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Communism, Socialism, and Capitalism
Transcript of Communism, Socialism, and Capitalism
All workers are exploited by employers
The labor of workers profits employers
Government actively regulates the economy
Controls all major industries and resources.
Competition led to progress
Unequal distribution of wealth led to social unrest
Government should not interfere in the economy.
A.K.A. Laissez faire
A market economy aims to produce the best goods at the lowest prices.
The Law of Supply and Demand
Businesses compete for consumer.
Try to provide goods and services that are better and less expensive than the competition.
Capitalism – an economic system based on:
the investment of money in business ventures to make a profit.
“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” - Smith
Marx and Engels called for workers of the world to unite and overthrow the rule of the rich.
Wealth would be redistributed
Classes and private property would cease to exist.
Communism was a reaction to the Industrial Revolution and Capitalism
The Industrial Revolution intensified class struggle (rich vs. poor)
“Haves” (bourgeoisie) take advantage of “Have-Nots” (proletariat) -- according to Marx
Wrote “The Communist Manifesto”
Communism – an economic system in which:
all means of production are owned by the people
private property does not exist
all goods and services are shared equally.
“From each according to his/her ability, to each according to his/her need."
“The worker of the world has nothing to lose, but their chains, workers of the world unite.” - Marx
Socialism – an economic system in which:
factors of production are owned by the public
operate for the welfare of all.
“From each according to his/her ability, to each according to his/her work."
Laissez faire – letting owners of industry and business set working conditions
No government regulations, such as minimum wage laws
Wrote “The Wealth of Nations”
Reactions to Industrial Society