global economies
TRANSCRIPT
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Globlal Economies and Finance
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INDUSTRY• There are three levels of industry– Primary• Ppl work directly with raw materials
– Fishing– Farming ( subsistence or commercial)– Forestry– Mining
– Secondary• Ppl take the raw materials and create useful items
– Manufacturing– Construction
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• Tertiary– Ppl provide a service• Utilities• Transportation• Communication• Financial• Government• Medical• Entertainment
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Industrial Revolution
• Changed how items were made• Occured in the 1800’s• Introduced a new type of economy
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• Hand-made by a few skilled craftsmen
• Family business• Start to finish operation• Simple hand tools• High quality product• Limited supply• Made to specifications
– wait• Simplier lifestyle• Expensive
• Mass produced by large numbers of semi-skilled
• Corporation owned• Limited exposure to full
process• Company owned
machines and tools• Lesser quality• Lots of choices – walk
away with it• Materialistic• Cheaper
POST
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• The Industrial Revolution created a unique situation. . . Who gets the money?
• The answer to this question are three basic economic systems found around the world .
• Capitalism• Socialism• Mixed ( 1989)
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Capitalism
• Capital means money• The system known as capitalism is also called a free market system• Capitalism is the oldest and most successful system• Characteristics:– Private or corporate ownership– Start up businesses, risk, success or failure, great wealth– Three social classes, rich, middle, poor
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Socialism• There are several levels of socialism, the most
extreme is communism• The goal of socialism/communism is to make
everyone equal• Characteristics:– Government owns and controls industry– Profits go to government and distributed equally– Elimination of work ethic and competition
• Socialism/communism is unbiblical because– II Thess 3:10 Prov 3:27– I Tim 5:18 Prov 6:6
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Pure Capitalism CommunismMixed
United States North KoreaChinaVietnamCambodiaLoasCuba