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Communism, Socialism, & Capitalism

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Catherine Natale

on 26 January 2018

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Transcript of Communism, Socialism, & Capitalism

Communism, Socialism, & Capitalism
Let's watch and compare to what we now know!
Viewpoint of:
Karl Marx & Friedrich Engels =
"The Communist Manifesto"
Viewpoint of:
Adam Smith -
"The Wealth of Nations"
Private ownership of industry
Students started with their own "capital"
Freedom of competition
Students played Rock, Paper, Scissors
Results = unequal economic classes
Some students won, some lost
Characteristics of Capitalism:
Government ownership of industry
Teacher collected "capital"
Goal = bring economic equality
Teacher redistributed "capital" equally
Aims for a classless society
Students now have the same amount of candy
Characteristics of Socialism:
Goal = classless society
Students had all "capital" taken away
Teacher could choose to share "capital" to keep students "happy/content" based on necessity
No government needed
Teacher no longer needed to supervise
Students no longer wanted to play in fear of risking and losing it all
Keep it & stay "happy"
Characteristics of Communism:
Economic System based on 3 things:
Wage labor (working for a wage)
Private ownership of the means of production (factories, machinery, farms, offices, etc.)
Production for exchange and profit (pay for what you get)
Some people own various means of production (capital), most of us don't
in order to survive = we sell our ability to work in return for a wage
Government Involvement:
"Laissez-Faire" = Let it be or Hands off!!
Capitalism = opposed to government intervention in economics (inefficient)
Believe that a Free Market produces the best economic outcome for a society
Gov't should not pick winners/losers
Division of Labor
Free Trade
Limits on
Government Intervention
Economic system where means of production ($$) are owned by the state (gov't) or public

Under a Socialist system:
Everyone works for wealth
That wealth (profit) is then distributed to everyone
Everyone works for their own good and the good of everyone else
The government decides how wealth is distributed among the people
You work for
What is good for one, is good for ALL
*Gov't provides for the people

*Higher taxes

EXTREME form of Socialism
BOTH a political/governmental system AND an economic system
Socialism vs. Communism
- Goods and services are distributed based on individual efforts (ex: paying taxes)

- Capitalism CAN exist
- Distribution of goods and services takes places according to the individuals needs

- Capitalism CANNOT exist
German economist, philosopher, and revolutionist
The Communist Manifesto
, Marx declares that all history was the history of class struggles
Under Capitalism, the struggles between the working class and the business class would end in a new society - a Communist one
Full transcript