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citizens (they hope). This is a decentralized economic system where central planning is minimal. The markets are thought to regulate themselves. Regulation of business is the key form of government control under capitalism, but this regulation is to insure a “level playing field” and to protect the public against crime, but little else. This system was in use in America since its inception as a nation and was only de-railed by the Great Depression and the New Deal era. During the Great Depression, the USA passed many laws governing the economic life of the nation, but left the basic concepts of capitalism in place. In modern capitalist societies “welfare capitalism” has evolved, wherein the government provides safety nets for people who are out of work or otherwise unable to support themselves. Prior to the Great Depression the USA was, for decades, the world’s fastest growing and strongest economy.

2. Socialism: is a system of government ownership of most businesses and central planning of the economy. It is also a system of social justice. Under socialist thinking, equal property distribution is justice which will uplift the lower classes and bring universal peace accompanied by the reconciliation of all peoples (no joke). In this summary we will only deal with the economics of socialism. Socialist think the community as a whole should own the means of production; however, as applied in Europe in the 1930s, it generally meant the government nominally controlled the largest businesses but required very high taxes and the redistribution of wealth through social welfare programs. Governments embracing socialism guarantee free or low cost medical care, housing, food and other essentials to the populous. England, France, and other European economies began turning to socialism after World War I. Modern socialism continues to stress the importance of full employment, generous benefits to laborers, and high taxes to support the educational, medical, and welfare aspects of society. Central planning forces the production of products the government deems desirable, or prevents the manufacture of products deemed undesirable. This utopian dream of universal peace is yet to be achieved.

3. Marxism: was developed by Karl Marx and Friedrich Engels. Its aims include the liberation of workers from exploitation, coercion, and misery. The theory opines societies’ fundamental elements are determined by their methods of production. The method of production eventually decides the property relationships of society, and these property relationships determine everything else—including religion, politics, and classes of persons in that society, et al. In modern capitalist societies of the late 1800s, Marx and Engels believed history was reaching its climactic moment, as these societies would soon succumb to violent overthrow by the working classes. The proletariat (working classes) would establish the final society—one without classes—where each person worked and gave to others freely as their needs dictated. In this final classless society, ownership does not exist. Marx and Engels theorized the proletariat revolution was inevitable. This theory of an ultimate unavoidable utopian society eventually developed into Soviet style communism unlike anything envisioned by Marx. No nation has installed a utopian Marxist government, and no society ever managed anything like the utopia Marx and Engels imagined.

4. Communism: is a philosophy flowing from Marxism requiring the vesting of all property and authority in the community at large (the state). Its aims are justice, freedom, and humanity. In pure Marxism, each gave according to his ability, while the wealth of society was given according to ones needs, and without intervention by state authority (it did not exist); however, all communist states allow government acquisition of all property and all authority (power), making the state all powerful. This results in an autocratic centrally planned society. The government controls all aspects of life (for the good of all—of course). Prior to Stalin,