Economic Thinkers, Governments, and Markets

Social Studies 10, Finals of 2025

Karl Marx

Invented communism, believed that command economies where the market is limited/controlled is ideal. Capitalism only hurts workers, and should be destroyed.

Adam Smith

Father of Capitalism, believed in the “invisible hand” of the people’s will, shaping how the market looks. Ideally, the market will be as free as possible and the government will not intervene.

Fredrich Hayek

Totally libertarian capitalism, wherein no power will intervene on the market, is the safest route. He believed that any drop of power will corrupt people to turn against their own people in return for more power/ money. Property is the most important right.

Authoritarianism:

The government, which is small and strong, controls the day to day and economy, representing Fascism on the far right, and Stalinism (or similar ideals) of the far left.

Libertarian:

The government should have minimal power, or at least should be spread thin to minimize individual power. An uncontrolled day to day society, with any market structure. Anarcho-Cap on the far right, and Anarcho-Com on the far left. The people have a right to control themselves, through counsels or total anarchy.

Neo-Liberalism:

The current status quo, which believes that the problems of capitalism will be solved through minimizing social injustices