all about adam smith father of capitalism. what book did he write? inquiry into the nature &...
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What book did he write?
Inquiry into the Nature &Causes of the Wealth of Nations(a.k.a…The Wealth of Nations
What were his ideas on self-Interest?
- Invisible hand guides economy- Each individual maximizes his
own benefit
What were his ideas onGovernment?
-limited involvement in economicaffairs-protect against monopolies-provide public services
What are the weaknesses ofHis ideas?
-abuses developed during the Industrial Revolution-exploitation of workers
What problems did MarxBelieve capitalism caused?
-oppression to workers-workers exploited & wages keptLow by greedy factory owners
What did Marx believe aboutClass in society?- Class struggle exists- Class is determined by ownership of property-rich get rich & poor get poorer-wanted classless society – all equal
What stages must society goThrough to reach the ideal stateOf Communism?
-greater suffering for workers & More wealth for capitalists-lead to violent revolution & workersWould win
Who/What did his ideasInfluence?
- Lenin & Stalin- Russian Revolution (1917)- Chinese Communist Revolution (1949)