Exploring Alternative Economic Theories

I can compare and contrast different alternative economic theories.

• 1

  Adam Smith's book, The Wealth of Nations, introduced the idea that individuals pursuing their own self-interest could inadvertently serve the common good, and he advocated for free trade.

• 2

  Karl Marx and Friedrich Engels argued that history was driven by conflict between workers and property owners, leading to a stateless, classless system called communism.

• 3

  John Maynard Keynes challenged classical economics by arguing that market economies don't self-correct quickly and that government intervention through monetary and fiscal policy is sometimes necessary to increase output and decrease unemployment.