Capitalism And Capitalism

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Capitalism and Communism are both economic systems, adopted by different regions, which has played a major role in how society has been shaped in the 20th century. Capitalism, is simply an economic system where things like property and/or businesses are owned and controlled by individuals instead of the government. The United States was one of the first majorly developed regions to adopt this philosophy and it has had a huge impact on the global economy by allowing free market competition and by promoting the culture of work. Communism, is an economic system in which things like businesses and property are own and controlled by the government. Communism was adopted by the Soviet Union and played a critical role in global politics and social classes.
To provide brief history for both economic systems and how they were developed, I would like to start with the history of capitalism. Adam Smith, a Scottish economist, believed that private ownership of businesses and resources provided incentives for business owners to be more efficient. He was able to articulate his ideals in a book called, The Wealth of Nations. According to the text in, Worlds Together, Worlds Apart, the Wealth of Nations described what Smith believed to be universal economic laws. (Cite pg. 539). Karl Marx, a German economist, believed that the workers of factories and businesses were being exploited by the business/factory owners by not allowing the profit the company made to trickle down to its

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