1. Theory
Proponents
How it would work?
Capitalism
Adam Smith
Free market governed (not by the government) by the laws of supply and demand which set prices and wages. Within this system individuals are free to use their private property to purse private profit.
Utopianism
- a type of socialism
Robert Owen
Communities collectively solve their social and economic problems and inequalities – eg. New Harmony
Socialism
Society controls/owns the means of production in order to meet the basic needs of the people.
Communism
Karl Marx
Worker’s seize control of the means of production and the government through revolution establishing a worker controlled government and a command economy.