Government

owns the
means of
production

Individual
citizens own

the means of
production
The people as
a whole own

the means of
production
Social services
and equal
distribution of

wealth are the

governments
goals
Private
ownership and

control of
property and
economic
resources

Competitio
n is

encourage
d

Adam
Smith

Karl
Marx

Public
ownership of
most land,
factories,

methods of
transportation
Society controls
all major
decisions about

production
through the
government

Possible
for
individuals

to make a
profit

Usually
found in

politically
free societies
Usually found
in countries

run by strict
governments
Think capitalism
leads to
inequality, with a

large gap
between the rich
and the poor
Encourage social
welfare; limiting

child labor,
support labor
unions, public
education/housin
g

Markets can
operate
freely with
no rules

Government
fully controls
all aspects of
the economy

Laissezfaire

hands
off
economics

Competition
among businesses
will produce the
best ideas and
products to
improve society

Workers and
consumers form
unions to get
rights and
protections

Governmen
t sets the
prices

Supply and
Demand
control
prices

Government
makes laws to
protect
businesses,

workers and the

economy
Taxes used for
public works
and a powerful

government to
improve society
Government is
the top social
class, everyone

else is below
them
Small middle
class

Small upper
class
Large lower
class

Large middle
class
Small lower
class

Small upper
class

Economy is
more stable,

fewer
recessions

Economy
crashes and
has

recessions
occasionally
Workers are
treated equally
and typically earn

the same wage

regardless of
job/work ethic

All people
in society
pay taxes