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ECS3705-Study-unit-4
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Chapter 9 & 10: Chapter 9 1. Types of Socialism – refer to textbook page 162 and study guide page 67 2. The commonalities of socialism (ie what all forms of socialism have in common) – Rejection of classical view about harmony of interest between classes of society – Rejection of classical concept of laissez-faire – Rejection of classical idea of Say’s Law (markets are inherently unstable) – Perfectibility of people given the right social system; with the right system, people will become good – Need for some kind of collective action or state ownership
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