Capitalism Socialism

Communism

3/11 DO NOW:
1. Answer Industrialization LG1:
describe the innovations
2. Read section summary to find
effects of the Industrial Revolution
(social & economic) and (p. 434,
476 in book)

3/11 DO NOW:
1. Answer Industrialization LG2: Read
section summary to find effects of
the Industrial Revolution (social &
economic) and (p. 434, 476 in book)

Capitalism: Laissez Faire

Define it by Adam Smith on p. 436

Businesses are not regulated by the

government

Socialism:
Define it by Robert Owen on p. 439

Society owns methods of production

(farms, factories, railroads, etc)

Communism:
Define it by karl Marx on p. 439

Classless society that government

controls all methods of production

 everyone works for wealth

that is distributed to
everyone

 you work for your own wealth.

 This economic system operates on a

theory that what is good for one is
good for all.

 Laissez-faire economics,

 The government decides how wealth

is distributed among the people.

 father of modern capitalism.

 The taxes are usually higher

 both a political/governmental system

and an economic system.

 emphasize equal distribution of

wealth among the people

 extreme form of socialism.

 Govt. should not pick winners and

losers.

 means of production, such as money

and other forms of capital, are owned
by the state (the government)

 opposed to government intervention

in economics because it is inefficient

 Read Marxism in the Future p. 440

Answer the checkpoint

 1. Tell everyone to hand over half

their change and lunch to the
common pile.
2. Everyone votes on who gets to
redistribute the common pile.
3. Lock in the closet anyone who
disagrees with Steps 1 and 2.


1. Hand over half your change and
lunch to the common pile.
2. Everyone votes on who gets to
redistribute the common pile.
3. Lock in the closet anyone who
disagrees with Steps 1 and 2.