Political Systems

Communism, Capitalism & Socialism

Communism

• Based on a moral outrage at poverty and private rights at the expense of the welfare of society as a whole.

• Communists believe that Capitalism exploits/degrades workers…transforming them into beasts of burden and machines that enable the rich to get richer and the poor to get

Political Systems

• Production facilities are state owned and production decisions are made by the government.

• DISCOURAGES PERSONAL INCENTIVE.

Political Systems

• CAPITALISM• A SOCIAL SYSTEM BASED ON HE

RECOGNITION OF INDIVIDUAL RIGHTS, INCLUDING PRIVATE PROPERTY rights.

• Under capitalism, the state is separated from religion.

• Capitalism in the U.S. is LAISSEZ-FAIRE (hands off economics). Concept created by ADAM SMITH.

Political Systems

• Capitalism GUARANTEES political freedom.

• Essential flaw of Capitalism is that there will be those who DO NOT succeed. Poverty, homelessness,and those without health care, etc.

Political Systems

• SOCIALISM

• Economic and social system under which certain industries and social services are publicly and cooperatively owned and DEMOCRATICALLY controlled with a view to equal opportunity and equal benefit for all.

Political Systems

• Socialists advocate nationalization (government ownership and control) of natural resources, basic industries, banking/credit institutions and utilities.

• Socialists are typically committed to the idea of the abolition of aristocratic privilege.