Communism vs. Capitalism Flashcards
(21 cards)
Who was Karl Marx?
German philosopher known for his contributions to communism
Lived from 1818 to 1883
What is the most famous work of Karl Marx?
The Communist Manifesto
Where and when did the Industrial Revolution begin?
Great Britain in the 18th century
What was a significant change during the Industrial Revolution?
People moved to cities to work in factories
What did machines enable during the Industrial Revolution?
A division of labor
Who is known as the ‘father of economics’?
Adam Smith
What did Adam Smith believe about the Industrial Revolution?
It could improve the situation of all people
What is the title of Adam Smith’s most famous work?
The Wealth of Nations
What economic system is described in ‘The Wealth of Nations’?
Free market capitalism
Define Free Market Capitalism.
An economic system where businesses compete to make products consumers will buy
What role does the government play in Free Market Capitalism?
Minimal intervention except to protect private property
What is communism?
A social and economic theory advocating for even distribution of wealth
What are the key principles of communism?
- Wealth should be distributed evenly
- Property should be shared
- No socioeconomic classes
- Everyone should have what they need to survive
What two classes did Marx believe the Industrial Revolution created?
- Proletariat
- Bourgeoisie
Who are the proletariat?
Those who worked in factories and barely earned enough to survive
Who are the bourgeoisie?
Those who made money from the work of the proletariat
What did Marx consider unfair about the bourgeoisie?
They owned the means of production
What does ‘means of production’ refer to?
- Land
- Machinery
- Capital (wealth) needed to produce goods
What did the proletariat sell?
Their labor (ability to work)
What was the purpose of ‘The Communist Manifesto’?
To unite the proletariat and gain support for communism
Who co-wrote ‘The Communist Manifesto’ with Karl Marx?
Frederick Engels
