Capitalism vs. Socialism: Comparing Economic Systems

Begin your foray into comparative economics with a look at the USSR in the final few years before its collapse and the restructuring known as perestroika, which led to an increased interest in the study of capitalism versus socialism in the US. Examine some of the major questions that shape economic systems and close with a brief overview of the goals and scope of the course.

Meet four of the most influential economic thinkers in history: Adam Smith, Karl Marx, John Maynard Keyes, and Milton Friedman. As you examine their individual philosophies and influences across three centuries, you may be surprised by how many of their ideas overlap even as their philosophies differ.

From GDP and inflation to unemployment and standard of living, there is no one absolute measurement that determines the health of an economy. Get an overview of the different metrics for economic success and a general understanding of how they are calculated and interpreted—and why these data points can start more arguments than they resolve.

Travel to the birthplace of industrial capitalism: Great Britain in the 18th and 19th centuries. A fortuitous meeting of politics, technology, and economics would shape the future and give the world innovations like insurance and extended payment systems. It would also inspire writers like Charles Dickens to reveal the horrifying social repercussions of unregulated industrialization.

Modern capitalism may have been born in England, but America would be defined by it from the very beginning. Look at some of the paradoxes inherent in free market systems and how Protestant religious philosophy played a significant part in the direction of the economy. Then, see how founding figures like Hamilton and Jefferson set the course for American economic dominance in the years to come.

The opportunities and innovations of capitalism in the US did not come without a cost. Religious and political thinkers alike turned to new solutions to alleviate the often horrible conditions many workers experienced, resulting in socialist projects that fell into two camps: utopian and scientific. Close with a look at the difficulties in running socialist systems in a largely market economy.