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It is a social and economic system where both the means of production (land, equipment, raw materials, etc.) are privately owned.
In capitalism, the businessman raises some capital/money, which could be from either his own money, bank loans or the sale of shares.
What are the strengths of capitalism?
The government provides basic necessities
It incentivizes hard work and innovation
All profits go to businessmen
It removes social classes
What are the weaknesses of capitalism?
There is no motivation for businesses to be competitive
It does not reward people who work hard
It equates success to financial gain
It leads to inequality
In capitalism, a surgeon will earn MORE/THE SAME than a street cleaner because... (Select 2)
A surgeon spent a long time training to be doctor and capitalism rewards hard work
The government will pay everyone the same regardless of how hard they work
When all manufacturing, or “means of production” (land, factories, equipment, etc.) are equally owned by all the members of the state.
Who proposed the modern idea of communism?
What did Marx write to promote communism?
Imperialism, The Highest Stage of Capitalism
The Communist Manual
The Communist Manifesto
All are features of communism, except...
No private ownership of property
Workers are employed by rich businessmen
All workers are employed by the government
All countries adopted communism, except...
United States of America
In capitalism, capital is raised through personal wealth, bank loans, and selling shares while in communism, capital is raised through taxes.
In communism, workers are paid low wages while in capitalism, workers are paid equal wages