An Inquiry into theAdam Smith Nature and Causes of the Wealth of Nations (1776). Invisible hand invisible hand of the market is a metaphor conceived by Adam Smith to describe the self- regulating behavior of the marketplace
The Invisible Hand…directly linked to the concept of the market:specifically that it is competitionbetween buyers and sellers that channels theprofit motive of individuals on both sides ofthe transaction such that improved productsare produced and at lower costs.
Laissez-faire “Let alone…”Economists usually emphasize thedegree to which government does nothave control over markets
1. Communism is a type ofgovernment where only one politicalparty had power over the nation.2. This party gains its supremeexecutive power from military andpolice force.3. A communist government makesdecisions for its public and treats allcitizens equally.
Wealth of a NationCapitalism CommunismCompetition Collective( Individual )
What was the first Communism Power? Cathedral of St. Basil- Moscow
What was the first Communism Power? In the 19th century there was a power formed known as “Marxism- Leninism”. Karl Marx
Karl Marx DialecticMarxism—hold that all Ownersocieties progress through the Controls Productiondialectic of class struggle: aconflict between an (1)ownership class whichcontrols production and a (2) Laborerlower class which produces Produces goodsthe labour for goods.
Karl Marx Soviet Union in 1922 “Lenism” Peoples Republic of China in 1949 “Maoism”Capitalism"dictatorshipof the bourgeoisie"
“Marxism-Leninism”. This organization was lead by Karl Marx and Vladimir Lenin.communism through industrialization andcollectivization.
Industrialization CollectivizationThis symbol represents the unity of thepeasants (Sickle) and worker (Hammer)class who formed Soviet Russia. RevolutionScarlet blood spilt by workers for their emancipation around the world.
How did Marxism-Leninism come to exist?AfterWorld War 1 Czar Czar Nicholas II Feelings of discontent
Nicholas II Vladimir Lenin Bolsheviks RevolutionLenin gave the authority for his regime to have secretpolice, and perform executions. This ruthless tacticallowed Marxism-Lenin’s party to survive.