“an economic system in which the factors of production are privately owned and operated for a profit; accumulation of wealth”
Free- Market Capitalism (Laissez-faire) Entrepreneurs The Factory System Market Revolution Interchangeable Parts Mass Production Specialization Consumerism - Econ. of Consumption
Utilitarianism: that the moral worth of an action is determined only by its resulting outcome –ideas and institutions should be judged according to their utility / resulting “happiness” Socialism: An economic system in which the means of production (land, capital) are publicly owned and operate for the welfare of all. Co-operative management of the economy (State/Gov. should play an active role in the economy) Economic inequality was the result of pass political inequality Key industries/ institutions owned socially
“To be a capitalist, is to have not only a purely personal, but a social status in production... Capital is therefore not only personal; it is a social power… When, therefore, capital is converted into common property… It loses its class character.” Marx :“Workers of the world unite” “Paradigm Shift" in values “Socialism cannot exist without a change in consciousness resulting in a new fraternal attitude toward humanity” – Che Guevara, 1965 Communism: The State: Instrument of the Working Classes Complete Socialism “Capital is a collective product, and only by the united action of all members of society… can it be set in motion.”
“Capital is the Fruit of Labor” Trade Unions Collective Bargaining Right to legal counsel Strikes Social Reforms Child labor laws Working conditions 8 hour work day, weekends Benefits: Pensions… Result: The Middle Class
Socialism Marxist Communism Urbanization Middle Class Old “landed” Aristocracy Demographic Transition “Cult of Domesticity” Standard of Living
Luxury Goods Mass-production Materialism Education Leisure time Migrations Corporations The Other Path: Russia/ Japan