Image Source: http://iconbronze.com/Booker%20T%20Washington%20Bronze%20Statue%20Monument.htm. One of the foremost leaders of the African-American community, Booker T. Washington was a great educator and orator who founded the Tuskegee Normal and Industrial Institute in Alabama, now known as the Tuskegee University.
Private property. In a capitalist economy, people have rights to the fruit of their labor and whatever other property they acquire through legal means. Property includes a person's life (we own our own bodies) and liberty as well as physical possessions. Alienable property--possessions--can be sold or leased to others.
Macroeconomic Policies in an Open Economy. 1. Keynesian Model of a Closed Economy. Classical economists assumed that economies would operate at the full employment level because prices and wages are flexible. (e.g., the oil price reached the peack of $145 in July 2008, but fell below $40 in 2015.)