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All about adam smith. Father of Capitalism. What book did he write?. Inquiry into the Nature & Causes of the Wealth of Nations ( a.k.a …The Wealth of Nations. What were his ideas on trade?. -pro free trade -against mercantilism. What were his ideas on self- Interest?.

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all about adam smith

All about adam smith

Father of Capitalism

slide2

What book did he write?

Inquiry into the Nature &

Causes of the Wealth of Nations

(a.k.a…The Wealth of Nations

slide3

What were his ideas on trade?

-pro free trade

-against mercantilism

slide4

What were his ideas on self-

Interest?

  • Invisible hand guides economy
  • Each individual maximizes his
  • own benefit
slide5

What were his ideas on

Government?

-limited involvement in economic

affairs

-protect against monopolies

-provide public services

slide6

What were his ideas on labor

Productivity?

-specialization

slide7

Who/What did his ideas

Influence?

  • Founding fathers of U.S.
  • British trade policy in 18th century
slide8

What are the strengths of his

Ideas?

  • Competition leads to efficiency
slide9

What are the weaknesses of

His ideas?

-abuses developed during the

Industrial Revolution

-exploitation of workers

slide11

What books did he write?

-Communist Manifesto

-Das Kapital (economic theories)

slide12

Proletariat:

-poor working class

Bourgeoisie:

- Wealthy factory owners - capitalists

slide13

What problems did Marx

Believe capitalism caused?

-oppression to workers

-workers exploited & wages kept

Low by greedy factory owners

slide14

What did Marx believe about

Class in society?

  • Class struggle exists
  • Class is determined by ownership
  • of property
  • -rich get rich & poor get poorer
  • -wanted classless society – all equal
slide15

What stages must society go

Through to reach the ideal state

Of Communism?

-greater suffering for workers &

More wealth for capitalists

-lead to violent revolution & workers

Would win

slide16

-need authoritarian gov’t at first,

Then classless society would form

& no gov’t would be needed

slide17

Who/What did his ideas

Influence?

  • Lenin & Stalin
  • Russian Revolution (1917)
  • Chinese Communist Revolution
  • (1949)
slide18

What are the strengths of his

Ideas?

-workers would be valued more

slide19

What are the weaknesses of his

Ideas?

  • Wages were increased over years,
  • not lowered
  • Communism never worked in
  • practice – still led to corruption
  • & oppression