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Communism, Capitalism, & Socialism

Communism, Capitalism, & Socialism. Capitalism – Whose idea(s)?. Adam Smith Thomas Malthus David Ricardo. CAPITALISM – WHAT BOOK?. The Wealth of Nations, by Adam Smith Laws of self interest, competition, supply and demand An Essay on the Principle of Population , by Thomas Malthus

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Communism, Capitalism, & Socialism

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  1. Communism, Capitalism, & Socialism

  2. Capitalism – Whose idea(s)? • Adam Smith • Thomas Malthus • David Ricardo

  3. CAPITALISM – WHAT BOOK? • The Wealth of Nations, by Adam Smith • Laws of self interest, competition, supply and demand • An Essay on the Principle of Population, by Thomas Malthus • Population will grow faster than the food supply • Principles of Political Economy and Taxation, by David Ricardo • Population growth = unemployment and low wages

  4. Pure Capitalism – Definition • ALL property is owned by PRIVATE individuals or COMPANIES! • Government SHOULD NOT interfere with the way in which individuals run their businesses

  5. Capitalism – level of government intervention • Pure Capitalism: Little to NONE (Free Market) • Capitalism: Half & Half (Mixed Market)

  6. Socialism & Communism – whose ideas? • Karl Marx- Communist • “Haves” vs. “Have Nots” • Robert Owen- Socialist • Competition caused problems

  7. Communism – what book? • The Communist Manifesto (Marx)

  8. Social & Communism – Definition • Socialism (Economic System) • Proletariat seizes control of and produces what society needs • Social Classes • Government SHOULD regulate business to protect the workers and the consumers • Pure Communism (Economic AND Political System) • COMPLETE socialism…no social classes • Government owns everything • All goods, services, and profits shared equally

  9. Pure Communism – Level of Government intervention? • Complete • The government IS the people • The government IS the public • “Dictatorship of the proletariat”

  10. Pizza Anyone?

  11. The Ultimate Price? • The Ultimate Price?

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