Unit 3 Readings

In the unit three readings there was one thing that stuck out to me and I found really interesting. That was that in poor or underdeveloped nations, almost 60% of the work force was devoted solely to feeding the rest of the population, whereas countries such as the US it is only 3.2%. That makes it clear to me that these nations are underdeveloped because they do not have the technology required to make supplying food much easier. To me it seems that once these countries are able to free up some of the labor force they will start to develop much more rapidly, even if they were to just free up 20 or 30 percent of the workforce and have them work on making products that can produce income rather than just sustaining the people.

Mixed Economies

I think that a country being able to have a mixed economy can be a very good thing for the country if it is utilized correctly. With a mixed economy you can have many of the plus sides of a capitalistic economy while eliminating some of the downfalls. If the government is able to control certain aspects of the market to make sure that no one company has a total monopoly it will still allow for the market to grow and diversify. Also the government can also help to regulate things that are necessities such as health insurance. To me it appears that if a mixed economy is properly run it could be the best option for an economical system in any country.

Unit 2 Post

I find it incredible that the economy has grown so much in the past 1000 years compared to the previous 1000 years. Even more incredible to me is how it has grown even bigger in the last 200 years alone. According to the book, life expectancy in the west in 1820 was about 36 years, now that number is close to 80 which means that in the past 200 years or so our life expectancy has more than doubled. It is also interesting how there is such a large disparity between the largest and the smallest economies in the world, with the West almost always having the larger economies even though a much larger percentage of the population does not live in the west. Throughout this course I will be interested to see why these things have happened the way they have.