. 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. ID: 460486 Download Presentation
Download Presentation - The PPT/PDF document "Capitalism," is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Presentation on theme: "Capitalism,"— Presentation transcript:
“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
– an economic system based on
ownership and on the investment of money in business ventures in order to make a
Adam SmithUniversity professor in ScotlandSupported CapitalismWrote “The Wealth of Nations”
Businesses compete with each other for the consumer’s money.
Each business tries to provide goods and services that are
than their competition.
A market economy aims to produce the
Supply and Demand
Supply and Demand
Government should not interfere in the economy.
– letting owners of industry and business set working conditions without interference
No government regulations, such as minimum wage laws
Competition led to progress
Unequal distribution of wealth led to social unrest
“From each according to his/her ability, to each according to his/her work."
– an economic system in which the
factors of production
are owned by the
and operate for the welfare of all.
Government actively regulates the economy
Controls major industries and resources.
“The worker of the world has nothing to lose, but their chains, workers of the world unite.” - Marx
“From each according to his/her ability, to each according to his/her need."
– an economic system in which
means of production are owned by the people,
private property does not exist
, and all
goods and services are shared equally
Karl MarxGerman journalistRadical SocialistWrote “The Communist Manifesto”
Friedrich EngelsSon of a wealthy German textile entrepreneur Radical SocialistCo-Wrote “The Communist Manifesto” and “Das Capital”
In many ways, Communism was a reaction to the Industrial Revolution and Capitalism
The Industrial Revolution intensified class struggle (rich vs. poor)
“Haves” take advantage of “Have-Nots” (proletariat)
Workers are exploited by employers
The labor of workers profits employers
Marx and Engels called for workers of the world to unite and overthrow the rule of the rich.