10/22 Economic Systems and Theories

Front

Adam Smith's economic system

Back

Capitalism

Front

Adam Smith's most famous book

Back

The Wealth of Nations

Front

Primary focus of capitalism

Back

Private property and competition

Front

Classes in conflict according to Marx

Back

Bourgeoisie and proletariat

Front

Primary focus of socialism

Back

Government ownership of important industries

Front

Smith's believed the market regulated itself...

Back

...through the law of supply and demand

Front

Marx's said all of human history was...

Back

...defined by social class struggles

Front

Marx's belief about the bourgeoisie

Back

They would be destroyed in a revolution

Front

Marx's said capitalism was bad because it...

Back

...creates a class of "haves" and "have-nots

Front

Smith's belief about government intervention in the economy

Back

Should be as little as possible to avoid slowing down the economy