EMS- Origins Of Economic Systems

Question 1

Capitalism

Answer 1

Rome, Middle East and early Middle Ages

Question 2

Socialism

Answer 2

Industrialization led to the development of new ideology, which criticized capitalism. Socialists believe that people should join together and work collectively.

Question 3

Communism

Answer 3

Karl Marx’s theory of ensuring that there is one rule and all factors of production are owned by state.