Presentation on theme: " Capitalism – economic system based on private ownership of business to make profit (Market Economy) Socialism –economic system where the factors of."— Presentation transcript:
Capitalism – economic system based on private ownership of business to make profit (Market Economy) Socialism –economic system where the factors of production are owned and controlled by the government Communism – belief in a classless society where property is shared and there is equality Supply & Demand – relationship between availability of goods/services and the desire among consumers
Come in and take a look at this fairly ordinary picture New York City (1800)
What might we infer from these three pictures about how society changed (use what you currently know about the Industrial Revolution)?
How did societies that experienced the Industrial Revolution change?
U.S., Europe, Japan emerge as world powers Factories and mass production of goods
Ellis Island Inspections Angel Island Inspections
“Well, I came to America because I heard the streets were paved with gold. When I got here, I found out 3 things: first, the streets weren't paved with gold; second, they weren't paved at all; and third, I was expected to pave them.” What is he really saying?
Growth of cities Cities offer jobs, entertainment, and opportunity Have skyscrapers, cheap apartments, public transportation
Classes/groups of people defined by their job/salary/education Big changes: Large working class in factories Growth of middle class
Nobles, Landowners Small Middle Class Peasants/ Farmers
Upper Class Middle Class Lower Middle Class Working Class and Farmers
Capitalism/ Laissez-faire Govt is to stay out of economy/business! Social Darwinism Survival of the Fittest - let people/business who can succeed rise to the top, forget about the “failures”