And How They Affect Governments

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And How They Affect Governments

Presentation transcript:

And How They Affect Governments Economic Theories And How They Affect Governments Socialism Capitalism Communism

Economic Systems Feudalism Imperialism Colonialism Mercantilism Historic Systems

Modern Economic Systems

Capitalism

Capitalism Characteristics Private ownership Free enterprise Competition among businesses Freedom of choice Possibility of profits Characteristics

Capitalism The Wealth Of Nations Adam Smith

Capitalism The Invisible Hand Adam Smith said an invisible hand guides everyone in their personal decision making about their businesses. If we just leave them alone they will usually do what is best for themselves. Often that is also best for the nation.

Capitalism Free Market – Buyers and sellers are free to make economic decisions. Laissez-faire – “To let alone” No nation has “pure” capitalism Mixed Market Economy – Free market is supported by government decisions

Capitalism So . . . How does Capitalism affect the government of a nation?

Socialism

Socialism Why it developed Industrial revolution in 1700’s and 1800’s left many people in Europe in terrible poverty. Working conditions were horrible and dangerous. Why it developed

Terrible living conditions

Socialism More equal distribution of wealth and opportunity. Government control of all major decisions about production. Government ownership of most land, factories and major means of production. The Concept

Socialism Democratic Socialism Most countries of western Europe Great Britain Denmark Norway Sweden Germany Democratic Socialism

Socialism How does Socialism affect the government of a nation?

Communism

Communism The Communist Manifesto Karl Marx

Communism Bourgeoisie Proletariat Capitalists who own the means of production. Workers Bourgeoisie Proletariat

Communism The goal is government ownership of all means of production. Concept: Struggle between workers and owners. Workers want more pay. Workers do not get full compensation. Owners want more profit. This struggle will result in revolution. The goal is government ownership of all means of production.

Communism Command Economy All decisions are made at the upper levels of government and handed down to managers. The government owns the land, natural resources, industry, banks, transportation, mass communication, newspapers, etc. Command Economy

Communism How would Communism affect the government of a nation? So . . . How would Communism affect the government of a nation?

Your Assignment Tonight . . . Ask your parents/guardians/etc. how they view the differences between Capitalism, Socialism, and Communism. Do they know the difference? Do they have an opinion about which is best? Have they ever lived under another system?