A FEW ISM’S As in…Liberalism, Utilitarianism, Socialism, Communism, and Capitalism

LIBERALISM  middle class movement to give more power to elected parliaments  only the educated and landowners could vote

UTILITARIANISM  Jeremy Bentham  all things should be judged by their usefulness  Utopian ideas

SOCIALISM  economic system  factors of production are owned by the public and operate for the welfare of all  government should plan the economy

COMMUNIST MANIFESTO  written by Marx and Engels  human societies divide into warring classes  Industrial Revolution made the rich richer and the poor poorer

MARX AND ENGELS

COMMUNISM  final phase of Marxism  means of production is owned by the people  private property & social classes cease to exist  all goods & services are shared equally

ADAM SMITH  Wrote The Wealth of Nations Economic liberties guarantees economic progress  Laissez-faire- the government should not interfere with local businesses.

CAPTIALISM (free enterprise)  Def: an economic system in which money is invested in a business ventures with a goal of making a profit.  With your partner give some examples of Capitalism…

CAPTIALISM CONT.  Examples: Law mowing service Landscaping business  In Weatherford…  Turban Tire  Green’s Florist  Pizza Place

QUESTION  Compare capitalism to marxism?

CAPTIALISM MARXISM  Business follow own interests when competing with one another for consumer money  Consumers compete with one another to purchase best goods at lowest prices  Market economy aims to produce the best product at lowest price  Government should not interfere with the economy  The have’s take advantage of the have not’s  Industrial revolution intensifies class struggle  Workers are exploited by their employers  Capitalist system will eventually destroy itself  The state will wither away as a class less society develops

Questions 1.With a partner define the word free enterprise. 2. Explain how free enterprise had an impact the industrial revolution?