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Unit 5 The Age of Revolutions. Lesson 5 Capitalism vs. Socialism. Unit 5 The Age of Revolutions. Learning Target Students can compare and contrast the ideas of capitalism and socialism. Unit 5 Industry and CHANGES. C – Capitalism Who? Book? Adam Smith wrote the Wealth of Nations. - PowerPoint PPT Presentation
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UNIT 5 THE AGE OF REVOLUTIONSLesson 5 Capitalism vs. Socialism
UNIT 5 THE AGE OF REVOLUTIONSLearning TargetStudents can compare and contrast the ideas of capitalism and socialism
Unit 5Industry and CHANGES
C – CapitalismWho? Book?
Adam Smith wrote the Wealth of Nations
Unit 5Industry and CHANGES
C – CapitalismWhat is most important for business?
Individual workers are most important
Unit 5Industry and CHANGES
C – CapitalismRole of government?
Adam Smith’s book explained the governments role in capitalism• Laissez faire – government shouldn’t be involved with
the economy
Unit 5Industry and CHANGES
C – CapitalismView of wealth?
Workers work harder when they make a profitCompanies do better when they make a profit
Wealth motivates people If you don’t work you will be poor
Unit 5Industry and CHANGES
C – CapitalismView of property
Private Property• People will work harder for what is theirs
Unit 5Industry and CHANGES
C – CapitalismView towards the opposite system?
No reason to work harder• Individuals do not matter• There is no opportunity to be wealthy• Human nature is lazy
Unit 5Industry and CHANGES
S – SocialismWho?Book?
Karl Marx and Friedrich Engels wrote the Communist Manifesto and Das Capital
Unit 5Industry and CHANGES
S – SocialismWhat is most important for business?
The people (society) are most important
Unit 5Industry and CHANGES
S – SocialismRole of government?
Explained the governments role in socialism• Government should be in control of the economy• Government should not be used as an instrument of the
rich to oppress the poor
Unit 5Industry and CHANGES
S – SocialismView of wealth?
Wealth should be distributed evenly• No rich and no poor
Unit 5Industry and CHANGES
S – SocialismView of property?
Public Property• People will work harder if they work for the good of all• All property is “socially owned”, everything is shared
Unit 5Industry and CHANGES
S – SocialismView of the opposite system?
No reason to work harder• Some people are poor• People are too greedy• Owners mistreat workers to make more money
