Capitalism Vs. Socialism

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Capitalism Vs. Socialism Powered By Docstoc
					   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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posted:3/6/2013
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