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Capitalism, Socialism, and Communism

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Eddie Walsh

on 10 April 2013

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Transcript of Capitalism, Socialism, and Communism

Socialism Capitalism Ideology: a system of ideas and ideals, especially one that forms the basis of economic or political policy Communism Comparison Other Key Terms from the DBQ enigma: an unsolvable problem

bolshevik: member of Communist Party, participant in the Russian Revolution

tsar/czar: Russian ruler

Cold War: period of high tension between the USA and USSR between 1945 and 1991

proletariat: member of the working class

bourgeoisie: member of the middle class Capitalism, Communism, & Socialism Definition: (free-market system) an economic system based on the private ownership of the means of production and distribution of goods, characterized by a free competitive market and motivation by profit Who decides what is produced/how much is produced?
You do! The demand from consumers influences production

Who decides how much things will cost?
You! If many consumers want an item, its price will go up.

*The supply of resources also influences price and what/how much is produced (in all 3 ideologies) Pros: Cons: What does ideal mean? -competition leads to efficient production and new technology
-economic growth can be achieved more rapidly
-raises the overall all standard of living
-allows more entrepreneurship
-resources can be used more efficiently
-no better alternative -fails to provide equality of opportunity (ex: some are born into privileged/rich classes while others are born into poor classes)
-increases social division
-private ownership can lead to monopolies
-public goods can be ignored (ex: education, social welfare, roads, etc) Which cartoon portrays capitalism in a positive way? Which does so in a negative way? Definition: A political and economic theory of that advocates that the means of production, distribution, and exchange should be owned or regulated... Pros: Cons: -public education, housing,
healthcare, & welfare improve
the standard of living and reduce
income inequality
-more likely to allow multiple
political parties -high taxes
-big government
-less entrepreneurship
-fewer "rags-to-riches" stories Which cartoon portrays socialism in a positive way? Which does so in a negative way? Who decides what is produced/how much is produced?
You and the government.

Who decides how much things will cost?
You and the government..again!

*Your wants are supposed to align with the needs of society as a whole. Definition: A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and... Who decides what is produced/how much is produced?
The government decides what is best for the population

Who decides how much things will cost?
The government again. Pros:
-no social class divisions
-income inequality doesn't exist Cons:
-usually requires violent revolution
-no entrepreneurship
-tends to lead to a totalitarian state
-majority needs over rule minority rights Which cartoon portrays communism in a positive way? Which does so in a negative way?
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