Write a post (minimum of 200 words) answering the following questions:
1. The industrial revolution had great benefits and great costs. It caused both prosperity and suffering. In the end, do you think the benefits were greater or smaller than the costs? If you could go back in time and change something about it, would you?
2. Pick a country (past or present) that is not the United States, and describe the main features of its economic system: What is the dominant form of ownership there? What type of coordination does it use? What kinds of incentives motivate most people? (you don’t need to talk about the fourth aspect, objectives, since I covered it only very briefly in my video)
3. Alright, I can’t not ask this question. It’s this week’s elephant in the room: Capitalism or socialism? Which one would you prefer to live in, and why? Or perhaps you’d prefer a third option – in that case, present this option and explain why you prefer it. Either way, it doesn’t have to be a long or complex argument, after all we’re not going to settle this debate here.
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