Economic systems

Laissez-faire

Economic policy where business and industry owners set working conditions without interference. Favors a free market unregulated by the government.

Utilitarianism

The government should try to promote the greatest good for the greatest amount of people. A government policy was only good if it promoted this goal.

Socialism

An economic system in which the factors of production are owned by the public and operate for the welfare of all

Communism

A form of complete socialism where the means of production, all land, roads, businesses, mines, factories, and other stuff will be fully owned by the people. Private property would not exist, and all goods and services would be shared equally.

Capitalism

based on the idea of private ownership over the means of production – meaning that individual people or companies can create goods (or factories to create goods) and sell for a profit.

Union

A voluntary association by workers to speak for all of the workers of a particular trade.

Collective bargaining

A negotiation between workers and their employers.

Strike

A refusal to work as protest.

Trade Unions

Trade unions are workers’ associations created for the purpose of gaining improvements in pay, benefits, and/or working conditions.

Economy

Wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. The management of said wealth, resources, goods, and services.

What did utilitarianism believe in?

Free market and that individuals could pursue their self interest, but criticized unregulated capitalism.

What did Laissez-faire believe in?

Government regulations/tariffs interfered with the production of wealth, so the government should not interfere with the economy. Supported free trade, meaning the flow of commerce in the world without government regulation. Natural laws, such as supply and demand will regulate the economy.

What did capitalism believe in?

Free competition, where people should compete with each other without government interference. Only the most deserving people should win, the one with the best methods, decisions will make the most money.

What did communism believe in?

A classless society where there is no private property and everything is shared equally.

People who argued for Laissez-faire

Adam Smith, the creator of idea, Thomas Malthus, David Ricardo.

People who argued for utilitarianism

Jeremy Bentham, the creator of idea, John Stuart Mill, Robert Owen.

People who argued for communism

Karl Marx and Friedrich Engels, creators of idea.