\fOPTION 3 - Capitalism and Socialism There are two major economic theories Classical and Keynesian. Classical theory is closely aligned with what is popularly known as capitalism, while Keynesian theory forms much of the foundation for socialism. 1) Obviously, both supply (production) and demand (money or purchasing power) are necessary in a functioning market. However, there is disagreement regarding which one "comes first.\" Do you believe supply or demand "fuels\" the economy and WHY? Why is the other theory incorrect in your view? BE SPECIFIC HERE 2) Please discuss the differences between the two major economic philosophies, Socialism and Capitalism. Be sure to mention: a) the differences in their ultimate goals b) the differences in their means of attaining those goals, i.e., their fiscal policies (tax rates and government spending) c) the differences in their attitudes toward the ability of government to direct the economy successfully d) the differences in their attitudes toward the ability of veluntary transactions between private individuals to direct the economy successfully e) the differences in their attitudes towards profits 3) Collectivism is the idea that the most important thing about a person is their group identity, such as their income, race, gender, sexuality, etc. Cultural Marxists and advocates of critical race theory (CRT) suggest that some identity groups are oppressed and that others are oppressors. Many modern-day socialists can be described as collectivists and cultural Marxists. See the online book Popular Economyths for more details. Please explain how many socialists currently advocate for socialist policies based upon collectivist and cultural Marxist ideas. What are some of the good and/or bad consequences of trying to base economic policies upon such ideas? 4} Capitalism is based largely on the idea of individualism and liberty, or freedom. Individualists see the person and all their unique characteristics rather than their identification in certain groups. Capitalists also view human freedom as a high priority where individuals can be largely responsible for determining their own success and choosing how to best live their lives. Please explain how capitalists incorporate the ideas of individualism and liberty into their ideas concerning the role of government in the economy. What are some of the good and/or bad consequences of trying to base economic policies upon such ideas? 53 Please watch the following: Very Good Video About Socialism that Bernie Sanders Should Just Steal The Bigger the Government... Describe the main points of each video in detail. Which video do you agree with more? Which type of economy may lead to people with \"better\" characteristics? Please describe WHY. ) Compare and contrast nations that have been largely capitalistic with those that have been more socialistic. Give an example of each and discuss some of the differences between the quality of life in those nations, particularly with respect to GDP per capita, economic freedom, medical care, the number of people who have been killed by their government, and the number of people who have been pulled out of poverty over time