Lecture 1 Types of Government & Economic Systems PDF

Lecture 1 Types of Government & Economic Systems  A Republic… As the story goes, following the Constitutional Convention a woman approached Ben Franklin and asked, “Sir, what type of government have you given us?” Ben Responded, “A Republic madam, if you can keep it.” A Republic vs. A Democracy...

Lecture 1 Types of Government & Economic Systems  A Republic… As the story goes, following the Constitutional Convention a woman approached Ben Franklin and asked, “Sir, what type of government have you given us?” Ben Responded, “A Republic madam, if you can keep it.” A Republic vs. A Democracy Inherent Rights __________________________________________: Rights are inherent, not granted by government, unlike in democracy. Tyranny of the Majority __________________________________________: Democracy risks oppressing minorities through majority rule. Limited Government __________________________________________: Republic includes safeguards like checks and balances to limit majority rule. Representative Government __________________________________________: Republic filters public opinion through representatives that make the final decisions. Democracy/Republic Democracy Republic Direct Participation Indirect Participation Congress Executive Judiciary House/Senate Original selection of Senators What’s the Difference? Why does it matter? Democracy still majority-rule implies __________________________ and it is imperative that students of American government understand that our system of government does not seek to promote majority rule but instead representative government _________________________________. Comparing Systems of Government Authoritarian ___________________________________________ Exercises full control over individuals; people are subjects to the ruler's will. Non-Authoritarian ___________________________________________ Balances power for collective living with individual freedom, allowing citizens to participate in decision-making directly or indirectly. Anarchy ____________________________________________A system without organized government, offering maximum freedom but lacking security, protection, and rule of law. Comparing Systems of Government More Govt. Control More Individual Freedom Authoritarian Non-Authoritarian Anarchy  Comparing Economic Systems Like political systems, economic systems are evaluated based on how much control the government exercises over the market. Socialism ________________________________ A system based on government planning and limited private control, aiming for equitable resource distribution. People work based on ability and are compensated according to need. Capitalism _________________________________A system based on individual initiative, market-driven production (supply & demand), and minimal government planning, with a focus on private property protection. It Adam Smith – rewards hard work, responsibility, and voluntary exchange but can economist and moral disadvantage those unwilling to contribute responsibly. philosopher. 1723- 1790  Comparing Economic Systems Communism _____________________________________ Full government control, usually by a ruler or small group. Promotes common ownership to prevent worker exploitation. In practice, often uses force to maintain control. Socialism _____________________________________ Democratic system where the government promotes equality through basic services, equal opportunities, and wealth redistribution. Regulated Capitalism _____________________________________ The market determines production, but the government regulates to ensure economic stability and protect consumers. Laissez-Faire Capitalism _____________________________________ The market operates independently of government intervention, relying on supply, demand, and profit. Comparing Economic Systems More Govt. Control More Individual Freedom Regulated Laissez faire Communism Socialism Capitalism Capitalism State of Nature What was life like prior to the establishment of government, collective society, or any other established institutions?