1. Foundations of Historical Globalization: Who wins? Who loses? What is fair?

3. So far.. What effects and consequences of historical globalization have we looked at? Remember to consider multiple perspectives. THINK: Contact in Americas, 1600 Micmac & French, Silk Road, Imperialism, Mercantilism

4. Making Profit This was the birth of ____________________—a new economic system based on private ownership, competition and independent wealth, which would replace ______________ for good.

5. Key Features of Capitalism 1. ___________________________ Companies and stores compete for the highest quality, best selection, and lowest prices. This keeps everyone accountable to the consumers (us, the “buyers”). When a company or store is the only one of its kind in a given area, it has a _________________ in that market. That means, to some extent, it can set its own prices and decide what it will make available. Monopolies can make the corporations rich while the consumers suffer. This goes _____________ the very idea of capitalism.

6. Key Features of Capitalism 2. __________________________ In a capitalist society we, the consumer, have the freedom to _______________________ how we will make and spend our money. (No monopolies allowed!) Ex: In ___________________ societies, the people are often told what jobs they will do, and for what wage (it all depends on how much the government wants to keep)

7. Key Features of Capitalism 3. _____________________ (for Personal Wealth) In a capitalist society, if you want to _________ your financial state, you must ______________. Ex: If you want to make more money in your future, in most cases, you must attend university for a longer period of time. You will also likely be required to take on more responsibility. (Think fast food worker vs. doctor)

8. Key Features of Capitalism 4. ___________________________ Consumerism is the buying and selling of goods and services. It is based on the principle of _______________________. In other words, capitalist societies are consumer-driven. This means that companies make and sell the things that the people ___________________________.

9. Is Canada a capitalist country? Canada has several characteristics that support the values of capitalism to some degree...

10. Capitalism in Canada Canada has a relatively ______ market. (You can purchase pretty much what you like, but the government exercises some control, for example, by regulating the safety of many products.) Canada has ______ competition in most areas. That means Canada supports the ________ motive. If you run a business, you can keep your profits (after you pay your taxes of course). Canada has both _________ _____________ ownership of business. You have the right to own a business but the government owns several “businesses,” such as mail delivery and public transit.

11. Comparing Two Economic Systems MercantilismCapitalism Winners -Monarchs -Mother Countries Losers - Merchants, traders - Colonized countries and their workers.

12. Comparing Two Economic Systems CommunismCapitalism Economy is regulated by the government. - Limited economic freedom - Public companies. All profits go to government No such thing as personal wealth. Everything is shared. “Free” health care and education Social welfare a priority. (Programs such as social assistance, old age pension)

13. To what extent should we embrace capitalism? Not at all ------------Somewhat-----------Completely WHY???

14. To what extent should we embrace capitalism? Why? ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ________________________________

15. Full Steam Ahead Along with trade and capitalism, _________________ is another form of historical globalization which helps us to understand today’s world. Mercantilism saw monarchies setting up __________ all around the world to make more money. Soon enough, manufacturing replaced agriculture as the main money-maker for these kingdoms. This shift from ___________________is called industrialization. * The Inventions! P. 136

16. Full Steam Ahead Industrialization began in ____________ but has spread throughout the world. It spread so quickly during the 19 th century that historians call it the Industrial ________________. (Revolution means “rapid change”.)

17. Full Steam Ahead The effects of industrialization, both good and bad, are felt by people everywhere today. A-B: What might be some of the positive effects of industrialization? What are the negative effects? GC 138-139