TJ+Marriott

Economic Structure

1.http://web.ebscohost.com/ehost/detail?vid=15&hid=106&sid=31e64545-f5ce-44a7-affe-adb6c00fbfa4%40sessionmgr104&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=aph&AN=9501205577

Nolan, Joseph. "Adam Smiths Free Market Capitalism; Economics, Then and Now." //V////ital Speeches of the Day// 61.6 (1995): 183-87. // Academic Search Premier. // Web. 24 Oct. 2010.

Adam Smith and the Free Market
 * founding father of capitalism and free market
 * wrote the //Wealth of Nations// published in 1776
 * self-regulated market
 * supply and demand-prices are self-adjusting which leads to maximizing the good's value
 * competition-supplies goods that consumers want at quantities desired and at prices consumers are willing to pay
 * people pursue actions which make them better off. The combined actions of many people in the market doing this regulate the market.
 * "It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest . . . Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command . . . By directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is, in this as in many other cases, led by an invisible hand to promote an end which was no part of his intention."-Adam Smith
 * division and specialization of labor
 * develops and refines skills
 * increases labor productivity
 * limited government intervention
 * government has 3 main duties (smiths ideas stemmed from the negative reaction smith had to the british gov.)
 * national defense
 * administration of justice (protection of rights)
 * the creation of public works
 * free trade advantages
 * against trade protectionism (i.e. tariffs, quotas, embargoes, subsidies etc.)
 * Adam Smith and the Free Market today
 * realizes the free market isnt always efficient or perfect
 * not strongly against government intervention
 * government actions GENERALLY seek for a general public welfare
 * strongly against government intervention which harms competition and free trade
 * Against mercantilists
 * base our markets off these ideas

2. http://www.britannica.com/EBchecked/topic/129104/communism

Ball, Terence, and Richard Dagger. "Communism (ideology)." // Encyclopedia Britannica //. // Encyclopedia - Britannica Online Encyclopedia //. 25 Nov. 2008. Web. 30 Oct. 2010. .

This article will help me talk about communism, its positives and negatives. Communism-replace public property with public ownership of natural resources and at least the major forms of industry
 * "founding father" karl marx
 * fully realized communism-no government or class structure
 * socialism-almost the first phase of communism
 * government control of public services (health car, electricity, water, etc.)
 * one political party
 * tolerated no opposition
 * inefficient markets play a large role in the collapse of communist countries
 * revolutions in communism
 * the downfall of communism
 * communism today

3. http://www.investopedia.com/articles/02/101502.asp

Heakal, Reem. "What Is Market Efficiency?" // Investopedia.com //. Web. 30 Oct. 2010. .

efficient market hypothesis >
 *  Eugene Fama 1970
 *  at any given time, prices reflect all available information on a stock or market

Strongly Efficient markets semi-strong Weak efficiency markets
 * stock prices and market values are unbiased relations of the actual value of the investment (very little under valued stocks)
 * past stock prices are used as well as financial information of each stock. (50/50 under valued stocks)
 * stock and market prices reflect past prices (under valued stocks)

4. "Karl Marx." //Columbia Electronic Encyclopedia 6th Edition// (2010): 1. //Academic Search Premier.// Web. 31 Oct, 2010.

Karl Marx bibliography. The article will help with my communism discussion

http://web.ebscohost.com/ehost/detail?vid=6&hid=10&sid=1a1106bc-0901-45bb-96dc-c60dcb36324c%40sessionmgr12&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=aph&AN=9769795

5. Tyler, Gus. "Marx' Manifesto Revised." //New Leader// 81.11 (1998): 11-14. //Academic Search Premier//. Web. 31 Oct. 2010.

This article talks about Marx' Communist Manifesto and critiques it in the world today.

http://web.ebscohost.com/ehost/detail?vid=9&hid=10&sid=1a1106bc-0901-45bb-96dc-c60dcb36324c%40sessionmgr12&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=aph&AN=10311463