Karl Marx and Frederic Engels witnessed the horrors of industrialization
Together they wrote The Communist Manifesto .
The following chart outlines the differences between capitalism & communism
The Communist Manifesto Das Kapital The Wealth of Nations Books Karl Marx Adam Smith Founder Communism Capitalism
Everything is owned by the government Government closely regulates the economy (sets prices, tells factories what to make, etc.) Government should not interfere with economy: laissez-faire View of Government Communism Capitalism
People should cooperate to achieve success, no competition Everyone should have an equal share of the wealth/property People become wealthy because they offer a good or service that people want to buy View of people:
Government ownership of the economy will end hunger, poverty, and slave-like working conditions “ From each according to their abilities to each according to their needs” If people work hard enough, they can lift themselves out of poverty How to improve social conditions?