Capitalism vs. Socialism
Capitalism vs. Socialism
? What do you already know about Capitalism and Socialism?
? What type of economic system do we have in this country?
? What type of economic system should we have in this country?
Objective:
? We will evaluate whether we are more in favor of a capitalist or socialist economic system and justify why
Capitalism
? an economic system where citizens own the means of production
? the investment of money in business ventures in order to make a profit
Socialism
? an economic system in which the factors of production are owned by the public and operate for the welfare of all
Adam Smith
? 1723-1790 ? book- Wealth of Nations ? nations attain wealth and
function best when individuals are free to use their skills and capital (money, land etc.) in their own self-interest and at their own discretion
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