Person: Karl Marx and the Communist Manifesto
Goal: Government regulation of economy will balance the inequalities created by industrialization.
CAPITLISM
Goal: To make a classless society where everyone works together for a better world.
Ownership: Government has little to no ownership while private citizens own and control businesses.
Ownership: The government owns some factors of production while private property still exists.
Belief: People are interested in only themselves, and competition forces companies to make a better product.
Key Terms: Bourgeoisie (employers & owners) and Proletariat (working class)
Person: Adam Smith and the Wealth of Nations
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).
Ownership: Government owns all and there is no private property.
Person: Robert Owens and A New View on Society.
COMMUNISM
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).
Belief: That there will always be conflict and wars between the owners, the haves, and the working class, the have-nots.
Belief: That government should protect workers from business owners to achieve social equality.
Goal: Government should interfere as little as possible to allow free enterprise to grow.
SOCIALISM
