Friday Feb 3rd “The meaning of peace is the absence of opposition to socialism” Karl Marx LAST DAY FOR PENNIES FOR PATIENTS HAVE YOU MET YOUR CLASS GOAL?

Capitalism Socialism Resources are owned by private individuals The goal of business is making a profit The government should not help workers, this would lead to less profit The government should not regulate business

Capitalism Socialism Resources are owned by private individuals Resources are owned by the government The goal of business is making a profit The goal of business is establishing equality The government should not help workers, this would lead to less profit The government should help workers and promote equality The government should not regulate business The government should regulate business

Capitalism Socialism Resources are owned by private individuals Resources are owned by the government Both belief systems arose as a result of industrialization The goal of business is making a profit The goal of business is establishing equality Both influenced the political and economic beliefs of society The government should not help workers, this would lead to less profit The government should help workers and promote equality The government should not regulate business The government should regulate business

Capitalism & Socialism Adam Smith Karl Marx

Adam Smith (1723-1790) Free markets – economies unregulated by government Laissez Faire – the economic policy of letting owners of business set working conditions without interference from the government

“The Wealth of Nations” The Law of Self-Interest: People work for their own good, not for the good of the group. The Law of Competition: Competition forces people to make better products. The Law of Supply & Demand: In a market economy, enough goods will be supplied at the lowest possible price to meet demand.

Karl Marx (1818-1883) Governments must control markets to improve people’s lives. Government should regulate the economy to end poverty and promote equality.

“The Communist Manifesto” Introduced a radical type of socialism called Marxism. Society is divided into warring classes: The bourgeoisie (owners) The proletariat (workers) The capitalist system will destroy itself: Factories will drive small artisans out of business. The proletariat will seize control of industry and produce what society needs (equality for all). Cooperative living and education will lead to a society free of class. Private property will cease to exist.