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    Capitalism Socialism and Communism

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    Sarfraz Bhutto
    Capitalism, socialism, and communism emerged as responses to the industrial revolution and rising tensions between industrial and non-industrial nations. Capitalism is based on private ownership, the profit motive, and a market economy. Socialism advocates for public or collective ownership of the means of production and distribution. Communism calls for a classless society with common ownership and no state. Karl Marx theorized that communism would arise after a violent revolution and "dictatorship of the proletariat," though communist states in practice established authoritarian single-party rule. The spread of Marxist ideas influenced politics globally and fueled tensions with anti-communist powers during the Cold War era.

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    Capitalism Socialism and Communism

    Uploaded by

    Sarfraz Bhutto
    798 views32 pages
    Capitalism, socialism, and communism emerged as responses to the industrial revolution and rising tensions between industrial and non-industrial nations. Capitalism is based on private ownership, the profit motive, and a market economy. Socialism advocates for public or collective ownership of the means of production and distribution. Communism calls for a classless society with common ownership and no state. Karl Marx theorized that communism would arise after a violent revolution and "dictatorship of the proletariat," though communist states in practice established authoritarian single-party rule. The spread of Marxist ideas influenced politics globally and fueled tensions with anti-communist powers during the Cold War era.

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    Capitalism, socialism, and communism emerged as responses to the industrial revolution and rising tensions between industrial and non-industrial nations. Capitalism is based on private ownership, the profit motive, and a market economy. Socialism advocates for public or collective ownership of the means of production and distribution. Communism calls for a classless society with common ownership and no state. Karl Marx theorized that communism would arise after a violent revolution and "dictatorship of the proletariat," though communist states in practice established authoritarian single-party rule. The spread of Marxist ideas influenced politics globally and fueled tensions with anti-communist powers during the Cold War era.

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    798 views32 pages

    Capitalism Socialism and Communism

    Uploaded by

    Sarfraz Bhutto
    Capitalism, socialism, and communism emerged as responses to the industrial revolution and rising tensions between industrial and non-industrial nations. Capitalism is based on private ownership, the profit motive, and a market economy. Socialism advocates for public or collective ownership of the means of production and distribution. Communism calls for a classless society with common ownership and no state. Karl Marx theorized that communism would arise after a violent revolution and "dictatorship of the proletariat," though communist states in practice established authoritarian single-party rule. The spread of Marxist ideas influenced politics globally and fueled tensions with anti-communist powers during the Cold War era.

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    At a glance
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    The text discusses the rise of industrialization and different economic systems such as capitalism, socialism, and communism.

    The text suggests that industrial nations may want to control the raw materials and markets of non-industrial nations, potentially causing tensions as industrialization spreads globally.

    The three main features of capitalism are private ownership, profit motive, and a market economy.

    CAPITALISM,

    SOCIALISM, AND
    COMMUNISM

    Industrial revolution spreads.

    Rising Economic Powers are all industrial


    Each will want access and control over RAW
    MATERIALS and MARKETS
    raw materials:
    Markets:
    Q: What might happen when industrial nations want what NONindustrial nations have? What effect will the industrial vs.
    NON-industrial tension have on the world?

    CAPITALISM

    Capitalism is an economic system based on


    PRIVATE OWNERSHIP and the use of
    CAPITAL

    Growth of towns and cities and the expansion of trade in


    the late Middle Ages sparked this economic development

    Three Main Features to learn BY


    HEART:

    CAPITALISM

    1. Private Ownership
    2. Profit motive
    3. Market Economy

    CAPITALISM

    1. Private Ownership:
    Capital belongs to
    individuals who are
    FREE to do what they
    wish with it. For this
    reason, capitalism is
    also called the freeenterprise system

    CAPITALISM

    2. Profit Motive:
    based on the
    economic laws of
    supply and demand,
    when enough people
    want something,
    producers make it
    because they want a
    PROFIT

    CAPITALISM

    3. Market Economy: a money


    value can be placed on
    everything in the
    marketplace: land, goods,
    time, and labor. Buyers and
    sellers are free to exchange
    goods and services at prices
    determined by..SUPPLY
    and DEMAND

    Basic Laws of Supply and Demand

    DEMAND = More of a good will be demanded the


    lower its price. Less of a good will be demanded the
    higher its price
    Ex 1. Diamonds are expensive because they are rare.
    (Women do not want cut quartz in their rings!)
    Ex. 2. When calculators first came out, they were over
    $600. Now you can get them in cereal boxes!

    Basic Laws of Supply and Demand

    SUPPLY: More of a good will be supplied the


    higher its price. Less of a good will be supplied the
    lower its price.

    EX:

    If a person can get 300% profit on selling


    smartees, more people will start supplying
    smartees to get the profit. But it wont last
    longbecause more people selling the same
    product means more product to
    sell.demand drops and the price comes
    down.

