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what are socialism, communism, and capitalism?
○ economic and political theories that developed to cope with the great depression
○ philosophies developed in ancient greece and rome
○ methods of organizing industry and international trade
○ economic and political theories developed in the eighteenth and nineteenth centuries
Socialism, communism, and capitalism are economic and political theories. Socialism and communism emphasize collective or state - ownership of means of production, while capitalism is based on private ownership. They developed mainly in the 18th and 19th centuries as responses to the changes brought by the Industrial Revolution, not specifically to the Great Depression, nor are they ancient Greek/Roman philosophies or just about organizing industry and trade.
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economic and political theories developed in the eighteenth and nineteenth centuries