Economic

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Economic

  1. 1. Economic Systems Capitalism, Utilitarianism, & Communism
  2. 2. Capitalism “ Greed is Good” <ul><li>Private ownership of business </li></ul><ul><li>Follow laws of supply and demand </li></ul><ul><li>Invest money to make money - profit </li></ul><ul><li>Social Darwinism </li></ul><ul><li>“ Survival of the Fittest” </li></ul><ul><li>Overpopulation </li></ul><ul><li>There will always be poor </li></ul><ul><li>They must work hard </li></ul><ul><li>They must help themselves </li></ul><ul><li>Hands-off! Laissez-Faire </li></ul><ul><li>No government involvement </li></ul><ul><li>Adam Smith </li></ul><ul><li>Thomas Malthus </li></ul><ul><li>David Ricardo </li></ul>Question Capitalism Motto Goal of this system Why do the poor exist? How do you help the poor? What is the role of the government? Key thinkers
  3. 4. Utilitarianism “ Greatest good for the greatest number” <ul><li>Create the greatest happiness for the greater number of people </li></ul><ul><li>All things in society should be useful in making people happy </li></ul><ul><li>Blame capitalism for not treating workers fairly </li></ul><ul><li>Blame monopolies and free capitalism </li></ul><ul><li>Create laws that are useful and will promote happiness for the most people </li></ul><ul><li>Create useful laws and actions that will correct abuses </li></ul><ul><li>Provide education, health services and right to vote </li></ul><ul><li>Jeremy Bentham </li></ul><ul><li>John Stuart Mill </li></ul>Question Utilitarianism Motto Goal of this system Why do the poor exist? How do you help the poor? What is the role of the government? Key thinkers
  4. 6. Communism “ All for one , one for all” <ul><li>To promote social equality and public ownership of all means of production that act for welfare for everyone </li></ul><ul><li>Capitalists have taken advantage of workers </li></ul><ul><li>“ Haves and Have-nots” </li></ul><ul><li>The wealthy controlled the means of production </li></ul><ul><li>Have a revolution against the bourgeoisie </li></ul><ul><li>The Proletariat will revolt and seize the means of production </li></ul><ul><li>Control all means of production and make all economic decisions </li></ul><ul><li>Prohibit private property </li></ul><ul><li>Karl Marx </li></ul><ul><li>Friedrich Engels </li></ul><ul><li>Robert Owen </li></ul>Question Communism Motto Goal of this system Why do the poor exist? How do you help the poor? What is the role of the government? Key thinkers

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