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Communism & Capitalism. Opposing economic theories Differences magnified during the Industrial Revolution Inspired governmental and political rivalries throughout the world. Communism.

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communism capitalism
Communism & Capitalism
  • Opposing economic theories
  • Differences magnified during the Industrial Revolution
  • Inspired governmental and political rivalries throughout the world
communism
Communism
  • “An economic system in which all means of production – land, factories, railroads, and businesses – are owned by the people, private property does not exist, and all goods and services are shared equally”
karl marx
Karl Marx
  • The Communist Manifesto 1848
  • Radical Socialism
  • Predicted that the workers would someday REVOLT against the wealthy
  • Capitalism would destroy itself
marxism
Marxism
  • Eventually a complete form of Socialism would arise
  • Total public ownership of means of production
  • No private Property
  • A classless society
capitalism
Capitalism
  • “An economic system in which money is invested with the goal of making more money (profit).”

“One million dollars!”

adam smith
Adam Smith
  • The Wealth of Nations - 1776
  • Free-market Capitalism
  • An “invisible hand” would guide the economy
  • Laissez-faire – gov’t s/b hands-off
the industrial revolution
The Industrial Revolution
  • IR is driven by Capitalism
  • Inequities created by IR create an ideological GAP btwn CAP & COMM
slide8

Read Communist Manifesto

and Adam Smith

Venn diagram