    Role of PRICE in relation to the laws of


    supply and demand:

    When the quantity DEMANDED is


    GREATER than the quantity
    SUPPLIED, prices tend to. GO
    UP/INCREASE . (WHY?)
    When the quantity SUPPLIED is
    greater than the quantity DEMANDED,
    prices tend to.GO
    DOWN/DECREASE. (WHY?)

    On a price/quantity chart

    Q: Why does
    a DEMAND
    curve always
    slope
    downward?

    Q: Why does a DEMAND curve always slope downward?

    Answer: The demand


    curve always slopes
    downward because
    as more of an item
    becomes available,
    the lower the price.

    IR and Capitalism: Laissez-Faire figures

    Adam Smith :
    CAPITALISM/Laissezfaire

    Wealth of Nations, 1776

    the individual, pursuing


    his SELF-INTEREST,
    will bring on general
    benefits to society

    NEED for free markets


    (no government
    intervention)

    IR and Capitalism: Laissez-Faire figures

    Thomas Malthus:
    predicted that the
    population would
    outpace the worlds food
    supply
    People

    should limit

    kids
    Wrote: An Essay on
    the Principle of
    Population
    No govt help for
    the poor

    IR and Capitalism: Laissez-Faire figures

    David Ricardo: iron law


    of wages
    Limit kids b/c people have
    more kids when $ is
    strong;
    increase in labor later
    means a decrease in $$
    and.
    Unemployment increases
    No govt help for the
    poor

    IRON LAW
    OF WAGES

    Effects of Capitalism

    Profit for owners of


    production/business
    Industrial vs agricultural economies
    Market competition = price of
    things goes down(because)
    Increased supply of things/goods
    Focus on PERSONAL
    RESPONSIBILITY

    Criticisms of Capitalism

    Uneven distribution of WEALTH


    Poor people live in SQUALOR: slums, bad sanitation, etc.
    Working conditions are miserable, etc, etc. see negative
    effects of Industrialization

    Responses to Capitalism

    ISMs..all over the place, focus on keeping them


    straight!

    Utilitarianism
    Utopianism
    Socialism
    Communism

    Utilitarianism: greatest good for the greatest number

    Government should
    enact reforms that
    promote more
    happiness

    John Stuart Mill

    advance the greatest


    good for the greatest
    number

    Jeremy Bentham

    Utopianism: ideal society based on


    cooperation instead of competition

    Utopia By Thomas More described an


    ideal society
    utopia in Greek means NO
    PLACE!!
    Robert Owen: campaigned for child
    labor laws
    Encouraged unions
    Set up model, self-sufficient
    community to show that it was
    possible to be nice to workers and
    still make a profit
    New Lanark, Scotland worked
    New Harmony in AMERICA failed

    Socialism: society (In the form of the government)


    owns the means of production and key
    infrastructure

    Principles:
    Equality of all
    People
    Cooperation is
    better than
    competition
    at least in
    industry

    COMMUNISM:
    extreme form of
    socialism in which all
    people own the means
    of production as the
    state withers away
    and produces a
    classless society

    Karl Marxs theory of Communism

    Idea: that History is shaped by


    ECONOMIC FORCES (the way
    goods are produced and distributed)
    CLASS STRUGGLE has always
    existed between the haves and the
    have nots

    In industrial times the haves are the


    bourgeoisie/middle class capitalists; the
    have nots are the wage earning
    laborers

    Marxs communist ideascontinued

    The social class that holds the economic power also


    controls the government for its own advantage
    (class wealth = class power)
    Middle class shrinks (small businesses are ruined by
    capitalist giants)
    Working class GROWS as masses of poor labor at the
    mercy of a small, rich elite class

    How communism is supposed to happen:

    Poverty and desperation drive


    MASSES of workers (proletariat)
    to:
    seize

    control of the
    government and the means
    of production
    destroy the capitalist system
    wage a VIOLENT
    REVOLUTION
    establish a dictatorship of
    the proletariat

    After the dictatorship of the proletariat occurs..

    All property and the means of


    production are owned by the
    people
    All goods and services are shared
    equally
    A classless society emerges
    the state withers away

    Communist Paradise?

    Effects of Marxist thought

    Formation of socialist
    political parties
    Advocate and support
    revolutions
    Push for work reforms
    Fight against
    capitalism

    Communists take over Russia


    Communism used by
    revolutionaries
    Dictatorships of Communist
    Party leaders
    No communist paradise
    established anywhere

    Effects of Marxist thought

    Red Scare =
    hysteria over
    perceived threat of
    communism/ civil
    liberties revoked
    US foreign policy
    based on fighting
    spread of communism
    after World War II
    COLD WAR with
    USSR and allies
    Proxy wars fought on
    both sides

    The perceived threat of communisma visual

    As of 2010, there are five one-party communist


    nations:
    People's Republic of China
    Republic of Cuba
    Democratic People's Republic of Korea
    (North Korea)
    Lao People's Democratic Republic (Laos)
    Socialist Republic of Vietnam

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