1. WHII: SOL 9b
Economic Ideologies

2. Capitalism Adam Smith’s The Wealth of Nations
Role of market competition and entrepreneurial abilities
Stress on individual freedoms
“Laissez-faire”- free market
No government interference

3. Capitalism
Impact on standard of living and the growth of the middle class
Dissatisfaction with poor working conditions and the unequal distribution of wealth in society
Other capitalist opposed any gov’t. interference as well. They believed that the best cure for poverty was not governmental relief but for people to improve their situation through thrift, hard work, and limiting the size of their families

4. Socialism
Robert Owen
The people as a whole, rather than private individuals would own and operate the “means of production”- factories, railways, farms and other large businesses
Owen set-up a model community in New Landmark, Scotland
“Utopian society”- equal share in the work, equal share in the profits

5. Communism
Karl Marx’s The Communist Manifesto (written with Friedrich Engels) and Das Kapital (motivating force of capitalism is the exploitation of the work force)
Communism refers to a class struggle that results in a classless society where all “means of production” would be owned by the community

6. Communism
The history of class struggles is between the “haves” and the “have-nots”
Economics is the driving force in history
Response to the injustices of capitalism
Importance to communists of redistribution of wealth*
Later, in practice, came to mean that the state controls the means of production for the benefit of the community

7. For thought…. Why was communism developed?
Why does communism exists in some countries today?
Why a country might turn away from communism?
What are some key difference between capitalism and communism?
How are socialism and communism alike?