1. What role does the government play in capitalism? 2. How does the concept of the "invisible hand" support this idea? 3. Why was capitalism viewed as an unfair system in the 19th century? 4. What role does the government play in socialism? 5. What did Marx think would happen in a socialist society?

Question

1. What role does the government play in capitalism? 2. How does the concept of the "invisible hand" support this idea? 3. Why was capitalism viewed as an unfair system in the 19th century? 4. What role does the government play in socialism? 5. What did Marx think would happen in a socialist society?

Answer 1

1. In capitalism, the government typically ensures a legal framework, enforces contracts, and may regulate certain aspects to prevent market abuses, but its role is generally limited compared to other economic systems.2. The "invisible hand" in capitalism, coined by Adam Smith, suggests that individuals pursuing self-interest unintentionally contribute to overall economic well-being, guiding resources efficiently through market forces.3. In the 19th century, capitalism was criticized for issues like harsh working conditions, income inequality, and exploitation, leading to perceptions of an unfair system.4. In socialism, the government plays a more active role, owning or controlling key industries, redistributing wealth, and aiming for greater economic equality.5. Marx envisioned that in a socialist society, the state would wither away, and a classless, stateless communist society would emerge, where the means of production are collectively owned, promoting equality and abolishing social classes.

Question

Answer

Answer