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Industrial Revolution

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Presentation transcript:

Writing Assignment minimum 1 page How did the Industrial Revolution lead to political, economic, and social changes in Europe?

Economic Systems (p. 27) Capitalism, Socialism & Communism Liberty or Equality?

Capitalism Adam Smith – 1776 – “The Wealth of Nations” Free Enterprise: everyone is free to pursue any economic activity Laissez-Faire – government does not interfere in the economy: an “invisible hand” will run things Freedom to succeed and freedom to fail Private ownership of the means of production (factories)

Capitalism Goods are not provided by gov. Profit is the motivator, competition is the regulator (not government) Do not tax the rich more than the poor – no redistribution of income Good of the individual is above the good of society

Socialism Founder: Robert Owen Mix of pure capitalism & pure communism Some private ownership & some public (gov). ownership of property Some government intervention in the economy Redistribution of income – high taxes on the rich to provide lots of government services Mix of Equality and Liberty

Communism Founded by Karl Marx & Friedrich Engels – 1848 - “The Communist Manifesto” In response to the working conditions in the factories Beliefs: 1. Private property allows for the exploitation of the poor. 2. History is a class struggle--bourgeoisie (middle class) vs. proletariat (working class) 3. Proletariat should overthrow the bourgeoisie & take control of the gov.

Communism Workers run the factories –> everyone earns an equal amount Lots of government intervention in the economy to promote equality The good of society is above the individual Equality is a goal

Capitalism/Socialism/Communism 1st period Complete the yellow assignment using your prior knowledge & the white reading Turn in when done Afterwards, you will complete any missing work or tests/quizzes (or corrections)

Capitalism/Socialism/Communism Complete the yellow assignment using your prior knowledge & the white reading