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Communism vs. Capitalism

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by

Scott DesBois

on 19 February 2014

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Transcript of Communism vs. Capitalism

Capitalism vs. Communism
Compare and contrast the experiences of a laborer and a Captain of Industry in the Industrial Revolution?
1917, Russia has a bloody revolution
Rising of working class majority against the wealthy elite gov't

Working Class majority overthrows gov't & instates new form of Gov't called:
Communism
Communism
Idea evolved from philosophers Karl Marx & Friedrich Engels

Wrote Communist Manifesto (1848)
Outlined flaws of Capitalism & predicted one day workers would overthrow.
1. Gov't owned all land, property, & business

2. A single political party controlled the gov't

3. Needs of the country always took priority over rights of the individuals
Traits of Communism
Adam Smith
often credited as Capitalism's founding father

Wrote- "Wealth of Nations"

Outlined how countries build wealth and the best way to do so.
Traits of Capitalism
An Economic system that believes in:

Individual ownership & competition

Laissez faire (hands off style of gov't)
In regards to business

Success is dependent on the individual
Communism
Capitalism
1. Gov't owned all land, property, & business

2. A single political party controlled the gov't

3. Needs of the country always took priority over rights of the individuals
1. Individual ownership & competition

2. Laissez faire (hands off style of gov't) In regards to business

3. Success dependent on the individual
Capitalism
Whats good about Capitalism
Freedom, choice, PRIVATE Ownership!
You can:
" Work wherever
" Buy whatever
" Pretty much do whatever!
If you’re successful, you can be very successful…
! Think Bill Gates
Whats bad about Capitalism
No “Safety Net”!
If you are unsuccessful you can be Very unsuccessful
poverty
Big gap between rich & poor
Security
basic needs are met
Everyone would have what they need no matter what
Job, house, health care, etc.
Whats good about Communism?
No incentives
Not rewarded for being a hard worker or punishment for slacking
Lack of Choice
Government decides:
What is going to be made
Who is going to make it
Who is going to get it
Whats bad about Communism?
Full transcript