Lecture 6

Question 1

What are some of the major issues of Capitalism?

Answer 1

Inequality
Exploitation
Poverty
Markets perform badly
Environmentally destructive
Erodes community
Undemocratic

Question 2

What is the socialist vs capitalist perspective on exploitation?

Answer 2

Capitalist:
- work is a free and fair exchange of labor for money
- fails to realize people don’t have the freedom to quit

Socialist:
- Competition forces bosses to exploit workers
- people do not have the bargaining power their bosses do