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II. B. Command Economy aka Communism Ch 2 section 2
Due to great suffering of workers in laissez-faire industrial economies in the mid 1800s, philosopher Karl Marx advocated a world-wide workers rebellion. Workers of the world unite! You have nothing to lose but your chains!
In many countries (Soviet Union, China, etc) workers rebelled and created a government based on equalitya classless society. Government took control of economy and the four factors of production.
To ensure equality, they abolished private ownership and entrepreneurship.
Government took charge of business, and created monopolies for ease of management, run by far away bureaucracies (government agencies).
House Un-American Activities Committee (HUAC)
Due to the inefficiency of government control and an absence of the market pillars, command economies are in great decline.
Warm Up Get a Text book E. Napp. A Centrally Planned Economy In this lesson, students will identify characteristics of a centrally planned economy. Students.
Chapter 2: Economic Systems Section 3. Slide 2 Copyright © Pearson Education, Inc.Chapter 2, Section 3 Objectives 1.Describe how a centrally planned economy.
Questions for Reflection: Who was Adam Smith? How does a free market economy differ from a traditional economy? Define Laissez-faire. How does the market.
Capitalism, Socialism & Communism Comparison Activity
Theories of Karl Marx. Who was Karl Marx? Marx-German philosopher who developed ideas about the way to solve problems in society caused by the Industrial.
Capitalism vs. Socialism
Types of Economies Chapter 26 Section 2. Market Economies In a pure market economy, decisions are made in free markets by the interaction of supply and.
Economic Systems Economic system – way in which a nation uses its resources to satisfy its people’s needs and wants.
The factory workers of the early Industrial Revolution were
Capitalism, Socialism, and Communism
Introduction to Business, Economic Resources and SystemsSlide 1 of 60 Making Decisions About Production No society has enough productive resources available.
Command Economy Chapter 2 Section 3 Basic Definition & Characteristics Chief Characteristic: High level of government involvement in the economy Centrally.
Karl Marx & The Communist Manifesto
Capitalism and Socialism Or Free Market System and Command Economies.
An Age of Reform As industrialized nations grew, many felt that governments should stay out of business’ affairs. While others felt that governments should.
ChapterEconomic Systems Section 3 Objectives 1.Describe how a centrally planned economy is organized. 2.Distinguish between socialism and communism.
Political and Economic Analysis
Economics Chapter 2 Section 3.
Political and Economic Analysis. What is an Economy? -- Ch 3 Sec. 1 What is meant by the term economy The factors of production The concept of scarcity.
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