Objective: Cover the development of Communism and Socialism

Communism and SocialismAre two other kinds of economies that some nations

practiceCommunism is a command economy where the

government owns and controls almost all businessesSocialism is a mixed economy where the government

owns some of the major businesses in the countryAnd where people outside the government made

some economic decisions

Ideas of Karl MarxKarl Marx 1818 to 1883Is considered the farther of Socialism and

CommunismMarx wrote the Communist ManifestoMarx believed workers were being treated

badly by Capitalist Marx believed the workers would rise up and

overthrow the rich

Working ConditionsWorkers were paid very littleWorkers worked 16 hrs a day on averageIn very dangerous and unclean conditionsIf a worker was injured on the job he was

fired and replacedChildren as young as seven worked 16 hrs a

day

Under CommunismThere would be no private propertyAll people would share wealthAfter a while the government would

disappearLeaving a worker’s paradise

Socialism TodayPeople who believe in socialism are called

socialistsSocialists believe public (government)

ownership protects workers from bad working conditions and low pay

They believe the government should answer the three basic questions of economics

Socialism TodaySocialists want to make sure no one becomes

too rich or too poorSocialists want to control key parts of the

economy such as Health Care, Banking, Railroads, Mines, Steel Industry

In socialist countries must services are free such as: education, child care, medical, unemployment and retirement benefits

However taxes in these countries are extremely high in some cases 60% of your income

Communism TodayUnder communism government owns

everythingPeople are told where to work and pay is set by

the governmentPeople’s Republic of China is under communismGovernment directs the economyFarmers may rent land from the government for

a priceIn 1989 a student up rising was crushed by the

communist in Tiananmen Square