Who? Book? Capitalism Socialism/Communism • Karl Marx (& Engels)• Adam Smith wrote wrote Communist Wealth of Nations. Manifesto & Das Capital
What is most important for business Capitalism Socialism/Communism• Individual worker is • Society as a whole is most important. most important.• Workers work harder when they make profit. • All people should be• Companies do better equal. when they make profit.
Role of Government? Capitalism Socialism/Communism • Government should• Laissez-Faire- be in total control government and make sure shouldn’t be wealth is distributed involved. evenly.
View of Wealth? Capitalism Socialism/Communism• Wealth motivates • Wealth should be people to work. distributed evenly.• If you don’t work • No rich and no poor. you will be poor.
View of property? Capitalism Socialism/Communism• Private Property- • No Private Property- you work harder for Everything is shared. what’s yours.
What each dislikes about the other Capitalism Socialism/Communism • Some people are• No reason to work. poor.• Individual doesnt • People are too matter. greedy• Can’t get rich. • Owners mistreat workers to make money.