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To be financially literate, you should be aware of the increasing global economic and political influence of emerging markets and emerging market countries . To learn more, Emerging Markets has a top notch news, analysis, and opinion website at www.emergingmarkets.org. The Big Picture Capitalism. It’s not a political system – it’s an economic system based on property rights and profit. It’s not perfect, but in spite of its flaws, commerce it. Capitalism has plenty of critics, but commerce thrives under capitalism. It’s hard to find a more compelling reason for the success of capitalism than property rights. These promote a just, accessible, and predictable legal system and social stability. The ability to make and keep a profit fosters competition and innovation. The protection of property reduces risk of loss, encouraging the pursuit of wealth. Socially Conscious Capitalism (SoCap) is a new capitalist philosophy and movement holding that profitability and social responsibility are compatible. New markets are emerging all around the globe which present excellent, but often riskier investment opportunities. Let’s Practice! Select from the following practice activities: Let's Practice: Who Said That About Capitalism? Let's Practice: How to Speak SoCap Exploring 21st Century Skills and Issues: This Ain’t Your Granddaddy’s Chamber of Commerce Ponder and Predict Have you ever noticed that certain types of businesses tend to gravitate toward a particular geographic area? For example, in Atlanta, Georgia, there are over 200 health info tech companies. In Raleigh, North Carolina, there’s an inordinate number of video game developers and production companies. Is the concentration of similar businesses within a particular region by coincidence or design? Write your prediction here and in the next lesson, find out if you are correct. Assign • Blog, debate, discuss: How capitalist are you? On a scale of 1-5 (5 being “I wouldn’t even get out of bed in the morning if I had to share profits or ownership” to “I thrive on working for the collective good!” How important is private ownership and profit to your personal motivation to work hard to achieve? • To prepare for the next lesson: read Chapter 8 in the student workbook. • Watch business or financial news at least 15 minutes per day. • Each week compare and contrast tweets from students' selected financial journalists. Compare journalists' opinions about events and stories. SLIDE 7L SLIDE 7M PRODUCT PREVIEW
Lesson 7 | Commerce Capitalism 118
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