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Capitalism vs. Socialism

Brief overview

Jeff Reznichek

on 24 October 2012

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Transcript of Capitalism vs. Socialism

Capitalism vs. Socialism Capitalism An economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Adam Smith believed in free economy and free markets
Wealth of Nations by Smith: economic liberty guaranteed economic progress Malthus & Ricardo founded laissez-faire capitalism
Malthus/Smith/Ricardo: Anti government involvement anti working condition laws, wage laws…it will upset free market and cause profit to fall Economic system where money is invested in business ventures with the goal of making a profit Monopoly A specific person or enterprise is the only supplier of a particular commodity
Characterized by a lack of economic competition to produce the good or service Modern-day monopoly
The DeBeers company Corporation corporations are recognized by the law to have rights and responsibilities like natural persons ("people").
Corporations can exercise human rights against real individuals and the state, and they can themselves be responsible for human rights violations.
Corporations can even be convicted of criminal offenses, such as fraud and manslaughter. However corporations are not considered living entities in the way that humans are. Socialism Optimistic view of human nature
Belief in progress
Concern for social justice
Government should actively plan the economy & not depend of a free market system
Government should control factories/mines/railroad
Abolish slavery
Promote equality
Public ownership of business Marxism Karl Marx and Friedrich Engels write "The Communist Manifesto"
Marxists believe that the transition from capitalism to socialism is an inevitable part of the development of human society
Marxists believe that a socialist society will be far better for the majority of the populace than its capitalist counterpart.
Marxist work towards a classless stateless moneyless society by first creating a socialist state, which represents the PROLETARIAT Communism Characterized by state ownership of productive resources.
A planned economy
Sweeping campaigns of economic restructuring
Nationalization of industry and land reform (often focusing on collective farming or state farms.)
Strong government in which decisions are made by the ruling Communist Party. Modern-day Monopoly: DeBeers Diamond Co. Robert Owen Refused child labor
Encouraged labor unions
Fought for better lives for workers
Built housing for his employees Means of Production Farms, factories, railways, and other large businesses that produced and distributed goods
Under socialism, people as a whole would operate businesses, not individuals Utopianism Self-sufficient communities
Everyone was equal
Work and property was shared
The name implies that they were impractical dreamers Failures of Marxism Marx claimed his ideas were based on scientific laws but the assumptions which he based his theory were wrong
Predicted the misery of the proletariat would lead to world revolution
By 1900's efforts to reform led to improved conditions for the working class
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