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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.

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Communism & Capitalism

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

  2. 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”

  3. Karl Marx • The Communist Manifesto 1848 • Radical Socialism • Predicted that the workers would someday REVOLT against the wealthy • Capitalism would destroy itself

  4. Marxism • Eventually a complete form of Socialism would arise • Total public ownership of means of production • No private Property • A classless society

  5. Capitalism • “An economic system in which money is invested with the goal of making more money (profit).” “One million dollars!”

  6. 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

  7. The Industrial Revolution • IR is driven by Capitalism • Inequities created by IR create an ideological GAP btwn CAP & COMM

  8. Read Communist Manifesto and Adam Smith Venn diagram

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