Capitalism for America

Patrick McGlew

What is the purpose of Capitalism

• Makes sure that if you want to have a good job you can have a good job.

• Different people get different wages depending on how hard they work and the education they get

• If you have drive and want to get a good job then it is possible because this also allows you to get a better wage.

Definition of Capitalism

• Capitalism-Economic system where the market makes economic decisions; Adam Smith-economy, laissez-faire, “Bill Gates”

• Laissez-Faire- French for “Hands off”, policy of no government interference in capitalism economic system

• Entrepreneur-French for big rich guy who starts and runs a business

Definition of Communism

• Communism-Economic system where the government makes economic decisions; Karl Marx, The Communist Manifesto, command economy, all are equal, “Robin Hood”

• Proletariat- communist for working class that should own the means of production

Definition Slide

• Three Economic Questions- What to produce? Who to produces it? For whom it is produced?

• Economic System- how a country decides to solve the problem of scarcity (not enough stuff for everyone so it costs…)

Positive effects

• Positive effects of capitalism would be the amount of money that you can make.

• Ex: If you work to be a brain surgeon you will make more money than a janitor would make.

• Also it keeps the lazy people from making money that they don’t deserve

Negative effects

• Some people get all the money and others get almost nothing.

• Ex: The business owners get all the money and also get to set the working conditions and wages for the business workers and they get almost nothing

• Child labor was a huge negative because children were in the factories and had the possibilities of being injured.

Reasons for Capitalism

• Capitalism makes everyone different because the wages and positions are different

• The different jobs make people not a lazy because they can make more money if they work for it

• People that don’t work don’t get the jobs which is fair because if they don’t work they shouldn’t be paid the same.

Reasons against Communism

• Promotes laziness

• People get paid the same wages regardless of the education that they have or the work that they do.

• Government makes the decisions on what to make not the people that have the demand of what they buy.

Summary Slide

• Capitalism is a better economic system than communism because it doesn’t not promote laziness. It has different wages and different jobs. Last if you want to have a good job you can get it as opposed to communism where your job doesn’t matter.