Questions and Answers
During the industrialization, what gap was explored in new economic theories?
a gap between rich and poor
In a dictatorship of the proletariat, who controls the government?
working classes
In The Communist Manifesto, what did Karl Marx hypothesize would cause capitalism to fail?
if workers revolted
What two principles form the basis for capitalism?
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How did Adam Smith believe fair prices are determined in a capitalist system?
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According to Karl Marx, what would the economic ideas behind socialism lead to?
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What is the economic theory that stresses government management of the production and distribution of goods?
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Which BEST explains what Marx hoped to convey in The Communist Manifesto?
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As economic theories, what did socialism and communism seek to achieve?
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Karl Marx called for _________ to control government and develop a classless society.
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Study Notes
Economic Theories During Industrialization
- Industrialization resulted in a widening wealth gap between rich and poor, prompting exploration of new economic theories.
Dictatorship of the Proletariat
- In a dictatorship of the proletariat, the working classes gain control over the government.
Marx's Predictions in The Communist Manifesto
- Karl Marx posited that capitalism would collapse if the working class revolted against oppression.
Foundations of Capitalism
- Capitalism is built on principles of private ownership and free markets.
Price Determination in Capitalism
- Adam Smith argued that fair prices are established through competition among businesses in a capitalist framework.
Marx's Vision for Socialism
- According to Karl Marx, the economic theories underpinning socialism would culminate in a communist revolution.
Definition of Socialism
- Socialism advocates for government intervention in the management of production and distribution of goods.
Marx's Call to Action
- In "The Communist Manifesto," Marx urged workers to recognize their subjugation and unite for revolution, emphasizing their lack of material wealth but potential for change.
Goals of Socialism and Communism
- Both socialism and communism aim to reduce inequalities in wealth and distribute resources more equitably.
Classless Society Advocacy
- Karl Marx called for workers to dominate government in order to create a classless society, eliminating social hierarchies.
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Description
Test your knowledge of new economic theories that emerged during industrialization with this quiz. Explore concepts from The Communist Manifesto and understand the social dynamics of that era. Perfect for students of World History looking to reinforce their understanding of economic systems.
