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Economic system based on the theories of Karl Marx and Vladimir Lenin in which the means of production are owned by the government?
The answer to this specific question is Socialism, not Communism. According to Marx, after the revolution by the proletariat working class, the means of production would be seized by the workers and a government set up by the proletariat. This government would own all property. Eventually, Communism would evolve and there would be no government. Thus any situation where there even IS a government would not be Marx's vision of communism.
What else can I help you with?
What is the difference between Keynesian and classical economic theories?
Keynesian economic theory focuses on government intervention to manage economic fluctuations, while classical economic theory emphasizes a hands-off approach with minimal government involvement in the economy.
What economic theories supports an increase in government spending in order to benefit private industries?
Keynesian theory
Are future economic trends influenced by economic theories?
Yes, the future economic trends are usually influenced by the economic theories.
Do markets work?
No; not according to some economic theories. Yes; according to some economic theories.
What would be one downside to Keynes theories?
The massive debt a government can amass over a period of time while employing Keynesian economic theories. e.g. the United States of America.
How did the industrial revolution affect economic thought?
The Industrial Revolution led to the emergence of new economic theories such as classical economics, which emphasized market forces, labor specialization, and the importance of industrial production. It also sparked debates on capitalism, socialism, and the role of government in regulating the economy. Overall, the Industrial Revolution significantly influenced the development of modern economic thought.
Vladimir Lenin embraced the theories of (blank) for a future plan for government?
Vladimir Lenin embraced the theories of Marxism as the foundation for his future plan for government. He adapted Marx's ideas to fit the conditions of Russia, emphasizing the role of a vanguard party to lead the proletariat in revolution. Lenin believed in the necessity of a dictatorship of the proletariat to transition from capitalism to socialism, ultimately aiming for a classless society. His interpretation of Marxism laid the groundwork for the Soviet state and its policies.
Supporters of adam smiths economic theories would probably support a government policy of?
removing regulations regarding business practice in the baking industry
Supporters of Adam Smith economic theories would probably support a government policy of?
removing regulations regarding business practice in the baking industry
What are theories in economics called?
economic models
What does an econimist do?
An economist studies and analyzes the production, distribution, and consumption of goods and services. They use economic theories and data to provide insights and make predictions about the behavior of individuals, businesses, and governments in various economic systems. Economists often work in academia, government, or industry to inform decision-making and policy development.
How are Alfred Marshall's economic theories viewed?
Marshall's economic theories, although very elaborate, have been viewed as eclectic and lacking in internal consistency.
