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Date Shared: 23 October 2017
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communism economic system with no private property rights Laissez-faire economic system with VERY limited government involvement Adam Smith Scottish economist big on capitalism bourgeois working class according to Marx Karl Marx German philosopher who espoused socialist ideals Communist Manifesto book that argues that class struggles, or the exploitation of one class by another, are the motivating force behind all historical developments supply & demand theory explaining the effect of the availability of a particular product and the desire (or demand) for that product has on price Free Market Economy economic system whereby the government has VERY little involvement Wealth of Nations book by Adam Smith that claimed "Consumption is the sole end and purpose of all production." Mixed Capitalism private enterprise is primary economic engine with some government involvement social classes according to Marx, these will lead to conflict private property considered to be the factors of production and Marx says it should be abolished proletariat the middle class (factory owners) according to Marx invisible hand unforeseen results of economic activity on supply & demand and society Marx one of his slogans was "Workers of the World, Unite!"
23 October 2017
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