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THE 5 “ISMs”

THE 5 “ISMs”. Economic Systems. A country’s farms, factories, and businesses are owned and controlled by individuals and private businesses. Adam Smith – Father of Capitalism Wealth of Nations -1776 Laissez -faire. CAPITALISM. Capitalism - Upside.

julian-murphy
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THE 5 “ISMs”

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  1. THE 5 “ISMs” Economic Systems

  2. A country’s farms, factories, and businesses are owned and controlled by individuals and private businesses. Adam Smith – Father of Capitalism Wealth of Nations -1776 Laissez -faire CAPITALISM

  3. Capitalism - Upside • Based on competition, profits, and self-interest • An individual can start a business and make a profit • “Private Enterprise” • “Free Enterprise” • “Free Market”

  4. Capitalism - Downside • Unbridled (unchecked) capitalism produced major problems • Unemployment, poverty, class conflict, and economic depressions • Eventually solved by “Social Democracy”

  5. The country’s farms, factories, and businesses are totally owned and controlled by the government. Karl Marx and Frederick Engels Communist Manifesto – 1848 All history was a history of class conflict! COMMUNISM

  6. Communism • Feudalism gave rise to the bourgeoisie (business class) which overthrew the feudal lords. • Captialism gave rise to the proletariat (working class), which would overthrow the capitalists. • Capitalism was doomed • As capitalists grew richer, they spread misery among the poor

  7. Communism • One day, workers would become aware of their political and economic power. • They would overthrow the system and become the ruling class. • Private property is the root of all evil. • Workers would abolish all classes and there would be a classless society.

  8. Marx love the French Revolution • Envisioned a bloody revolution (1789) • Begins with a class struggle (the Bastille) • Run by a handful of men (Robespierre and CoPS) • Annihilate the capitalist class (guillotine) • End all private property (Rousseau)

  9. Greek – “no place” An imaginary place with an ideal government and economic system. Robert Owen New Lanark – textile mill village Improved living conditions Experiment Failed Believes in impossibly idealistic schemes of social perfection UTOPIANISM

  10. SOCIALISM • There is public ownership of basic industries…communityor the state = ownership • Factors of production operate for the welfare of all. • Capitalism creates unequal distribution of wealth • Better to distribute goods according to each person’s need

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