Download - Mixed Economic Systems
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Mixed Economic SystemsMs. Sebastianelli
Academic World History 10
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“Pure” Economic Systems
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Capitalism Who owns the
production resources? Who makes the decisions?
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Who was a founding thinker? What book(s) did he write?
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Adam Smith Wrote The
Wealth of Nations
Introduced the idea of “the invisible hand”
Laissez-faire economics
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Other laissez-faire economists: David Ricardo
Called capitalism“The Dismal Science”
“The Iron Law of Wages” – raising wages would only cover cost of necessities
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Thomas Malthus: Predicted population
increase would grow faster than food production (he was wrong… at that time)
Urged population control: fewer children, no handouts, no vaccinations
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Which countries are capitalist?
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What are some of the strengths of capitalism?
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What are its weaknesses?
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The Middle
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You have two cows…You sell one and
buy a bull!
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New ways of thinking emerge…Jeremy Bentham
Utilitarianism:
The greatest happiness for the greatest number
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John Stuart Mill “The only purpose
for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others.”
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Robert Owen – a Utopian
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Communism Who owns the production resources?
Who makes the decisions?
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Who were the founding thinkers? What book did they write?
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Karl Marx, continued… Bourgeoisie
(aka: the “haves”) Proletariat (aka: the “have-nots”)
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Communist Party (get it?)
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Which countries follow this system?
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What are some of the strengths?
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What are its weaknesses?
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You have two cows… The government takes them and gives
you the milk.
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Socialism Who makes the decisions? Who owns
the resources?› Some things are owned by the government
(examples?)› Some things are owned by individuals
(examples?)
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Who are the founding thinkers?
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What countries are socialist?
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What are its strengths?
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What are its weaknesses?
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You have two cows…The government takes one and gives it to
your neighbor.