1. Reforming the Industrialized World

2. Aim: How did the economic philosophies of Adam Smith and Karl Marx differ?
Do Now: Would you rather live in a society like ours where chance and destiny decide wealth or in a society where everyone makes the same money? Defend your answer.

3. Competing Economic Philosophies
Capitalism – Free market economy in which the means of production (land, labor and capital) are privately owned.
Adam Smith wrote in his book “The Wealth of Nations” that if the government did not interfere with business and competition then the economy would grow. Prices would be competitive and products would be better quality.
Similar to Market Economy, and Laissez-faire economics.

4. Socialism
Socialism condemned the evils of capitalism and wanted to stop poverty and injustice.
Karl Marx believed that the means of production should be publicly owned and government controlled. He wrote down his ideas in his book called the Communist Manifesto.

5. Debate
Two candidates will come before the class and read from the script in a debate between Karl Marx and Adam Smith
People in the audience should prepare questions to ask the candidates after the debate.

6. Questions From Audience?
Why should a janitor make the same as a doctor?

7. Answer Questions
Answer questions on handout

8. Create a Campaign Poster
Review rubric and elements for your campaign poster
Create.

9. Summary
Tape up posters around the room for a gallery walk