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Capitalism, Socialism, and Communism. Capitalism. “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. Capitalism.

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capitalism

Capitalism

“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

capitalism1
Capitalism
  • Capitalism – an economic system based on private ownership and on the investment of money in business ventures in order to make a profit.
capitalism2
Capitalism
  • Adam Smith
    • University professor

in Scotland

    • Supported Capitalism
    • Wrote “The Wealth of Nations”
capitalism3
Capitalism
  • Ideas:
    • Businesses compete with each other for the consumer’s money.
    • Each business tries to provide goods and services that are better and less expensive than their competition.
capitalism4
Capitalism
  • A market economy aims to produce the bestgoods at the lowest prices.
    • Supply and Demand
capitalism5
Capitalism
  • Government should not interfere in the economy.
    • Laissez faire
capitalism6
Capitalism
  • Laissez faire – letting owners of industry and business set working conditions without interference
    • No government regulations, such as minimum wage laws
capitalism7
Capitalism
  • Positive Effects:
    • Competition led to progress
  • Negative Effects:
    • Unequal distribution of wealth led to social unrest
socialism1
Socialism
  • Socialism – an economic system in which the factors of production are owned by the public and operate for the welfare of all.
socialism2
Socialism
  • Government actively regulates the economy
    • Controls major industries and resources.
communism

“From each according to his/her ability, to each according to his/her need."

Communism

“The worker of the world has nothing to lose, but their chains, workers of the world unite.” - Marx

communism1
Communism
  • Communism – an economic system in which all means of production are owned by the people, private property does not exist, and all goods and services are shared equally.
communism2
Communism
  • Karl Marx
    • German journalist
    • Radical Socialist
    • Wrote “The Communist Manifesto”
communism3
Communism
  • Friedrich Engels
    • Son of a wealthy German textile entrepreneur
    • Radical Socialist
    • Co-Wrote “The Communist Manifesto” and “Das Capital”
communism4
Communism
  • In many ways, Communism was a reaction to the Industrial Revolution and Capitalism
communism5
Communism
  • The Industrial Revolution intensified class struggle (rich vs. poor)
    • “Haves” take advantage of “Have-Nots” (proletariat)
communism6
Communism
  • Workers are exploited by employers
  • The labor of workers profits employers
communism7
Communism
  • 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
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