1. Capitalism, Socialism & Communism
November 17

2. I. Capitalism Private ownership of goods and means of production
Price set by competition
Profit and distribution of goods will vary according to risk/success
Karl Marx believed it relies on exploitation of the poor, who will eventually rise up

3. II. Engels and Ure Engels was the son of a factory owner
In 1844 wrote his observations on the condition of workers
Lived in filth because they weren’t paid enough to afford better
Ure argued that Industrialism offered equal chance for success to everyone
Those who took the chance deserved the wealth
Even workers benefit compared to before

4. III. Socialism
Public ownership of goods overseen by the state (government)
Prices and wages set by the state
Goods are distributed to those who work
Marx believed socialism would lead to communism

5. IV. Karl Marx Moved to Paris in 1843 & befriended Engel
Wrote The Communist Manifesto in 1847 to express their economic/social beliefs
His writings would inspire many

7. V. Communism Communal ownership/distribution of goods
Everyone will contribute what they can and receive what they need
Marx believed it would function without a government
Workers working for the common good rather than for profits of factory owners

8. Socialism = State Communism = Community Does it work?
Economic Equality
Socialism = State
Communism = Community
Does it work?