Capitalism: 4 principles

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Capitalism 4 principles

• Private ownership of property
• Personal profit
• Maximum profit
• Competition
• Laissez-faire government policy (hands off)
• Adam Smith and the Invisible Hand
• Milton Freedman free market system promotes
  political, human and religious freedom

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Contradictions of Capitalism

• Inevitability of monopolies
• Overproduction of some goods and underproduction
  of others economic crises
• Demands for labor-saving machinery
• Control of the state by the wealthy
• Eventually workers become so angry they rise up
  and overthrow capitalism

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Frontline Is Wal-Mart Good for America?

• Which principles of capitalism are supported by
  Wal-Mart?
• Does Wal-Mart violate any principles of
  capitalism?
• What is the role of government policy in
  Wal-Mart's success? (including the U.S. and/or
  other countries)
• Are there any examples of Karl Marxs
  contradictions of capitalism?
• Is Wal-Mart good for America?
• (note think like a sociologist there will be
  opinion here but try to use theoretical
  perspectives and concepts covered in class and
  the book)

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stores and sales

• 6,640 retail units worldwide
• Argentina, Brazil, Canada, China Costa Rica El
  Salvador, Guatemala, Honduras, Japan, Mexico,
  Nicaragua, Puerto Rico, United Kingdom and United
  States
• Sales FYE 1.31.06 - 312.4 billion
• 27 billion increase from 2004
• for the month of October 25.7 billion, an 11.7
  increase over last year

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jobs associates and suppliers

• Internationally more than 500,000
• US more than 1.3 million
• Iowa 17,601
• average wage for full-time hourly associate in
  Iowa is 10.30
• spent 955,939,419 for merchandise and services
  with 1,041 suppliers in Iowa

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taxes FYE 2006

• Collected 141.7 million in sales tax
• 26.1 million in state and local taxes

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community involvement

• 2,733,447 in cash and in-kind donations to local
  causes and organizations
• with additional funds raised through stores and
  Clubs grand total of 3,869,723
• Iowas 2006 Teacher of the Year is Galen Zumbach
  from Creston High School