Group Economic Chart Fill Out In your group of 3, each person will become an “expert” on the economic theorist of their choice. Using pages 248-257 in your book, fill out your section of the chart. After everyone in your group is finished, you will share your chart section with your partners. When sharing, DO NOT let your partners simply copy your chart. Summarize the important points and answers from your chart and verbally tell them the answers so they can fill in their own chart.

General Beliefs, Ideas, and Literary Works Pgs. 248-257 Adam Smith Robert Owen Karl Marx Economic System   Other Notable Figures General Beliefs, Ideas, and Literary Works

General Beliefs, Ideas, and Literary Works Answers Adam Smith Robert Owen Karl Marx Economic System Laissez-faire / market economy Socialism Communism Other Notable Figures Thomas Maltus Andrew Carnegie Cornelius Vanderbilt John D. Rockefellar New Lanark, Scotland New Harmony, Indiana Friedrich Engels General Beliefs, Ideas, and Literary Works The Wealth of Nations Laissez-faire: free to do Business can compete against each other for trade- no regulations Poverty/poor would not go away Industry leaders more power than land owners Entrepreneurs important All people own property and control industry Built model town: good conditions, free schooling, fair pay Education improved character Utopianism: belief that ideal communities solve problems Led to social democracy Das Kapital Radical view of socialism More capitalism, more poverty Poor would rebel, seize means of production Direct connection between work and pay Government controls economy and economic planning