#Marx vs smith chart free#

Government does not discriminate based on race, color, or other arbitrary classification. Voluntary co-ownership is also permitted.Ī theory or system of social organization based on the holding of most property in common, with actual ownership ascribed to the workers.

#Marx vs smith chart free#

Production may variously be coordinated through either economic planning or markets.Ī theory or system of social organization based around a free market and privatization in which ownership is ascribed to the individual persons. The means of production are owned by public enterprises or cooperatives, and individuals are compensated based on the principle of individual contribution. Goods and services are produced to make a profit, and this profit is reinvested into the economy to fuel economic growth. Market-based economy combined with private or corporate ownership of the means of production. Emphasis on profit being distributed among the society or workforce to complement individual wages/salaries. No restriction on who may own capital.įrom each according to his ability, to each according to his contribution. Emphasis on individual profit rather than on workers or society as a whole. Some mobility.įreedom of religion, but usually promotes secularism.Ĭapital (or the 'means of production') is owned, operated, and traded in order to generate profits for private owners or shareholders. Status derived more from political distinctions than class distinctions. Large degree of mobility between the classes.Ĭlass distinctions are diminished. Rothbard, Ayn Rand, Milton Friedman.Ĭharles Hall, François-Noël Babeuf, Henri de Saint-Simon, Robert Owen, Charles Fourier, Louis Auguste Blanqui, William Thompson, Thomas Hodgskin, Pierre-Joseph Proudhon, Louis Blanc, Moses Hess, Karl Marx, Friedrich Engels, Mikhail Bukinin.Ĭlasses exist based on their relationship to capital: the capitalists own shares of the means of production and derive their income in that way while the working class is dependent on wages or salaries. Richard Cantillon, Adam Smith, David Ricardo, Frédéric Bastiat, Ludwig von Mises, Fredrich A.

Most socialists advocate participatory democracy, some (Social Democrats) advocate parliamentary democracy, and Marxist-Leninists advocate 'Democratic centralism.' Most capitalists advocate a democratic republic.Ĭan coexist with different political systems. Large-scale industries are collective efforts and thus the returns from these industries must benefit society as a whole.Ĭan coexist with a variety of political systems, including dictatorship, democratic republic, anarchism, and direct democracy. Government should not pick winners and losers.Īll individuals should have access to basic articles of consumption and public goods to allow for self-actualization.

A free market produces the best economic outcome for society. Laissez-faire means to 'let it be' opposed to government intervention in economics because capitalists believe it introduces inefficiencies. 'Production for profit': useful goods and services are a byproduct of pursuing profit.Ĭalculation in kind, Collective ownership, Cooperative common ownership, Economic democracy Economic planning, Equal opportunity, Free association, Industrial democracy, Input–output model, Internationalism, Labour voucher, Material balancing. However, the truth is every developed country has some programs that are socialist.Īn extreme form of socialism is communism.Ĭomparison chart Capitalism versus Socialism comparison chartĬompetition for ownership of capital drives economic activity & creates a price system that determines resource allocation profits are reinvested in the economy. is widely considered the bastion of capitalism, and large parts of Scandinavia and Western Europe are considered socialist democracies. On the other hand, capitalists believe that the government does not use economic resources as efficiently as private enterprises do, and therefore society is better off with the free market determining economic winners and losers. Socialists believe economic inequality is bad for society, and the government is responsible for reducing it via programs that benefit the poor (e.g., free public education, free or subsidized healthcare, social security for the elderly, higher taxes on the rich). capitalism debate are about economic equality and the role of government. The central arguments in the socialism vs. Capitalism and socialism are somewhat opposing schools of thought in economics.