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Socialism was also founded by Karl Marx in what he called “Scientific Socialism”.

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Communism was also founded by the writings of both Karl Marx and Friedrich Engels.

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1. Who Founded Classic Liberal Capitalism? 

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1. Who Founded Classic Liberal Capitalism? 

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Classic Liberal Capitalism  was founded based on the writings of Adam Smith.

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Adam Smith outline of the proper governmental functions in The Wealth of Nations became the outline for government under classic liberal capitalism.

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3. Role of Government- To what extent does it influence? 

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3. Role of Government- To what extent does it influence? 

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Capital Liberal Capitalism accepts the existence of government, but only allows it only a minimal ownership of resources and decision making  power to perform its responsibility.

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Karl Marx is credited with founding Marxism or more commonly known as Communism or extreme Socialism.

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John Maynard Keynes founded Keynesianism.

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In this theory, the desire to survive is one of the most powerful incentives. The desire to be successful and to have strong, powerful business is also a very powerful incentive.

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Communison was founded by the writings of Karl Marx and Friedrich Engels.

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5. Economic Freedom- Can you do what you want? 

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5. Economic Freedom- Can you do what you want? 

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In Classical LIberal Capitalism, the citizens are to enjoy economic and political liberty, and they must strictly limit the government to the performance of three major duties.

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John’s basic ideas were first published in 1936’s The General Theory of Employment, Interest and Money.”

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3. Role of The Government- To what extent does it influence? 

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3. Role of The Government- To what extent does it influence? 

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In this theory, Karl Marx states that the government is to be involved in almost every aspect of society, including what business can sell, who can sell it, what appears in the newspaper, and also what plays on the radio.

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3. Role of the Government- To what extent does it influence? 

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3. Role of the Government- To what extent does it influence? 

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The role of government is not very strong. Usually instead of a government there is a central authority, committee or just the people in charge that make the signifigent economic decisions.

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3. Role of the Governement- To what extent does it influence? 

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3. Role of the Governement- To what extent does it influence? 

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John states in his writings that “The Governments role is ‘fine tuning’ aggregate demand and intervening to ‘correct’ deffincies in performance.”

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6. Competition- Does success get rewarded and failure punished? 

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6. Competition- Does success get rewarded and failure punished? 

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In this system, there is a type of goods that the government is to provide called public goods (goods and services that benefit all or nearly all of the nations people). These goods are allowed to be produced privately, however the owners could not prevent those who refused to pay from the utilizing the good.

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In Communism, there really aren’t a lot that belongs to the people. One of the main and only incentives is the incentive to survive. However if you are asking about the government leader’s they have many incentives. Their main two is the abolition of both private property and social class systems. Their biggest and most important incentive is to make sure that the people all get their fair share (or equal amount).

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In this theory, like every other, is the incentive for survival, but they also have an incentive to be happy, as one of the most famous beliefs of this theory is ‘’spend without worry.”

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7. Property Rights- Do you keep your things? 

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7. Property Rights- Do you keep your things? 

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In this form of a society you are allowed to keep your things. The government has little to no right to take anything for it belongs to the individual in the society.

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5. Economic Freedom- Can you do what you want? 

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5. Economic Freedom- Can you do what you want? 

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In Communism, the society itself has almost no rights, since the main incentive is to make sure that everyone only gets their fair share. Therefore meaning that the government is in charge of everything, leaving slim to no freedom to the people.

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6. Competition- Does success get rewarded and failure punished? 

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6. Competition- Does success get rewarded and failure punished? 

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Often times in Communism, since the goal is that everything is equal, success and failure are divided equally. More often than not, success does not get rewarded individually nor does failure get punished individually because they are a communistic society.

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7. Property Rights- Do you keep your things? 

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7. Property Rights- Do you keep your things? 

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One of Karl Marx’s main goals in a Communistic society was to abolish private property therefore making the property belong to the government. Not only would the property belong to the government but they would also take anything the found unfit or would be a sign of rebellion.

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In this economic theory, not only is there an incentive for survival, but also an incentive for success and wealth. The people do not have much of a government that can tax them or demand an interest.

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5. Economic Freedom-Can you do what you want? 

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5. Economic Freedom-Can you do what you want? 

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Because they have no central government, yes most of the time they would be able to make free economic desisions.

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6. Competition- Does success get rewarded and failure punished? 

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6. Competition- Does success get rewarded and failure punished? 

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In Socialism, neither success nor failure would be recognized because one of their core beliefs states that everybody gets an equal amount.

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7. Property Rights- Do you keep your things? 

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7. Property Rights- Do you keep your things? 

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In this society you would be able to keep your things because there is not a government there to take it away.

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5. Economic Freedom-Can you do what you want? 

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5. Economic Freedom-Can you do what you want? 

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This theory states that for the most part you can do what you want, however there is a government and the government does have some rules that you must abide by.

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6. Competition- Does success get rewarded and failure punished? 

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6. Competition- Does success get rewarded and failure punished? 

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In Keynesianism, success and failure are both recognized as they have a government that is there to see it.

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7. Property Rights- Do you keep your things? 

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7. Property Rights- Do you keep your things? 

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This economic theory states that you do get to keep your things however you must purchase them at a price.

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New Zealand, based off of its economic policies is the country that most closely practices Classical Liberal Capitalism. They have a mostly free society and practice many things that would be considered classic Liberal capitalism.

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China is one of the most famous countries that practice Communism. They force their citizens to abide by many extreme rules such as a child limitation rule, no freedom of speech or press and no freedom of trade.

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Canada is one of the most famous Socialistic countries in the world. Their use universal healthcare and their taxation laws make them an extremely socialistic country.

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In 2008, in the United States our own former president Obama tried Keynesian economics. Obama The former president spent $800B in a failed attempt to increase jobs and stimulate the economy.