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Laissez Faire – Free Market, unregulated by gov’t Wealth of Nations Law of self-interest – People work for their own good Law of Competition – Comp forces people to make a better product Law of Supply and Demand – Enough goods would be produced at lowest price to meet demand Factors of production are privately owned and $ is invested to make profit Ideas brought on Industrial Revolution Why? Gov’t should promote greatest good for greatest number of people Try to help ordinary working people John Stuart Mill Gov’t should plan economy Control factories, mines, RRs Communist Manifesto Future according to Marx Final Phase = Communism Everything owned by the people – all goods spread equally No private property Inspired Lenin, Mao Zedong, Fidel Castro Capitalism Socialism ___________ and _________ own _______________or the _________ property and means of production owns property and the means of production Progress results when Progress results when ___________ ____________________________ _____________________________ _____________________________ Businesses follow their own self- Socialists believe capitalists take interest by competing for advantage of workers consumer’s $...________________ Consumers compete to buy the Capitalism creates _____________ ___________ at ______________. _______________. Should distribute ______________ shapes market based on each person’s need Gov’t _______________in _______________________is _______________, b/c competition _____________. Need a better creates efficiency system for distributing goods to meet needs.
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