CAPITALISM

Capitalist economies are based after supply and demand. There is no to little government control over the economy. Any one can start and business and you can charge what ever you want for your goods.

ADVANTAGES AND DISADVANTAGES

• Anyone can start their own business
• There it's no government control over the markets
• Large businesses can take over the market
• You're not guaranteed a job

CAPITALIST LEADERS

• David Hume, 1700s economic theorist
• Adam Smith, 1700s economic theorist
• David Ricardo, pushed Britain to be more capitalist

SOCIALISM

In a socialist economy, production is based on the good of all. All workers are treated equally and thus receive equal pay. The government usually owns all land and controls businesses.

ADVANTAGES AND DISADVANTAGES

• Everyone is treated equaly
• Markets can't be controlled by monopolies
• The society is valued over you as an individual.
• One receives the same pay regardless of how hard they work

SOCIALIST LEADERS

• Charles Hall, wrote "The Effects of Civilization on the People in European States"
• Henri de Saint-Simon, came up with the term socialism.
• Saint-Simon advocated for a effiencent socialist society.
• Charles Fourier, created communities without land ownership.

COMMUNISM

In a communist system the government owns all property and businesses. You are assigned your job. All pay is the same, regardless of what position you hold.

ADANTAGES AND DISADVANTAGES

• You are guaranteed a job
• Everything is provided by the government
• There are fewer choices and freedoms
• Stricter limitations on businesses.

COMMUNIST LEADERS

• Karl Marx, published the book "The Communist Manifesto"
• Vladimir Lenin, nationalized all productivity, making Russia communist
• Friedrich Engels, the father of communism