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- Private ownership of business (free enterprise)
- Competition, profit
- Laissez-faire - "hands off" business (government, stay out!)
- "That government is best that governs least!" - TJ, Laissez-faire
- Individualism: Belief that people can and should get ahead without government interference (causes Laissez-faire)
COMMUNISM:
- Karl Marx wrote "Communist Manifesto"
- Political AND Economic System
- Problem: Doesn't look at people's efforts, desires, or motivation
- "From each according to their ability; for each according to their need."
- "Do what you can, take what you need."
- 4 Theories:
` ` 1. COMMUNIST THEORY OF HISTORY - Always been struggle between upper and lower class; so, have a
` ` ` `bloody revolution!
` ` 2. LABOR THEORY OF VALUE - No profit!
` ` 3. NATURE OF THE STATE - Rich people run the government, keeping lower classes down. "Religion is the
` ` ` `opiate of the people!" - KM
` ` 4. DICTATORSHIP OF THE WORKER - Bloody revolution, overthrow higher class, communist party temporarily
` ` ` `rules, then disbands. Workers become "dictators" of themselves (which becomes State of Nature!).
` ` ` `Communism today fails to give up power.
- Ultimate Goal of Communism: Classless Society (Equality of Condition, not opportunity)
SOCIALISM:
- Government ownership of business
- No profit, no competition
MIXED ECONOMY:
- Mix between Capitalism and Socialism
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