Last week in class, we preformed capitalism, socialism, and communism without knowing it yet. We did a starburst activity. Everyone was handed a certain amount of starbursts at the door and started class with that number. Everyone was comparing how many they had to others and many had 3. The game had soon begun of rock, paper, scissors. I had begun the game in a lot of confidence, until all of my starburst were gone in the first 30 seconds. I was frustrated because I had no way of getting back in the game and I had to sit there watching others win their games. After the games had ended, Mrs. Bailey had collected all the starbursts and redistributed them out evenly 3 to each person. We then were told that if you still wanted to play the game you certainly could. This time only 5 people got up ready to play. Everyone else wanted to hold on to what they got. I was happy that I could have 3 because it's better than the 0 I had ended up with before.
Marx and Smith had theories on the different forms of society. Marx's theory was capitalism, socialism, and communism. Capitalism is private ownership of industry, freedom of competition, and results in un equal economic classes. Socialism is government ownership of industry, goal is to bring economic equality, and aims for a classless society. Communism is goal of classless society achieved, and no government needed. Smith's Theory was the invisible hand. It was that the government leaves people alone, business people offer lower prices, which lead to better goods to attract people, and the competition regulates the market. This would help the poor more than Marx's theory. The poor would be able to afford goods better.
I think that Smith's theory of the invisible hand is best. This theory helps the poor and Marx's theory doesn't appeal best to them. This helping the poor creates a better society to live in and less people staying in poverty. This could lead to a better life for most American's.
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