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CapitalismCapitalism
An economic system based on private ownership of land,
businesses, factories, railroads, etc. that are used to
produce a profit.
An economic system based on private ownership of land,
businesses, factories, railroads, etc. that are used to
produce a profit.Usually associated with democracy.
Usually associated with democracy.
Thomas MalthusThomas Malthus
Adam SmithAdam Smith
Herbert SpencerHerbert Spencer David
RicardoDavid
Ricardo
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Adam SmithAdam Smith
• Wrote Wealth of Nations
• Wrote Wealth of Nations• believed in laissez-faire
• believed in laissez-faire
“Capitalism at its Best”
“Capitalism at its Best”
hard work hard work
bigger businessbigger business
more jobsmore jobs
more workersmore workers
competitioncompetition
• “Father of Capitalism”
• “Father of Capitalism”
profitprofit
more goods producedmore goods produced
people do their bestpeople do their best
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Herbert SpencerHerbert Spencer
• economic “survival of the fittest”
• economic “survival of the fittest”
• believed in laissez-faire
• believed in laissez-faire
Social Darwinism Social Darwinism
• the government must let the “unfit” (the weak, lazy, stupid)…die off
• the government must let the “unfit” (the weak, lazy, stupid)…die off
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CapitalismCapitalismPositivesPositives
• higher standard of living
• higher standard of living• lowest taxes of the 3
• lowest taxes of the 3
• competition = better quality
• competition = better quality• social mobility• social mobility
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CapitalismCapitalismNegativesNegatives
• will always have the poor
• will always have the poor• will always have unemployment
• will always have unemployment
• gap between rich and poor
• gap between rich and poor
• exploitation of workers
• no social safety net("survival of the fittest")
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SocialismSocialism
An economic system in which government has
ownership and control of parts of society (usually
factories and major businesses)...
An economic system in which government has
ownership and control of parts of society (usually
factories and major businesses)...…for the good of
the people.…for the good of the people.
Robert Owen
Robert Owen
Charles FourierCharles Fourier
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SocialismSocialism
PositivesPositives
• government takes care of education, health care, elderly, etc.
• government takes care of education, health care, elderly, etc.
• less gap between the rich and poor
• less gap between the rich and poor
• less unemployment• less unemployment
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SocialismSocialismNegativesNegatives
• high taxes• fewer choices• less incentive
• what if the government is corrupt?
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CommunismCommunism
An economic system in which all property, land,
businesses, factories, railroads, etc. belong to the
people...
An economic system in which all property, land,
businesses, factories, railroads, etc. belong to the
people...
(“Theoretical or Ideological”)
(“Theoretical or Ideological”)
…for the good of the people.
…for the good of the people.
Friedrich Engels
Friedrich Engels
Karl MarxKarl Marx
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Karl MarxKarl Marx
• capitalism = exploitation
• capitalism = exploitation
• the people should control property & means of production
• the people should control property & means of production
• class struggle:• class struggle:
Friedrich EngelsFriedrich Engels
bourgeoisie vs. proletariatbourgeoisie vs. proletariat
• religion = tool for oppression
• religion = tool for oppression
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violent revolution needed
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“Let the ruling classes tremble at a Communist revolution.
- Karl Marx and Friedrich Engels, Communist Manifesto
The proletarians have nothing to lose but their chains.
They have a world to win. Workers of the world unite!”
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A classless society in which
people share equally in the work and the
wealth.
Result:
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Marxism:Marxism:
workers lead a violent revolution workers lead a violent revolution capitalism falls capitalism falls
brief “socialist phase” to prepare proletariat ("dictatorship of the proletariat")
brief “socialist phase” to prepare proletariat ("dictatorship of the proletariat")
true communist societytrue communist society
(a.k.a. “theoretical communism”):
(a.k.a. “theoretical communism”):
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Historical Communism:Historical Communism:
workers lead a violent revolution workers lead a violent revolution capitalism falls capitalism falls
DICTATOR needed for a TRANSITIONAL
phase
DICTATOR needed for a TRANSITIONAL
phase
true communist society
true communist society
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CommunismCommunism
A political and economic system in which
government controls every aspect of life (i.e.
business, education, religion, press, housing, size of families, music,
etc.)
A political and economic system in which
government controls every aspect of life (i.e.
business, education, religion, press, housing, size of families, music,
etc.)
HistoricalHistorical
An extreme form of socialism.
An extreme form of socialism.Vladimir
LeninVladimir
Lenin
Joseph Stalin
Joseph Stalin
Mao Tse-Tung
Mao Tse-Tung
Kim Jong-ilKim Jong-il
Nicolae Ceacsescu
Nicolae CeacsescuFidel
CastroFidel
CastroPol PotPol PotHo Chi
MinhHo Chi Minh
Richard Martin
Richard Martin
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CommunismPositivesPositives
• no homeless
• 100% employment
• no gap between rich and poor
• stability
• no exploitation of workers
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CommunismCommunismNegativesNegatives
• true communism has never existed
• limited freedom• little incentive• shortages or poor quality
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Working it out: 3 economic systems
Create a brochure advertising the benefits and wonders of one of the three
economic systems......CapitalismSocialism
CommunismBe creative...include factual details and visuals to make it look appealing and "sell" the system you
choose!