Capitalism v - Coach J's Class



-34925-110490Capitalism v. Socialism0Capitalism v. SocialismThe economic system known as capitalism developed gradually over centuries, originating during the late Middle Ages. During the 19th century societal changes due to industrialization led some people to believe that capitalism caused certain problems, such as the abuse of workers. These critics of capitalism responded by developing a new economic system called socialism.13335100330Capitalism:Definition: economic system in which the factors of production are ________________ owned & money is invested to make a __________________________________________: wrote The Wealth of NationsBelieved in _____________________ economics – government should NOT ________________ in a free market3 Natural Laws of Economics:Law of _________________________: People work for their own goodLaw of _________________________: Competition forces people to make a better productLaw of _________________________: Enough goods would be produced at the lowest possible price to meet demand0Capitalism:Definition: economic system in which the factors of production are ________________ owned & money is invested to make a __________________________________________: wrote The Wealth of NationsBelieved in _____________________ economics – government should NOT ________________ in a free market3 Natural Laws of Economics:Law of _________________________: People work for their own goodLaw of _________________________: Competition forces people to make a better productLaw of _________________________: Enough goods would be produced at the lowest possible price to meet demand-641357493000-12382522225Socialism:Definition: economic system in which the factors of production are owned by the ___________________ and operate for the _____________________________Grew out of a concern for ________________________________Government should control key industries to end _________________ and promote _________________00Socialism:Definition: economic system in which the factors of production are owned by the ___________________ and operate for the _____________________________Grew out of a concern for ________________________________Government should control key industries to end _________________ and promote _________________Major Characteristics of CAPITALISMMajor Characteristics of SOCIALISM________________________________ own property & means of production (private)Progress results when individuals follow their own ___________________________Businesses follow their own self-interest by ______________________ for consumer’s moneyEach business tries to produce goods or services that are _______________ & _________________ than those of competitorsConsumers compete to buy the best goods at the ______________________ pricesConsumer _________________ shapes the market by affecting what businesses are able to sell Gov’t ________________ interfere in the economy because competition; creates efficiency in businessThe _______________________ or state owns property & the means of production (public)Progress results when a community of producers _________________________for the good of allSocialists believe that capitalism ___________________ of the workerThe community or state must act to __________________ and consumersSocialists believe that capitalism creates an ____________ distribution of wealthRather than competition, goods should be distributed according to ______________________________Gov’t ________________ control & regulate the economy to protect workers & consumers-24765-81915Marxism – Radical Socialism:According to _____________ the economy is a major force for changeChange generally occurs through _________________________The “HAVES” v. the “HAVE-NOTS”Throughout history the “HAVES”:________________ politics & governmentCreate & control _________________As a result of this influence on society the “HAVES” have historically kept their _____________________ of the social structureSaid the large ______________ would _____________, seize factories/mills from the capitalists, & produce what society needs00Marxism – Radical Socialism:According to _____________ the economy is a major force for changeChange generally occurs through _________________________The “HAVES” v. the “HAVE-NOTS”Throughout history the “HAVES”:________________ politics & governmentCreate & control _________________As a result of this influence on society the “HAVES” have historically kept their _____________________ of the social structureSaid the large ______________ would _____________, seize factories/mills from the capitalists, & produce what society needs4680585-81915Communism (in theory):Pure _______________ in Marx’s Vision = CommunismALL “HAVES” & NO “HAVE-NOTS”___________________ society with no _________________All goods & services shared _______________00Communism (in theory):Pure _______________ in Marx’s Vision = CommunismALL “HAVES” & NO “HAVE-NOTS”___________________ society with no _________________All goods & services shared _______________Historical Examples of Class Struggle:Time PeriodThe “Haves”The “Have-Nots”Ancient EgyptPharaohs, priests, royal families, etc.Ancient IndiaUpper castes: priests & rulersMiddle AgesPeasants, serfsIndustrial AgeMiddle Class (Bourgeoisie) – Factory ownersWhich of these ARE characteristics of the American economic system? ______Business can require workers to work for unlimited hours______Businesses compete with each other for customers______Hiring practices permit discrimination______Huge variety of products available______Individuals can start a business______Individuals can own a business______People can improve material well-being through hard work______Prices vary with availability and demand______Production of too many goods results in discount stores______Some people do not have health care ______Unregulated monopolies______Wages vary according to the availability of that type of worker______Workers laid off if demand drops or business fails______40-hour work week______Bankruptcy laws______Child labor laws______Government protection of bank deposits______Higher tax rates for wealthier people______Government inspection of meat/restaurants______Medicare______Minimum wage______Old age/retirement payments by the government______Over-time pay______Public libraries, parks & schools______Workman’s compensation for injury on the job______Workplace safety inspection______No private ownership of the means of production______Equal pay for equal work ................
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