1. Capitalism vs. Socialism

2. https://ww w.youtube.com/watch?v=H4YRzr_8PYc

3. What is the role of government?
Handout 1
What is the role of government?
On the handout mark whether you agree or disagree with the statements

4. Capitalism vs. Socialism
Individuals and businesses own property and production
Community or state should own property and production
Competition creates the best goods at lowest prices
Produce for good of all not for self interest
Gov. should not interfere
Gov. can distribute everything equally
People decide what is produced and profits are dealt with privately
Gov. decides what is produced, gives profits equally to workers
Be mindful that these definitions are pure forms of each. Most countries in the world are a combination of public and private control.
Which statements on the handout match these two?
Examples?

5. What are advantages and disadvantages of each?

6. Capitalism Socialism Consumer choice, competition
Unequal distribution of wealth, extreme inequality
Socialism
Efficiency in production (only produce what is needed), greater equality
No choice, competition, brightest can’t shine, incentive?

7. Simulation

8. Communism Karl Marx and Friedrich Engels
Capitalism creates bourgeoisie and proletariat
Haves and have nots
Society goes through stages
1. Ancient
2. Feudal
3. Capitalist
4. Dictatorship of the proletariat (Worker Rule)
Communism is the purest form of Socialism
Eventually the people collectively would own everything equally and their would be no divisions such as religion or race

9. Read the articles by Adam Smith, Karl Marx, and Friedrich Engels
What does each believe the role of government to be?