1. Quick Review!!! QUIZ FRIDAY!!!
List inventions during the Industrial Revolution.
Where did the IR begin?
Who helped to unify Prussia and eventually Germany?
What were some effects of the Agricultural Revolution?

2. Many will enter…only 1 will be crowned CHAMPION of the WORLD!!!!!!
Rock. Paper. Scissors.
Many will enter…only 1 will be crowned CHAMPION of the WORLD!!!!!!

3. Communism Vs Capitalism
Opposing economic theories
Differences magnified during the Industrial Revolution
Inspired governmental and political rivalries throughout the world

4. WRITE DOWN EVERYTHING THAT IS UNDERLINED

5. Communism
“An economic system in which all parts of production – land, factories, railroads, and businesses – are owned by the people: private property does not exist, and all goods and services are shared equally”

6. Karl Marx Wrote “The Communist Manifesto”1848 Radical Socialism
Predicted that the workers would someday REVOLT against the wealthy
Capitalism would destroy itself

7. AKA—Marxism POSITIVE— NEGATIVE—
Eventually a complete form of Socialism would arise
Total public ownership of means of production
What makes it work??
No private Property
A classless society
POSITIVE—
NEGATIVE—

8. Countries claiming to be communist between 1979-1983

9. Communist countries 2012
China, Cuba, Cambodia, Laos, Vietnam, and North Korea

10. Communism today
Before, Communism meant public ownership of all or most means of production by the Communist party-run state, is necessary for the possibility to further the interest of the working class; today, a communist state, as in China and Vietnam for instance, can exist alongside a mixed economy.

11. Capitalism “One million dollars!”
“An economic system in which money is invested (capital)with the goal of making more money (profit).”
“One million dollars!”

12. Adam Smith The Wealth of Nations - 1776 Free-market Capitalism
An “invisible hand” would guide the economy
Laissez-faire – gov’t should be hands-off

13. POSITIVE— NEGATIVE— What makes it work? Opportunity for profit
Private property
POSITIVE—
NEGATIVE—

14. Do you think the cartoonist supports communism OR free market capitalism?
The bourgeoisie, business owners, look bad in this cartoon, but what might you say to defend them?

15. Example Test Question:   Laissez- faire economics stemmed from French economic philosophers of the Enlightenment. The term laissez faire refers to the economic policy of a. Demanding all industry and business be government-owned and operated b. Allowing for strong government involvement in the setting of working conditions for industry and business. C. Letting owners of industry and business set working conditions without government interference d. Requiring that owners of industry and business not set any working conditions

16. The Industrial Revolution
IR is driven by Capitalism
Inequities created by IR create an ideological GAP btwn CAP & COMM