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Social Effects of Capitalism

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Wes Cox

on 21 April 2010

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Transcript of Social Effects of Capitalism

Social Effects of Capitalism What is Capitalism? Nobody knows Capitalism is an economic system to which ADAM SMITH! Capital and land, the non-labor factors of production (also known as the means of production), are privately owned. SO WHAT? Karl Marx Proposed the idea that societies were influenced by the economies in which they lived. WELL HERE'S WHAT! Wait...what's going on? ? Max Weber Relgion was uber important. So who's right? More importantly, who cares? You know what assuming does... Capitali$m Significant Social Statistics Say what? Rates of Poverty [ROP]
Life Expectancy at Birth [LEB]
Quality of Life Index [QLI]
VS. Index of Economic Freedom [IEF] Boring definitions... Laissez-faire Socialism Big Ol' Government Poverty Rate It's complicated I thought barometer had to do with the weather... United Nations' Poverty Threshold $1.25 per day ($456.25 per year) United States' Poverty Threshold

($10,991 per year ($30.11 per day)
Let's get specific Hong Kong #1 IEF Hong Kong's Poverty Threshold:

HK$3,000 per month

Equals to ~$386.65/month ($4639.84/year)
17.7% of Hong Kong's citizens experience poverty. This is a tragedy right? Yes and no. Let's look at Zimbabwe! Why Zimbabwe? They're ranked #178 on the IEF, that's why! Is that last? NO! North Korea is a punk. 65% of Zimbabwe's citizens live below the country's official poverty line. Zimbabwe's Poverty Threshold

$250/month... For a family of six. $41.66 per person/month ($499.92/year) $4639.84 $499.92 Hong Kong Zimbabwe The list goes on... Have to reach the category of “moderately free” to find a country that has a poverty line lower than $3,000 per annum. On the opposite end, none of the 36 countries listed as repressed had poverty line metrics above $100 per month ($1200 per annum). Life Expectancy Buying your life? Out of the top twenty countries ranked by LEB, none are ranked below fifty in the IEF. This metric disregards any form of development such as health care advancement etc. Still not convinced? Of the bottom fifty-two in the LEB, only one country even breaks into the “moderately free” label, Ghana at .2 away from being in the lower group. Almost the entire bottom 52, out of 191 recognized sovereign entities, were recognized as "mostly not free" or "repressed". Only considering IEF. But what if my long life sucks? QLI to the rescue! Maybe... Things to consider:
Withheld data
Excluded countries 111 sovereign entities included Health: Life expectancy at birth (in years). Source: US Census Bureau
Family life: Divorce rate (per 1,000 population), converted into index of 1 (lowest divorce rates) to 5 (highest). Sources: UN; Euromonitor
Community life: Variable taking value 1 if country has either high rate of church attendance or trade-union membership; zero otherwise. Source: World Values Survey
Material well being: GDP per person, at PPP in $. Source: Economist Intelligence Unit
Political stability and security: Political stability and security ratings. Source: Economist Intelligence Unit
Climate and geography: Latitude, to distinguish between warmer and colder climates. Source: CIA World Factbook
Job security: Unemployment rate (%.) Source: Economist Intelligence Unit
Political freedom: Average of indexes of political and civil liberties. Scale of 1 (completely free) to 7 (unfree). Source: Freedom House
Gender equality: Measured using ratio of average male and female earnings. Source: UNDP Human Development Report
The burrito of happiness Out of the top twenty in the QLI only one falls below fifty in the IEF. Out of the bottom fifty in the ranking of the QLI only twelve were above the level of mostly unfree. Of those twelve, nine were moderately free and 3 were mostly free. This shows that out of a list of one-hundred and eleven sovereign entities the bottom fifty countries are 77% mostly unfree or repressed. For these rankings, things such as education, pediatric care, and mental care are not considered, merely economic freedom. Isn't freedom always a good thing?
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