality of income and wealth.
Karl Marx argued that the infrastructure in a capitalist society would create class conflict, inequality and workouts. So he called for the proletarian revolution to be eliminated.

3.Discussion
 Capitalism has caused per capita GDP growth, improvement in living standards, and the growth of the country. But it leads to the injustice of wealth and power. There are various problems such as monopolizing the market, forming imperialism, economic and cultural exploitation in various forms, social isolation, economic inequality, unemployment and economic instability. So, What do you think is the new economic system or  alternative economic system to solve these problems?