Question

This economic system was defended by Adam Smith in his 1776 book The Wealth of Nations This economic system was defended by Karl Marx in his 1848 book The Communist Manifesto and his 1867 book, Das Kapital. In this economic system, the government makes regulations (laws) for how workers should be treated, building codes for how to build and maintain living and working spaces, and to keep products safe for consumers. The government also helps unemployed and poor people with welfare and medical care, and sometimes the government just controls entire industries (like fire departments, schools, police departments, city sanitation, etc.). This economic system follows the 3 Natural Laws of Economics: a. The Law of Self-Interest, b. The Law of Competition, c. The Law of Supply and Demand This economic system revolves around private property. Products and services are provided by individuals who sell on the open market based on supply and demand. Definition: an economic system where people and businesses work to earn profits. Definition: an economic system in which the state (government) gains control over the means of production such as land and natural resources This economic system follows the concept of "laissez-faire" meaning: "there should be NO government laws for businesses, so that businesses can make their own decisions about what prices to charge, what to pay workers, what products to make/sell, etc." This economic system seeks to address and limit worker exploitation (the abuse of workers rights). This economic system claims that the bourgeoisie (rich class) harms the proletariat (working class) and seeks to eliminate these class differences to make wealth more equal.

Answer 1

Answer:Adam Smith defended the economic system of capitalism in his 1776 book "The Wealth of Nations." In this system, individuals and businesses work to earn profits through private property and the selling of products and services on the open market. The three natural laws of economics that guide this system are: 1. The Law of Self-Interest: Individuals and businesses act in their own self-interest to pursue profit and personal gain. 2. The Law of Competition: Competition among individuals and businesses drives innovation, efficiency, and lower prices for consumers. 3. The Law of Supply and Demand: Prices are determined by the balance between the supply of goods and services and the demand from consumers. Capitalism operates under the principle of "laissez-faire," which means minimal government intervention in business affairs. The government's role is primarily to create regulations and laws that ensure fair treatment of workers, maintain building codes for safety, protect consumer interests, and provide welfare and medical care for the unemployed and poor. Karl Marx, on the other hand, advocated for a different economic system called communism in his books "The Communist Manifesto" (1848) and "Das Kapital" (1867). In communism, the state (government) gains control over the means of production, including land and natural resources. The aim is to eliminate class differences and create a more equal distribution of wealth by removing the bourgeoisie (wealthy class) and empowering the proletariat (working class). The government in a communist system controls entire industries, such as fire departments, schools, police departments, and city sanitation. To summarize: 1. Adam Smith defended capitalism in "The Wealth of Nations," an economic system based on private property and the pursuit of profit. 2. Capitalism follows the laws of self-interest, competition, and supply and demand. 3. The government's role in capitalism is to create regulations and laws for fair treatment, safety, consumer protection, and welfare. 4. Karl Marx advocated for communism, where the state controls the means of production to eliminate class differences and promote equality. I hope this explanation clarifies the differences between capitalism and communism. Let me know if you have any further questions!

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