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Exploring "THE 5 ISMs" - Capitalism, Communism, and More

Dive into the economic systems with private enterprises, government control, and social welfare concepts of Capitalism, Communism, Utopianism, and Socialism. Learn about the ideologies, origins, and impacts of these systems in shaping societies.

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Exploring "THE 5 ISMs" - Capitalism, Communism, and More

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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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