e. napp a centrally planned economy in this lesson, students will identify characteristics of a...
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E. Napp
A Centrally Planned Economy In this lesson, students will identify characteristics of a centrally planned
economy.
Students will be able to identify and/of define the following terms:
Centrally Planned EconomyCommunism
Problems of a Centrally Planned Economy
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E. Napp
Karl Marx advocated a centrally plannedeconomy in his book, The Communist Manifesto (1848).
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E. Napp
In the early days of the Industrial Revolution,workers were exploited or mistreated. Children even worked in factories.
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E. Napp
Sure, a few industrialists and capitalistsBecame very wealthy but…
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E. Napp
Most people worked long hours for low wages in unsafe working conditions.
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E. Napp
Karl Marx encouraged workers to uniteand violently overthrow the Capitalistclass in order to create a more justsociety.
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E. Napp
“Workers of the world unite;you have nothing to lose but
your chains.”
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E. Napp
Marxism
Marxism is frequently referred to as communism.
Characteristics of a Marxist Society:
• Dictatorship
• Government ownership of the Factors of Production
• Economic Equality
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E. Napp
It sounds like paradise: A society wherethere is no poverty, no want but…
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E. Napp
Problems of a Centrally Planned Economy
Many problems exist in centrally planned economies.
The Problems of a Centrally Planned Economy:
• Workers lack incentive because all workers are rewarded equally.
• Productivity and efficiency decline.• Innovation is not rewarded.
• Individual freedoms are sacrificed.
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E. Napp
Think about it!Would you work hard if you were rewardedThe same as the lazy worker beside you?
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E. Napp
Eventually, the Soviet Union collapsed andthe formerly Communist republics began
to transition to largely free marketeconomies.
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E. Napp
Transition has been difficult for Russia.A new economic perspective must becreated and previously Government-owned factories must be privatized.
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E. Napp
Questions for Reflection:
• How does a centrally planned economy differ from a free market economy?
• Who was Karl Marx and what did he advocate?
• Describe a Communist society.
• What problems are created by centrally planned economies?
• Define transition.