learning objective: – today i will be able to compare socialism and capitalism by creating a t-...
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![Page 1: Learning Objective: – Today I will be able to compare socialism and capitalism by creating a T- chart to write a small summary. Agenda 1.Learning Objective](https://reader035.vdocument.in/reader035/viewer/2022062423/5697bf9f1a28abf838c94b32/html5/thumbnails/1.jpg)
• Learning Objective:–Today I will be able to compare
socialism and capitalism by creating a T-chart to write a small summary.
• Agenda1. Learning Objective2. Lecture: 9.4 Reforming Industrial3. T-Chart4. Exit Slip
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Title Notes: Ch. 9.4 Reforming Industrial Revolution
• Laissez faire= free trade (gov. hands off)– Belief that without gov.
interference, economy prospers.– Such belief came from French
Enlightenment philosophers.• Adam Smith:– Supports laissez-faire– Book, “The Wealth of Nations”
(1776)
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• 3 natural laws of economics (Adam Smith):1. Law of Self-Interest • Ppl. Work for their own good
2. Law of Competition• Competition makes better
products
3. Law of Supply & Demand• Enough goods at lowest price
meets demand.
• Capitalism= factors of production privately owned, makes profit.– Factors of production= Land,
Labor, & Capital (wealth)
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Checking for Understanding
• What is laissez-faire?
• What is capitalism?
• What is similar & different about each economic system?
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• Laissez-Faire/Capitalist Ideas:• Thomas Malthus argued:– Population increases faster than food supply increases– Poor are destined to be poor.
• David Ricardo– PPl. Are always gonna be poor.– High population + Low resources/work=cheap labor.
• Smith, Malthus, Ricardo:– Opposed gov. actionmin. wage & better working
conditions.– Believed gov. will upset free market.
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• Utilitarianism– Individual freedom to pursue economic advantage, without
gov. interference.– Jeremy Bentham modified Smith’s ideas– “Greatest good for greatest # of ppl.”
• Gov. support & control of this idea
– John Stuart Mill• Questioned unregulated capitalism (laissez-faire)• Supported working rights, women’s rights, etc.
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Checking for Understanding
• Identify two ideas that support laissez-faire and capitalism
• Define utilitarianism.
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• Socialism=factors of production owned by public, benefits public.
• Karl Marx & Friedrich Engels– “The Communist Manifesto”– Bourgeoisie “haves” ---- Middle Class– Proletariat “have nots” --- Poor & Working class– Prection: Workers will overthrow the owners.
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Checking for Understanding
• Who are the bourgeoisie?
• Who are the proletariat?
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• Marx believed the capital system will fail and workers will take control.
• Communism: complete socialism, factors of production owned by ALL ppl.
• Gap between rich & poor.• Influences revolutions for socialism/communism.• Influences revolutionaries:
– Lenin, Russia– Mao Zedong, China– Fidel Castro, Cuba
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• Unions & Strikes:– Factory workers faced long hrs & dirty/dangerous
conditions.– Workers joined together in group to fight for less hrs &
safer working conditions– Refused to work until demands are met.
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• England: Combination Acts of 1799• Outlawed unions and picketing (strike)• 1824, repealed
•1875, British unions legally are able to strike/picket peacefully•1886, American Federation of Labor (AFL)• Won higher wages & shorter hrs.
– 1904, National Child Labor Committee (USA)• Ends child labor
•Abolition of slavery:• 1807, ends slavery British in West Indies• 1833, ends slavery all over British Empire• 1865, US ends slavery after Civil War• 1873, in Puerto Rico--- 1886, Cuba --1888, Brazil
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Checking for Understanding
• What is socialism?
• What is communism?
• What is similar and different about socialism and communism?
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Capitalism Socialism
• (1) Define each concept. (2)What is the difference. (3)Provide an example for each. (4) Draw an image that represents each concept.
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Exit Slip• Which economic system do you prefer to
have, Capitalism or Socialism? Explain why you chose this.