Unit 5B Economic MovementsOnline version Unit 5B Economic Movements World History Stony Point High School by Carter Snelson 1 Communism 2 SOCIALISM 3 Capitlism COMMUNISM Person: Karl Marx and the Communist Manifesto Ownership: Government owns all and there is no private property. Goal: To make a classless society where everyone works together for a better world. Key Terms: Bourgeoisie (employers & owners) and Proletariat (working class) Belief: That there will always be conflict and wars between the owners, the haves, and the working class, the have-nots. SOCIALISM Person: Robert Owens and A New View on Society. Goal: Government regulation of economy will balance the inequalities created by industrialization. Key Terms: Union (Collective of workers who argue for rights of the workers) and Strike (when workers refuse to work until their demands are met). Ownership: The government owns some factors of production while private property still exists. Belief: That government should protect workers from business owners to achieve social equality. CAPITLISM Person: Adam Smith and the Wealth of Nations Ownership: Government has little to no ownership while private citizens own and control businesses. Key Terms: Laissez-Faire (government stays out of the way of business) and Invisible Hand of the Market (people and business react without government interference). Goal: Government should interfere as little as possible to allow free enterprise to grow. Belief: People are interested in only themselves, and competition forces companies to make a better product.
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