WH15A

The Wealth of Nations ADAM SMITH “The INVISIBLE HAND” &

Adam Smith He is widely cited as the “father of modern economics and capitalism”capitalism

The Wealth of Nations First published in 1776, it is a reflection on economics at the beginning of the Industrial Revolution and argues that free market economies are more productive and beneficial to their societies. economicsIndustrial Revolution

INVISIBLE HAND Terms used by Adam Smith to describe the Natural Force (Self Interest) that guides Free Market Capitalism through Competition.

According to Adam Smith, in Free Market Capitalism, each participant will try and maximize self interest, leading to exchanging of goods and services, and better off than just producing for themselves.

Adam Smith also said, No government regulation of any type would be needed. Acceptable trade takes place because the “invisible hand” (Self Interest) will guide persons to trade in the best way.

Name a business that exists because of Adam Smith’s idea of the INVISABLE HAND. Heres mine – Southeastern Expeditions – Cupboard Café – Manriques – La Cabana – Mamma G’s – Reeves – Louie’s on the Lake – YOUR TURN, SEE IF YOU CAN NAME MORE THAN 20 CAPITALISTS BUSINESSES… Go!

KARL MARX & The COMMUNIST MANIFESTO

Karl Marx (May 5, 1818 – March 14, 1883) His ideas played a significant role in the development of modern communism and socialism.communism

COMMUNISM a movement that aims for a classless society structured upon communal ownership of the means of production and the end of wage labour and private property...

The President of China came to visit Obama in the White House. He did not know how to speak English. His partner told him that when you meet Obama first say “hello”, then he will say hello too.Then say “How are you?” He will say ” I am fine”.Then say “Me too”.His partner said that the rest your translator will say. When he went to talk to Obama,he said “Hello” and Obama said Hello too.Then Hu Jinato,except of saying how are you,he said “Who are you?”Obama replied “I am Michell’s husband and the President of America.” Hu then replied “Haha Me too.” There was a minute of silence after the talk in the room.

SOCIALISM a theory wanting public or common ownership and cooperative management of the means of production and allocation of resources....

CLASS STRUGGLE Marx summarized his approach in the first line of chapter one of The Communist Manifesto published in 1848: "The history of all existing societies is the history of class struggle.The Communist Manifestoclass struggle

Capitalism’s Destruction! Karl Marx argued that capitalism would inevitably produce internal tensions which would lead to its destruction.

Who do you like better? The CAPITALIST, ADAM SMITH. Or the COMMUNIST/ SOCIALIST, KARL MARX? Explain why?