Last edited: December 17, 2025

Comparative Economic Systems

Course: Econ 371

Instructor: Enes Işık

Office: Zoom (Meeting ID: 933 3431 2127)

Office hours: Thursdays 13:00-14:30 or by appointment

Email: eisik[at]umass.edu

Textbook: Not required. Course materials will be provided by the instructor. ****

Semester: Winter 2026 — December 19 through January 28 (6 Weeks)

Final Grades Due ****by 11:59 p.m., February 2

Holidays: Christmas Day-Thursday, December 25; New Year’s Day-Thursday, January 1; and Martin Luther King Day-Monday, January 19.

Course Description and Goals

Which social goals should an economic system aim to meet? And how do different economic systems succeed—or fall short—in achieving those goals? This course seeks to answer these questions.

Our first task in this course therefore will be to explore whether J.M. Keynes was right in asserting that the goals of any economic system should include economic efficiency, social justice, and individual freedom. Following our analysis of these social objectives, we will investigate different economic systems, capitalism and socialism, in particular, in terms of how effectively these systems meet several social objectives and as well as how each system addresses key economic challenges, including resource allocation, income distribution, and economic stability. A major goal of the course is to develop critical thinking about economic policy for practical use in your daily life and your democratic engagement and participation.

“The political problem of mankind is to combine three things: economic efficiency, social justice, and individual liberty. The first needs criticism, precaution, and technical knowledge; the second, an unselfish and enthusiastic spirit, which loves the ordinary man; the third, tolerance, breadth, appreciation of the excellencies of variety and independence, which prefers, above all else, unhindered opportunity to the exceptional and to the aspiring”

John Maynard Keynes

Requirements

• After completing the readings and lectures on each small topic, students are required to take a short quiz that will cover the material from both. Hints about potential questions will be provided to help guide your preparation. There are a total of 14 quizzes. You will have some opportunities to earn extra credits throughout the course.
• After each major topic, students must submit a 5-minute video responding to the given prompt.
• Students are required to submit a **4-page final term paper** (12-point font, double-spaced, with 1-inch margins, and formatted in correct APA style, unless stated otherwise) that responds to the given prompt.

<aside> 💡

All assignment details can be found on the Assignments page in Canvas.

</aside>

Expectations

• Students are encouraged to navigate all course content through the Modules page on Canvas and set aside enough time to complete the readings, quizzes, short videos, and written assignments by their deadlines to receive full credit. If you anticipate any delay with a course requirement, please let the instructor know as early as possible.
• The course readings are designed to support you in developing the content for your video assignments and final term paper. You are expected to draw on these materials to strengthen your arguments, illustrate your points, and shape your ideas. Taking the time to read and engage with the course materials carefully will make answering quizzes, creating your videos, and writing your final paper much smoother.
• Students can expect the instructor to provide all course materials, come prepared, and return assignments promptly. The instructor is committed to taking an active interest in your work and valuing the diverse backgrounds, experiences, and perspectives each student brings. They are also dedicated to learning from students, meeting individually or in groups when requested, and remaining accessible in person, via Zoom, and by email.

Course Outline and Readings

<aside> 💡

All course materials are available on the Modules page in Canvas.

</aside>

I. Social Objectives

#1 Well-Being and Quality of Life (Time to read: ~ 40 minutes)

• Acemoglu, Daron. Chapter 1.1-1.5 in Introduction to Modern Economic Growth. Princeton University Press, 2008, 3-15.
• 1.2. Measuring income and living standards in https://core-econ.org/the-economy/v1/book/text/01.html#12-measuring-income-and-living-standards