Presentation on theme: "II. B. Command Economy aka Communism Ch 2 section 2."— Presentation transcript:
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.