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economic systems, references:
WORLD SCHOOL OF COMMUNISM 2024. (2024).…
economic systems
Capitalism
Pros: 1) It motivates businesses to innovate, making better services and production. 2)
Cons: 1) It motivates businesses to innovate, making better services and production. 2)
Definitions: The Idea of privately owned companies that make money by competing with other businesses.
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Socialism
Pros: 1)The government makes sure that everyone has their basic rights. 2)makes sure there are no competition between businesses since the govenment also has a hold on the econamy.
Cons: 1)There is a possibility that the leaders in controle become corrupt and misuse their power. 2) you have less freedom since they have a strong hold on the economy and limit the amount of private businesses.
Definitions: A type of government where everything belongs to either the government or private businesses. There are social classes.
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Image of hospital to show how socialism provides its people with their basic needs like health and education.
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Communism
Pros: 1) Decisions are made quickly because there is only a small group of people making the decisions. 2) The government takes accountability for the money they spent for the people so any corruption can be controlled.
Cons:1) No personal freedom because you can't own private businesses. 2) No equality because there is people more powerful then you.
Definitions: A type of government where everything belongs to the government and there are no private businesses. There are no social classes.
Famous communist symbol. The hammer represents the workers, and the sickle represents the farmers
The image shows that communism is a society without classes, and the poor and rich are equal.
This is a picture of the creator of the book "The Communist Manifesto", karl marx.
Marxism
Pros:1) No social classes which means on inequality. 2) there are no private businesses that can take advantage of their workers.
Cons: 1) No personal freedom because you can't own private businesses. 2) The small group of people in charge can become corrupt which would lead to inequality.
Definitions: Karl Marx's theory that talks about ending social classes since they lead to inequality and that all resources and production should be shared with everyone.
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This is a picture of the creator of marxism, karl marx.
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