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    Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit. Laissez-faire is a doctrine opposing governmental interference in economic affairs. Socialism meant to be a publicly run system but in practice, too big a task to be publicly managed became a government run economic system.

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    Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit. Laissez-faire is a doctrine opposing governmental interference in economic affairs. Socialism meant to be a publicly run system but in practice, too big a task to be publicly managed became a government run economic system.

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    17 views3 pages

    Notesgov

    Uploaded by

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    Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit. Laissez-faire is a doctrine opposing governmental interference in economic affairs. Socialism meant to be a publicly run system but in practice, too big a task to be publicly managed became a government run economic system.

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    of 3

    capitalismaneconomicandpoliticalsysteminwhichacountry'stradeandindustryare

    controlledbyprivateownersforprofit,ratherthanbythestate:marketeconomy

    1. practiceownership
    2. individualinitiative
    3. profit
    4. competition

    privateownership
    goodsandservicesheldasprivateproperty
    meansofproduction,distributionandexchangeareprivatelyownedandmanaged

    Individualinitiative
    anypersonorgroupcantakerisksandreceivethereward

    Profit
    therewardsgivenfortheinitiativeshownwhatisleftafterallbusinessexpensesare
    paid

    Competition
    thebestproduceatthelowestprice
    theeffortoftwoormorepartiesactingindependentlytosecurethebusinessofathird
    partybyofferingthemostfavorableterms
    acontestbetweenrivals

    Laissezfaire
    adoctrineopposinggovernmentalinterferenceineconomicaffairsbeyondtheminimum
    necessaryforthemaintenanceofpeaceandpropertyrights
    protectcompetitionandsupplyanddemand
    government:handsoff

    laissezfairegovernmenthavealimitedrole:
    1. foreignrelationsandnationaldefense
    2. police/courtmaintenancesafety
    3. anyfunctionthatcannotbeperformedforprofit

    intheUSA:mixedeconomy
    1. privatebusinessesaresupportingbygovernmentregulation
    2. governmentprotectspublicinterest
    3. governmentpreservesprivateenterprise

    Socialism
    thepeoplecontroltheownershipofproduction,distributionandexchange

    themeansbywhichgoodsandservicesareproducedarepubliclyownedandmanaged

    Historyofsocialism
    meanttobeapubliclyrunsystembutinpractice,toobigatasktobepubliclymanaged
    becameagovernmentruneconomicsystem

    Twodifferenttypesofsocialism
    evolutionarysocialism
    communism
    commontheme:capitalismisbad
    Equalityofcondition

    EvolutionarySocialism
    gradualandpeaceful
    workswithintheexistingframeworkof(democratic)government
    government'sroledeterminedbyfreeelections,notapoliticalparty

    Howevolutionarysocialismworks:
    NAtionalizationthegovernmenttakesovercertainbusinesses,suchasbanking,
    communicationsandtransportation
    Someprivatebusinessesstillexist,butwithextensivegovernmentregulation.Also
    calledacommandeconomy
    providesforthepublicwelfareofcitizens
    Theaim?
    toevenlydistributewealth

    Opponentsofevolutionarysocialismbelieve:
    Norewardswillkillindividualinitiative
    Riskofdictatorshipbecausegovernmentalreadyhassomuchcontrol

    Communism:
    BasedonthewritingsofKarlMarxandFriedrichEngels
    communistsManifesto1848
    daskapital1867

    CommunisticIdeology
    4parttheory
    1. theoryofhistory
    2. labortheoryofvalue
    3. theoryofthenatureofthestate
    4. conceptofthedictatorshipoftheproletariat
    TheoryofHistory

    inallhistorytherehavebeenclassstruggles
    theoppressorvstheoppressed
    thecapitalistvstheworker
    BourgeoisieProletariat
    Downfallinevitable
    (revolutionwillhelpspeedthingsup)

    Labortheoryofvalue
    thevaluedeterminedbyhumanlaborneeded
    profitgoestotheworker

    Thenatureofthestate
    thestateservesasaninstrumenttokeeptheproletariatinbondage
    violentandbloodyrevolutionneededtoeffectchange
    religionisahoaxmeanttomakeworkerstolerateaharshlife

    Dictatorshipoftheproletariat
    proletariatisnotcapableofgoverningitself
    needguidancefromthecommunistparty,atotalitarianregimethatwillcreate
    afree,classlesssociety

    CardinalPrincipleofcommunism
    fromeachaccordingtohisability,toeachaccordingtohisneed

    Traditionaleconomy
    anoriginaleconomicsysteminwhichtradittions,customs,andbeliefsshapethegoodsandthe
    productsthesocietycreates

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