1. Economic Visionaries

2. Father of Capitalism 1776 wrote “The Wealth of Nations” Division of labor creates greater productivity and wealth Competition keeps prices down and quality up

3. Households and firms interacting in markets act as if they are guided by an “invisible hand” Naturally leads to desirable market outcomes Self-interest causes people to work hard and take risks, which benefits society Self-interest causes people to work hard and take risks, which benefits society

4. Ordinary working people found increased opportunities for employment in the new mills and factories, but these were often under strict working conditions with long hours of labor dominated by a pace set by machines. As late as the year 1900, most industrial workers in the United States still worked a 10-hour day (12 hours in the steel industry), yet earned from 20 to 40 percent less than the minimum deemed necessary for a decent life

6. Father of Socialism He wrote “The Communist Manifesto” in 1848 Needs of group over individual Capitalists exploit laborers

7. Called for the elimination of private property Believed workers will rebel against the elite and demand a classless society Capitalism eventually leads to communism

8. Label That Belief

9. Adam Smith Capitalism Free Enterprise Karl Marx Socialism Command Economy That beard tho.

10. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy

11. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy

12. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy

13. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy

14. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy

15. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy

16. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy

17. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy

18. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy

19. Adam Smith Capitalism Free Enterprise Karl Marx Communism Command Economy