1. CAPITALISM
SOCIALISM
&
COMMUNISM

2. Laissez-Faire Economics
AKA:
PROMOTED BY:
► The Industrial Revolution (good thing) occurred without government interference…so let’s keep
a good thing going!
Capitalism…”Free to do” or “hands off” economics
Adam Smith

3. FREEDOM TO IMPROVE YOURSELF!
Laissez-Faire Economics
► The poor have the opportunity to (and should) improve their own lives through:
● hard work
● thrift (saving and careful spending)
● having fewer children
FREE MARKET CAPITALISM =
FREEDOM TO IMPROVE YOURSELF!

4. LAISSEZ-FAIRE THEORIES
CAPITALISM
LAISSEZ-FAIRE THEORIES
PROMOTE
INDIVIDUAL FREEDOMS!

5. SOCIALISM VIEWS OF CAPITALISM ● evil
● creates divisions between rich and poor

6. CAPITALISM IS
EVIL

7. SOCIALISM
SOLUTION:
People as a whole own the means of production; wealth should be distributed more evenly among society
Means of Production = farms, factories, railways, and other large factories that produce and distribute goods.

8. "Scientific Socialism" Communism Karl Marx wow, what a beard! AKA:
► lived in London for 30 years
during early industrial conditions
► His version of socialism
was based on a study
of history
Communism
Karl Marx
wow, what a beard!

9. The Communist Manifesto
COMMUNISM
His ideas were recorded in:
Written by: Marx and
Friedrich Engels
Communism: Class struggle between employers and employees is inevitable
GOAL: create a classless society through socialism!
The Communist Manifesto

10. Marx's Communism VS Proletariat
History is a class struggle between the
“HAVES” and the “HAVE-NOTS”
BOURGEOISIE PROLETARIAT
►END: __________would triumph!
► Take control of means of production and create a classless (communist) society VS
Proletariat

11. COMMUNISM TODAY
1900s = Communism loses much of its appeal in the West when the standard of living of the working class improves; it is mostly distorted into totalitarian dictatorships around the world.

12. In short…