Cold War: Capatalism v. Communism

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“Capitalism v. Communism”

During the Cold War, Europe was split between communist countries and non-communist countries. The strife was caused by the differences in the underlying values in capitalism and communism. During this time, the United States and the Soviet Union also had opposing ideologies. Despite the differing ideologies of capitalism and communism, both have affected the political, cultural, and economic development of Third World countries.

Capitalism is “a way of organizing an economy so that the things that are used to make and transport products (such as land, oil, factories, ships, etc.) are owned by individual people and companies rather than by the government” (Merriam-Webster). Capitalists believe in economic freedom, competition, and personal responsibility. Capitalist key thinker was Adam Smith (1723-1790), a Scottish philosopher and economist. Smith is credited with creating the majority of key principles in capitalism, such as raising workers’ wages so they too can become consumers. “This great increase of quality of work which, in consequence of the division of labor, the same number of people are capable of performing, is owing to the three different circumstances..,” (Smith, 1). This quote explains the increase of dexterity in individual workmen, the saving of time that is usually lost between the passing of work, and the invention of greater numbers of machines contributing to decrease labor and individual work among men. Capitalism is the strongest economic system, and it is used throughout the world. Capitalism takes on a survival of the fittest approach, only the strongest in business will survive. “…from which so many advantages are derived is not originally the effect of any human wisdom…tho...

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