Early Economic Thinkers

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Scottish economist who wrote the Wealth of Nations, a precursor to modern Capitalism.

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Adam Smith

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According to the article, why did Karl Marx think the economic system of the world would change?

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He believed the poor of the world would rise up and demand a system that treated them fairly.

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Based on the article, which of the following is MOST important to all economic systems? economic freedom, factors of production, equal distribution of wealth, government-owned services

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factors of production

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Why did Smith support Laissez faire?

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Adam Smith believed a free market would lead to an economic growth at a micro & macro level.

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What was Adam Smith's reason to support Capitalism?

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Adam Smith believed manufacturing, trade, wages, profit, and economic growth were all linked to the market forces of supply and demand.

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What book did Adam Smith write?

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The Wealth of Nations

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What book did Karl Marx write?

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The Communist Manifesto

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Who was John Maynard Keynes?

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English economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation

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The economic and political theories of Karl Marx and Fredric Engels that hold that human actions and institutions are economically determined and that class struggle is needed to create historical change and that capitalism will ultimately be superseded

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Communism

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Policy that government should interfere as little as possible in the nation's economy.

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Laissez-Faire