Economics

With local news stories highlighting the economy, budgets, etc. I wanted to post some general definitions of different economic systems as well as my personal thoughts on the matter.

(all definitions brought to you by dictionary.com)

1. Capitalism: an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.

2. Market: a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.

3. Socialism: a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.

4. Command or Planned: an economy in which business activities and the allocation of resources are determined by government order rather than market forces

5. Communism: a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.

The general public believes the United States is a Capitalist nation, and I would partly agree with that. However, we lean more towards what is called a "Mixed Market" economy where are elements of Socialism & a standard Market economy as well as the basics of Capitalism - hence "mixed".

Which economy is best? For the USA? For the World?

We need to lay down some fundamental principles that will help you understand my final opinion.

a. mankind is the deciding factor in what intrinsic and ultimately monetary or perceived value something has. (i.e. the chunk of gold is worth "X" amount of money because that's what someone decided it should be)

b. when a vast majority of the world's wealth lies in a small percentage of the populace (top 5% or roughly 3 million people in a world of 6 billion), we need to find a new means of distribution to equalize it so there aren't these giant pockets of poverty found around the world an within our own nation.

c. I'm still trying to wrap my mind around the whole "value" principle. I don't know where it started or how, but I'm sure that Satan is behind it somehow. God created each man equal, and at some point mankind decided to put a dollar sign over each man's head saying "what you do and who you are is only worth this amount of money to society".

d. The "rarity" princple: just because there is a limited quantity of something available, why should that increase the value? What would happen if pocket lint became rare? Would we find it valuable then?

So, what do you think my final thought is on what is the best economic system?

Communism.

Not this perverted, twisted, socialist-dictatorship that we find being passed off in the world as communism. (My research online to make sure my definitions and theories were inline made me sad to see how warped and ill-informed most people are when it comes to the true basics of communism.) I'm talking pure communism. The kind that only can be dreamed about in a utopian society.

Communism's primary basics: common ownership, common resources, equal distribution

Anyone see a problem with any of that?

So long as there is man with his power-hungry nature, pride and selfish tendencies there is no hope for a pure communist society to exist outside of a small kibbutz.

I think that there needs to be a reinstatement of Levitical practices done as a whole and around the world. Every 7 years they would erase all debt and begin the new season with a clean slate. I think that our world would be a very different place.