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Adam Smith vs. Karl Marx Kempton & Patten Global History II Mepham High School.

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Presentation on theme: "Adam Smith vs. Karl Marx Kempton & Patten Global History II Mepham High School."— Presentation transcript:

1 Adam Smith vs. Karl Marx Kempton & Patten Global History II Mepham High School

2 Adam Smith  The father of Capitalism.  Book - 1776, The Wealth of Nations.

3 What is Capitalism?  An economic theory where individuals control the means of production and the markets set the prices.

4 Beliefs of Smith  Laissez-faire: Government should keep its “hands off” business.  Competition and Incentive.  The Invisible Hand: Prices would be set by “market forces” meaning the consumer.

5 Elements of Capitalism PropertyPrivate Government RegulationsMinimal Safety net for those who failNone Control of the Means of Production Private

6 “It is not from the benevolence (good heartedness) of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” Adam Smith.

7 Karl Marx  An Industrial Revolution era philosopher who supported the rights of the proletariat.  Book – 1848, The Communist Manifesto.

8 What is Communism?  It is characterized by state control of the economy, and restriction on personal freedoms.

9 Beliefs of Marx  History is the history of class struggle  Haves vs. Have Nots  The workers must unite to overthrow the owners  Shared ownership (no private property)  The workers control the means of production.

10 Elements of Communism PropertyShared Government RegulationsMaximum Safety net for those who failYes Control of the Means of Production Government/People

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