Capitalism

Profit

When money is made from a business or product

Competition

The goal of outpreforming others

Economic-freedom

Each individual is responsible for their own economic well being

Personal Responsibility

People are free to support themselves

Consumerism

The attitude of obtaining material goods

Adam Smith

Advocated an ecomonic system that was free from government control and open to free competition and trade

Wrote a book called "An Inquiry into the Nature and Causes of the Wealth of Nations" which introduces the concept of Capitalism (1776)

He descibed how all the values of Capitalism would benefit the citizens as well and the Mother Land

Economic

Free market, which means there is little governemnt restrictions, privately owend businesses and individuals are free to trade as they wish

Mercantilism

Before Capitalism there, this system was in place . Government had power and thought that in order for a country to becoem wealthy they must export more than they import

Monopolies

Industrial Revolution

Due to Capitalism there was a demand for new materials and efficent methods to complete tasks. To meet these demands new technology and methods were developed to complete tasks.

Workers protested because new technolgy was replacing them

Political

Government played a very small role in Capitalism

Citizens were independant and only relied on themselves for success

Social

Working class paid to make goods which are sold for a profit

Upper classes exploit working class

Profit motive

Demand for workers

Slave

Child

Key Events

Luddites

Protest group which would destroy factory machines that took their jobs

Abusive working environments

Key Arguments

Malthus

Believed that wealth would only cause people to have more children resulting in the wealth getting used up and the majority of people would live in poverty, once again

Ricardo

Saw the free market economy as a way to keep workers wagers at a minimum so they could only afford to keep their families alive

Karl Marx

Viewed Capitalism as one stage of human development which would be overthrown

Liberalism

Entrepreneurs

Had money thus became a political force

Factory Owners

Liberals were against privliges of the upper class and the monarch. Believed that each individual should be equal

Socialism

Friedrich Engels

Karl Marx

Created "Scientific Socialism"This is the social, political and economic theory that they developed stating that we should spread wealth so everyone is equal but this idea will not work due to human nature to gain success.