UNIT 5 THE AGE OF REVOLUTIONS Lesson 5 Capitalism vs. Socialism

UNIT 5 THE AGE OF REVOLUTIONS Learning Target Students can compare and contrast the ideas of capitalism and socialism

Unit 5 Industry and CHANGES C – Capitalism Who? Book? Adam Smith wrote the Wealth of Nations

Unit 5 Industry and CHANGES C – Capitalism What is most important for business? Individual workers are most important

Unit 5 Industry and CHANGES C – Capitalism Role of government? Adam Smith’s book explained the governments role in capitalism Laissez faire – government shouldn’t be involved with the economy

Unit 5 Industry and CHANGES C – Capitalism View of wealth? Workers work harder when they make a profit Companies do better when they make a profit  Wealth motivates people  If you don’t work you will be poor

Unit 5 Industry and CHANGES C – Capitalism View of property Private Property People will work harder for what is theirs

Unit 5 Industry and CHANGES C – Capitalism View towards the opposite system? No reason to work harder Individuals do not matter There is no opportunity to be wealthy Human nature is lazy

Unit 5 Industry and CHANGES S – Socialism Who? Book? Karl Marx and Friedrich Engels wrote the Communist Manifesto and Das Capital

Unit 5 Industry and CHANGES S – Socialism What is most important for business? The people (society) are most important

Unit 5 Industry and CHANGES S – Socialism Role of government? Explained the governments role in socialism Government should be in control of the economy Government should not be used as an instrument of the rich to oppress the poor

Unit 5 Industry and CHANGES S – Socialism View of wealth? Wealth should be distributed evenly No rich and no poor

Unit 5 Industry and CHANGES S – Socialism View of property? Public Property People will work harder if they work for the good of all All property is “socially owned”, everything is shared

Unit 5 Industry and CHANGES S – Socialism View of the opposite system? No reason to work harder Some people are poor People are too greedy Owners mistreat workers to make more money