Notes

> Intro: The three economic systems were created throughout the late 1700s to the 1800s in Europe. Each of the systems are used for different purposes to try to achieve different things. They were all created as reforms to the faults of previous systems. The three economic systems are capitalism, socialism, and communism.
> Communism was created by Adam Smith, an economic philosopher.
- free market = free of gov. regulations and interference (lassiez-faire = allow to do)
* private ownership of industry and business (competition)*
- Down Side = there was an uneven distribution of wealth
> Socialism = created by Karl Marx and Friedrich Engels
- made to reform the ills of capitalism (uneven distribution of wealth)
- made to fill the gap between rich and poor
- people should be able to meet their basic needs
* public ownership is created because they do not want any private ownership
- people shared an industry
> Communism AKA Marxism = created from the ideas of Karl Marx and Friedrich Engels (evolved from socialism)
- The final phase of socialism --> they thought if socialism was effective and everyone's basic needs were met, there would be no crime --> no reason for government
[---> Communism = dissolving of government
> Conclusion: All of the economic systems impacted the next and tried to fix the mishaps of the old system. First capitalism is created by Adam Smith with no mercy towards the poor people. Next, socialism is created to replace capitalism and allow people to meet their basic needs. Lastly, communism is the last stage of socialism created to dissolve government.