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All about adam smith

All about adam smith. Father of Capitalism. What book did he write?. Inquiry into the Nature & Causes of the Wealth of Nations ( a.k.a …The Wealth of Nations. What were his ideas on trade?. -pro free trade -against mercantilism. What were his ideas on self- Interest?.

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All about adam smith

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  1. All about adam smith Father of Capitalism

  2. What book did he write? Inquiry into the Nature & Causes of the Wealth of Nations (a.k.a…The Wealth of Nations

  3. What were his ideas on trade? -pro free trade -against mercantilism

  4. What were his ideas on self- Interest? • Invisible hand guides economy • Each individual maximizes his • own benefit

  5. What were his ideas on Government? -limited involvement in economic affairs -protect against monopolies -provide public services

  6. What were his ideas on labor Productivity? -specialization

  7. Who/What did his ideas Influence? • Founding fathers of U.S. • British trade policy in 18th century

  8. What are the strengths of his Ideas? • Competition leads to efficiency

  9. What are the weaknesses of His ideas? -abuses developed during the Industrial Revolution -exploitation of workers

  10. All about karlmarx Communism

  11. What books did he write? -Communist Manifesto -Das Kapital (economic theories)

  12. Proletariat: -poor working class Bourgeoisie: - Wealthy factory owners - capitalists

  13. What problems did Marx Believe capitalism caused? -oppression to workers -workers exploited & wages kept Low by greedy factory owners

  14. What did Marx believe about Class in society? • Class struggle exists • Class is determined by ownership • of property • -rich get rich & poor get poorer • -wanted classless society – all equal

  15. What stages must society go Through to reach the ideal state Of Communism? -greater suffering for workers & More wealth for capitalists -lead to violent revolution & workers Would win

  16. -need authoritarian gov’t at first, Then classless society would form & no gov’t would be needed

  17. Who/What did his ideas Influence? • Lenin & Stalin • Russian Revolution (1917) • Chinese Communist Revolution • (1949)

  18. What are the strengths of his Ideas? -workers would be valued more

  19. What are the weaknesses of his Ideas? • Wages were increased over years, • not lowered • Communism never worked in • practice – still led to corruption • & oppression

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