Unit 5 The Age of Revolutions

UNIT 5 THE AGE OF REVOLUTIONSLesson 5 Capitalism vs. Socialism

UNIT 5 THE AGE OF REVOLUTIONSLearning TargetStudents can compare and contrast the ideas of capitalism and socialism

Unit 5Industry and CHANGES

C – CapitalismWho? Book?

Adam Smith wrote the Wealth of Nations

C – CapitalismWhat is most important for business?

Individual workers are most important

C – CapitalismRole of government?

Adam Smith’s book explained the governments role in capitalism• Laissez faire – government shouldn’t be involved with

the economy

C – CapitalismView of wealth?

Workers work harder when they make a profitCompanies do better when they make a profit

Wealth motivates people If you don’t work you will be poor

C – CapitalismView of property

Private Property• People will work harder for what is theirs

C – CapitalismView towards the opposite system?

No reason to work harder• Individuals do not matter• There is no opportunity to be wealthy• Human nature is lazy

S – SocialismWho?Book?

Karl Marx and Friedrich Engels wrote the Communist Manifesto and Das Capital

S – SocialismWhat is most important for business?

The people (society) are most important

S – SocialismRole of government?

Explained the governments role in socialism• Government should be in control of the economy• Government should not be used as an instrument of the

rich to oppress the poor

S – SocialismView of wealth?

Wealth should be distributed evenly• No rich and no poor

S – SocialismView of property?

Public Property• People will work harder if they work for the good of all• All property is “socially owned”, everything is shared

S – SocialismView of the opposite system?

No reason to work harder• Some people are poor• People are too greedy• Owners mistreat workers to make more money

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