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Industrial Capitalism. Definitions. Capitalism: economic system where individuals answer the questions of supply and Demand in order to make a profit. *Owners control the means of production (method and process of production) - PowerPoint PPT Presentation
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Industrial Capitalism
Definitions
Capitalism: economic system where individuals answer the questions of supply andDemand in order to make a profit.
*Owners control the means of production (method and process of production)*Workers individually have little control over the means of production, but as asingle unit can exert more control through collective barganing by their Union.
Socialism: economic system where the State controls the means of production and Parties cooperate to answer questions of supply and demand
*”Society” controls the means of production and the emphasis is upon satisfying
human need, rather than individual profit*Individual talent may be overlooked and innovation for profit is not
central motivator
Characteristics of Industrial Capitalism
The market (You and I) see competition as a very healthy part of capitalism; it keeps industry honest, mostly fair and prices within a reasonable range.
Competition within an Industry is GOOD: Meat packers vs other meat packers
Railroads vs other railroadsRailroads vs air lines vs car industry
Apple vs. MicrosoftChevy vs. Ford vs Toyota
BP vs. ShellSprint vs. US Cellular
AT&T vs Comcast vs Internet
Characteristics of Industrial Capitalism
Characteristics of Industrial Capitalism
Definitions
Dichotomy: division into two halves or mutually exclusive parts
Characteristics of Industrial Capitalism: Chicago Packers
1) Marketing2) Transportation3) Production
Each of these affects price and the quality of the product; some more than others
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