New Economic Theories

The government's role in the laissez-faire capitalism was to leave the economy alone.

Private ownership and free markets.

The belief that government should interfere as little as possible in business.

Competition, self interest, and laissez-faire

He thought they were determined through competition between businesses.

It determines the type and number of goods produced.

An economic and political system in which a country's trade and industry are controlled by private owners for profit.

A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

Communism

When government decides and owns everything.

One person with complete power over everything is in charge.

workers or working class people.

A gap between rich and poor.

The built schools.

Government regulation was minimal, but new laws protected workers and their standard of living.

He thought they would lead to a communist revolution.

The capitalist government enacted reforms.

Businesses eventually exploited the working class. Workers who were injured on the job were not protected. There were vast inequalities between workers and owners. Big companies drove small companies out of business.

Assistance for the poor Better working conditions Minimum wage laws

Friedrich Engels

Communism

Socialism

Workers