Economic Systems and Theories

The video explores the economic systems of capitalism, socialism, and communism that emerged during the 17th and 18th centuries. It begins with an overview of Laissez-faire capitalism, highlighting Adam Smith's contributions. The focus then shifts to Karl Marx and Friedrich Engels, who critiqued capitalism in their Communist Manifesto, advocating for socialism and communism. The video discusses the concept of means of production and the class struggle between the proletariat and bourgeoisie. It concludes with examples of Marxist experiments and their global impact.

What were the two economic systems that emerged during the 17th and 18th centuries?

• Capitalism and Socialism

• Feudalism and Mercantilism

• Capitalism and Communism

• Socialism and Feudalism

What does the term 'Laissez-faire' mean in the context of capitalism?

• Regulated market

• Community ownership

• Let do or hands-off

• Government control

Who is considered the father of Laissez-faire capitalism?

• Karl Marx

• Friedrich Engels

• Adam Smith

• John Maynard Keynes

According to Marx and Engels, who are the 'proletariat'?

• Factory owners

• Government officials

• Middle class

• Working class

What is the main idea behind socialism as proposed by Marx and Engels?

• Free market economy

• Individual ownership of production

• Community ownership of production

• Government control of all resources

What is the ultimate goal of communism according to Marx?

• A society with individual wealth

• A society with a strong middle class

• A society with a powerful government

• A classless society

Which country had a Communist Revolution in 1917?

• Cuba

• Russia

• Germany

• China

What type of government did Germany adopt in the 1860s influenced by Marxist ideas?

• Communist

• Social democracy

• Capitalist

• Feudal

Which of the following countries is most famously known for adopting Marxist ideas in Asia?

• Vietnam

• India

• Japan

• China

By the end of the 20th century, how many nations still held strong Marxist or communist ideas?

• Very few

• None

• Many

• All