TTC-CapitalismVersusSocialism-Guidebook.pdf
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Topic
Economics & Finance
Subtopic
Economics
Capitalism vs. Socialism
Comparing Economic Systems
Course Guidebook
Professor Edward F. Stuart
Northeastern Illinois University
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Edward F. Stuart,
Ph.D.
Professor Emeritus of Economics
Northeastern Illinois University
E
dward F. Stuart is a Professor Emeritus of Economics at
Northeastern Illinois University, where he has been a member
of the faculty since 1986. He earned his Ph.D. in Economics at the
University of Oklahoma, specializing in International Economics
and Russian and Eastern European Studies.
Professor Stuart teaches courses in international economics, the
economics of the European Union, comparative economic systems,
European economic history, and macroeconomic theory. He is
also the chair of the Faculty Advisory Committee on International
Programs and has led study tours to France, Germany, Austria,
Italy, and Spain.
Professor Stuart has been a visiting guest professor at the University
of Salzburg in Austria, the Burgundy School of Business in France,
the Ural State Pedagogical University in Russia, and the Warsaw
School of Economics and the University of Warsaw in Poland. In
January 2014, he served as a guest professor at the China University
of Petroleum-Beijing’s Academy of Chinese Energy Strategy, where
he lectured in macroeconomic theory and forecasting. Professor
Professor Biography
i
Stuart has also served as an adjunct faculty at Loyola University
Chicago’s Quinlan School of Business, where he has taught classes
in microeconomics, macroeconomics, and international business
economics for students in the MBA program.
For the past 15 years, Professor Stuart has worked as a consultant to
several international relocation firms and has made presentations
on the histories, economic and political systems, geographies, and
current events in a wide range of countries. These presentations
have the objective of preparing the participants to be effective and
successful professionals in the foreign countries to which they have
been transferred.
Professor Stuart has published widely in the field of economics.
His most recent publication is “Building Regional Competitive
Advantage: Lessons from U.S. Experiences for Poland and Other
New EU Member States.” Professor Stuart is completing a textbook
introducing the economics of the European Union to American
college students and interested scholars. The book is being
coauthored by his colleague at the Burgundy School of Business,
Professor Jean-Guillaume Ditter.
Professor Stuart has been an economic analyst on radio and
television programs, including NPR, Chicago’s
WGN Morning News,
FOX 32 Chicago’s evening news, WTTW’s
Chicago Tonight,
and
News Talk 980 CKNW in Vancouver, Canada. He has also given
interviews to print and online media, including MSNBC.com, the
Associated Press,
Bloomberg Businessweek,
and the French business
daily
Les Echos.
ii
CAPITALISM VS. SOCIALISM
Table of Contents
Introduction
Professor Biography
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
i
Course Scope
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Guides
1
2
3
4
5
6
7
8
9
Gorbachev’s Hello and the Soviet Goodbye
. . . . . . . . . . . . . .
4
Adam Smith, Karl Marx, Keynes, and Friedman
. . . . . . . . . . .
13
How to Argue GDP, Inflation, and Other Data
. . . . . . . . . . . .
24
British
Revolution:
Industry and Labor
. . . . . . . . . . . . . . . . .
34
American Capitalism: Hamilton and Jefferson
. . . . . . . . . . . .
44
Utopian Socialism to Amana Microwave Ovens
. . . . . . . . . . .
55
The Bolsheviks: Lenin, Trotsky, and Stalin
. . . . . . . . . . . . . . .
64
Soviet Planning and 1,000 Left‑Foot Shoes
. . . . . . . . . . . . . .
74
Economic Consequences of European Peace
. . . . . . . . . . . . .
86
10
How FDR and Keynes Tried to Save Capitalism
. . . . . . . . . .
98
11
Social Democracy in Europe
. . . . . . . . . . . . . . . . . . . . . . .
110
12
Sweden’s Mixed Economy Model
. . . . . . . . . . . . . . . . . . .
122
Table of Contents
iii
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