1. Capitalism, Socialism & Communism November 23

2. I. Capitalism Private ownership of goods and means of production Private ownership of goods and means of production Price set by competition Price set by competition Profit and distribution of goods will vary according to risk/success 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 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 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 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) Public ownership of goods overseen by the state (government) Prices and wages set by the state Prices and wages set by the state Goods are distributed to those who work Goods are distributed to those who work Marx believed socialism would lead to communism Marx believed socialism would lead to communism

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

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

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