Hayek vs. Keynes

Keynesian theorists would support the idea of government supporting welfare as supported by this quotation, “Advocated the use of fiscal and monetary measures to mitigated the adverse effects of economic recessions and depressions.” This statement supports my belief that John Keynes would be in favour of welfare in times when work was unavailable. The government has the ability to allocate a portion of taxes, or even increase taxes from the tax payers to save for the people that meet the government’s standards for welfare payment. John Keynes is in favour of taxes opposed to Friedrich Hayek who would rather have individuals make and save their own income so they don’t rely on the government for support. “Best known for his defence of classical liberalism and free market capitalism against socialist and collectivist thought.” as this quotation validates the idea of welfare in times when it’s hard to find jobs would not be supported by Hayek government. Hayek would much rather not have huge taxes for the people to pay to the government he would rather lower them so that individuals will not rely on the government for money or jobs.

(Wikipedia, 2011) (Wikipedia, Friedrich_Hayek, 2011)

Bibliography

Wikipedia. (2011, February 15). Friedrich_Hayek. Retrieved February 16, 2011, from wiki/Friedrich_Hayek: http://en.wikipedia.org

Wikipedia. (2011, February 16). John_Maynard_Keynes. Retrieved February 16, 2011, from wiki/John_Maynard_Keynes: http://en.wikipedia.org

Quiz...

Quiz:

Free Market:

Fill in the blanks...

1.)    The cold war started in 1946 and ended in 1989.

2.)    The cold war was an economic struggle between capitalists and communist countries.

3.)    Under the leadership of the Soviet Union, communist country’s operated under a centrally planned economic system.

T&F...

4.)    T   Centrally planned economic system- Government planners decide what goods to produce and how much.

5.)    T   After the end of the cold war most soviet bloc countries like, Russia, Poland, and east Germany embraced the free market economy and looked to the United States for leadership and financial investment.

6.)    F   When China opened its doors to western business the free market did not expand.

Multiple choice...

7.)    By 2001 China decided to join the...

A)     Free market

B)     World trade©

C)     Free trade

D)    Trading blocks

8.)    The second largest country in the world is...

A)     China

B)     India©

C)     Japan

D)    Asia

9.)    During the cold war there were only 3 main trading blocs...

A)     South America, Eastern Europe, china

B)     Western Asia, Canada, USA

C)     North America, Western Europe, Japan©

D)    Japan, China, Canada

Free Trade...

Matching...

10. The general agreement on tariffs and trade                                                      1995

was established                                                 

11. GATT had membership of 131 countries,                                                             1989

accounting for more than the 90% of the

international trade.

12. The Free trade agreement (FTA) between Canada                                            1947

and the US came into effect.

13.FTA was extended to include Mexico.                                                            1993-2003

14. Mexican exports to Canada increased by

200% & Canadian exports to Mexico increased                                                       1994

by 25%           

Trading Blocks...

Short answer...

            15.) To become a member your country must...

Your country must also be committed to democracy and human rights.

                                                                                                                 .

16.) In 1999 a new trading bloc was created, what was it called and what does it

mean in the English language?

It was called Communidad Sudamericana de Naciones (CSN) and it means South

American community of nations.                                                                           .

17.)What is (CAN)?

CAN is ComunidadAnduna de Naciones and it means Andean Community of

nations.                                                                                                          

18.) What happened in May 2006?

In May of 2006 Venezuela signed an agreement to be part of the organization by 2012

                                                                                                                                            .

T&F...

T   In South American countries, the richest 20% of the population owns more than 60% of the wealth.

T   In South American countries the poorest 20% of the population only own about 5% of the wealth.

Personal logo

Logo...

By: Brooke Wigmore

                          At the beginning of the year I had chosen the first image i have on this page (purple i love you sign language hand). I chose for that to be my personal logo because i believe that everyone on this planet should get along and respect each other.  To me globalization means different Country's coming together to work as one. So for me "upgrading" my logo i added fireworks because fireworks are a sign of celebration. For me I feel like because Canada is a peaceful country we are trying to help out with problems around the world. If we keep trying to help out then we will have a much more peaceful world and there wont be as many reasons to fight or have any wars going on. The fireworks coming out of the tips of the fingers is also showing that with a little love and respect we can see great things that we all love to see because they will be beautiful sights to see.  

 

What courage is...

Courage is being able to fight through extremely hard times because your fighting for what you think is right even though in the end it might not have the best outcome for you.