Capitalism
He is the father of modern Capitalism
Adam Smith
This philosopher influenced modern socialism
Karl Marx
Co-author of the Communist MAnifesto with Karl Marx
Friedrich Engels
Primary economic system in the USA
Capitalism
What does “laissez-faire” literally mean?
Let do / let it be
1776 book laying the foundations of Capitalism
Wealth of nations
Early industrial reformer who tried to create utopian communities
Robert Owen
This is the ultimate goal of Communism
social and economic equality or classless society
Term that describes a mixture of free markets and gov welfare
Mixed Economy
What is the main measure of success in a capitalist system?
Material wealth
Innovation
The "Invisible Hand" represents this concept
Self-regulating nature markets
Social differs from communism in this way
Social uses gradual and legal means instead of violent revolution
Goods and Resources are owned by this in a communist system
the public, controlled by government
Mixed economies attempt to balance capitalism and socialism in this way
allow private business but provide social programs like healthcare/welfare
What is the term for the working class that Marx believed would rise up in revolution?
Proletariat
French term for the capitalist concept of little to no government regulation
Laissez-Faire
In a pure socialist system, this plans and manages the economy
Central Government
Event or action necessary to achieve communism according to Marx
Workers Revolution
One example of government funded service in socialism or mixed economies
education, healthcare, welfare, SNAP, WIC, tax credits
What is the term for the wealthy class that owns production, according to Marx?
Bourgeoisie
In a purely capitalist system, healthcare and welfare are determined by this
Markets or ability to pay
Two Nordic countries with mixed economies combining capitalism and socialism
Norway, Denmark, Finland, Sweden
Karl Marx meant this when he called religion "the opium of the masses"
It keeps poor people calm and accepting of their oppression
Taxes function differently in socialism vs capitalist economies in this way
Socialsi: redistribute wealth
Capitalist: minimal redistribution, fund government
How does each system (capitalism, socialism, communism) view private property?
Capitalism encourages it; socialism limits it; communism abolishes it