Capitalism vs. Marxism AIM: Which ideas of Marxism seem to be a direct reaction to the Industrial Revolution? Do Now/Motivation: What kind of struggles are there between employers and employees today?

vocabulary Capitalism- An economic and political system in which a country's trade and industry are controlled by private owners for profit. Marxism - The political and economic philosophy of Karl Marx and Friedrich Engels in which the concept of class struggle plays a central role in understanding society's inevitable development from bourgeois (upper middle class) repression under capitalism to a socialist and classless society. Economy- via Latin from Greek oikonomia domestic management, from oikos house + -nomia, from nemein to manage] management of resources and/ or money Competitor- . competitor - the contestant you hope to defeat; "he had respect for his rivals"; "he wanted to know what the competition was doing" challenger, contender, rival, competition

Karl Marx/ Socialistic Ideas All great movements in history are the result of an economic class struggle. The ‘haves’ take advantage of the ‘have-nots’. The industrial Revolution intensified the class struggle. Workers are exploited by employers. The labor of workers creates profit for employers. Karl Marx: The capitalist system will eventually destroy itself. The state will wither away as a classless society develops.

Marxist / Socialist Ideas All great movements in history are the result of an economic class struggle. The ‘haves’ take advantage of the ‘have-nots’. The industrial Revolution intensified the class struggle. Workers are exploited by employers. The labor of workers creates profit for employers. Karl Marx: The capitalist system will eventually destroy itself. The state will wither away as a classless society develops.

Capitalist Ideas! Progress results when individuals follow their own self- interest. Businesses follow their own self-interest when they compete with one another for the customer’s money. Each producer tries to provide goods and services that are better and less expensive than those of competitors. Consumers compete with one another to purchase the best goods at the lowest prices. Adam Smith: Market economy aims to produce the best products and the lowest prices. Government should not interfere in the economy.

Capitalist Ideas Let’s go Shopping!!! Choices!! S Compete for business! Privately owned businesses.