People privately own businesses and make their own money., Some businesses are privately owned, but big industries (like healthcare or transportation) are run by the government., Dictatorship of the proletariat temporarily owns all businesses and property., Competition between businesses creates innovation (new products/technology)., Equality: Everyone is supposed to get the same amount, no matter their job., Tries to reduce the gap between the rich and the poor., A balance between government control and personal ownership., Focus on equality and ending social class differences., Created as a response to the unfairness of capitalism., There is inequality & large gaps between rich and poor people. wealth is unevenly distributed., The government has little involvement in the economy (laissez-faire)., Aim to improve the way society works, but in very different ways., Both focus on reducing inequality. Both believe the government should help meet people's basic needs., Both can have extreme impacts on the rich and poor..

6.2 Economic Idealogies Venn Diagram

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