Laissez Faire

Supported free trade and free markets (no restrictions)

"Father of Capitalism"

Individuals should pursue self-interest

Prices are determined by "the invisible hand" of supply and demand

No need for government regulation of the economy

The factors of production should be privately owned by individuals or businesses.

Critical of capitalism

Believed that industrialization and the factory system has hurt workers and society

Wrote the Communist Manifesto and Das Kapital

believed the proletariat (workers) were being abused by the bourgeoisie (wealthy business owners)

the proletariat (workers) should unite and overthrow the capitalist bourgeoisie (wealthy class)

Father of Marxism / Father of Communism

The factors of production should be owned by the workers (the proletariat)