Global Issues Smith, More, Marx Assignment

Capitalism- A system of government where a country's trade is controlled by private

owners for profit.
Socialism- Socialism is a political, social, and economic philosophy encompassing a
range of economic and social systems characterized by social ownership of the means
of production, as opposed to private ownership. It includes the political theories and
movements associated with such systems.
Communism- a society in which all property is publicly owned and each person works
and is paid according to their abilities and needs.

Adam Smith- Adam Smith FRSA was a Scottish economist and philosopher who was a
pioneer of political economy Smith argued that by giving everyone freedom to produce
and exchange goods as they pleased (free trade) and opening the markets up to
domestic and foreign competition, people's natural self-interest would promote greater
prosperity than with stringent government regulations.

Thomas More- Thomas More, venerated in the Catholic Church as Saint Thomas More,
was an English lawyer, judge, social philosopher, author, statesman, and noted
Renaissance humanist. He also served Henry VIII as Lord High Chancellor of England
from October 1529 to May 1532.

Thomas More is known for his 1516 book 'Utopia' and for his untimely death in 1535,
after refusing to acknowledge King Henry VIII as head of the Church of England.

Karl Marx- Karl Heinrich Marx FRSA was a German philosopher, critic of political
economy, economist, historian, sociologist, political theorist, journalist and socialist
revolutionary. His best-known titles are the 1848 pamphlet The Communist Manifesto
and the three-volume Das Kapital. Marxism is a social, political, and economic theory
originated by Karl Marx that focuses on the struggle between capitalists and the working
class. Marx wrote that the power relationships between capitalists and workers were
inherently exploitative and would inevitably create class conflict.