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19 Socialism And Communism
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19 Socialism And Communism

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  • 1. Socialism and Communism Objective: Cover the development of Communism and Socialism
  • 2. Capitalism
    • Economy is driven by supply and demand
    • Resources are free to move in and out of industries
    • Private property rights exist, are legal, and enforced by government
    • Those who take risks are rewarded by higher profits
    • The three basic economic questions are all decided in a decentralized way by individuals
  • 3. Communism and Socialism
    • Are two other kinds of economies that some nations practice
    • Communism is a command economy where the government owns and controls almost all businesses
    • Socialism is a mixed economy where the government owns some of the major businesses in the country
    • And where people outside the government make some economic decisions
  • 4. Ideas of Karl Marx
    • Karl Marx 1818 to 1883
    • Is considered the father of Socialism and Communism
    • Marx wrote the Communist Manifesto
    • Marx believed workers were being treated badly by Capitalist
    • Marx believed the workers would rise up and overthrow the rich
  • 5. Working Conditions
    • Workers were paid very little
    • Workers worked 16 hrs a day on average
    • In very dangerous and unclean conditions
    • If a worker was injured on the job he was fired and replaced
    • Children as young as seven worked 16 hrs a day
  • 6. Under Communism
    • There would be no private property
    • All people would share wealth
    • After a while the government would disappear
    • Leaving a worker’s paradise
  • 7. Socialism Today
    • People who believe in socialism are called socialists
    • Socialists believe public(government) ownership protects workers from bad working conditions and low pay
    • They believe the government should answer the three basic questions of economics
  • 8. Socialism Today
    • Socialists want to make sure no one becomes too rich or too poor
    • Socialists want to control key parts of the economy such as Health Care, Banking, Railroads, Mines, Steel Industry
    • In socialist countries most services are free such as: education, child care, medical, unemployment and retirement benefits
    • However taxes in these countries are extremely high in some cases 60% of your income
  • 9. Communism Today
    • Under communism government owns everything
    • People are told where to work and pay is set by the government
    • Government directs the economy
    • After the “Great Leap Forward” flopped things began to change
    • People’s Republic of China is under communism but, is moving toward a mix market economy
    • When shifting from a communist to a capitalist system corruption is always a threat