LT2 Describe the development and effects of capitalism utopianism socialism and communism Big Change Prior to Industrialization The Feudal System People lives centered on the castles that they lived in ID: 754367
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Slide1
MT2: Industrialism and Imperialism
LT#2: Describe the development and effects of capitalism, utopianism, socialism and communismSlide2
Big Change
Prior to Industrialization: The Feudal System!
People lives centered on
the castles that they lived in.Most people would never travel more than 10 miles from home.People soon began trading natural resources around the world.Industrialization changed the way money was earned/usedSlide3
CAPITALISM is created
What is it?
Capitalism is an economic system (economic systems is the way that money is made and used.
3 basics
1. Private OwnershipBusinessesLand2. Profit motive
Goal is to make as much money as possible (Profit).
3. S
upply and Demand
Money is made by selling things based on supply and demandSlide4
CAPITALISM
1. Private Ownership
:
Capital (Money!!) belongs to individuals who are FREE to do what they wish with it.
Land and businesses are privately owned (people owned).Little to no government involvement. For whatever reason. Slide5
CAPITALISM
2. Profit Motive
: Products are made because business owners want profits (More back than they put in).Slide6
CAPITALISM
3. Supply and demand
Business owners make money by producing items.
They only make items in demand-what people want.People pay a price based on the supply/ availability of the item.Example: Apple (owner) produces iPhone 6 because people demand it and people will pay a high price because the supply of iPhone 6s’ are low.Slide7
Capitalism
Pro’s (+) of capitalism
People can or are free to buy any products they want due to competition between businesses.
Anyone can make moneyProducts are cheaper if there is a large supply.
Con’s (-) of capitalism
Uneven distribution of
WEALTH
Poor people live in SQUALOR: slums, bad sanitation, etc.
Working conditions are
miserable
No one cares about the old, sick and injured because they can’t work. They are not a target market.Slide8
After taking notes on page 1-7
Complete handout Mt2 LT2 Handout #3 on Capitalism before moving to the reactions to Capitalism.Slide9
Review Capitalism
Individual Ownership of the means of production
Self-interest
CompetitionNo government interferenceSlide10
Reactions to Capitalism:
Socialism &
CommunismSlide11
Responses to “Capitalism”
Capitalism was not popular with everyone
Some people felt something new was needed to protect the working people
Three other economic systems were created:
UtopianismSocialismCommunismSlide12
Utopianism
What is a Utopia?
Perfect
society based on cooperation instead of
competition People live and work together sharing goods and property.Everyone has all there needs met (shelter, food, and security)
People tried living in Utopia’s but they all failed
It was not easy for everyone to give up what they want so that others can have what they need. Slide13
Socialism:
The Factors of Production are owned by the people, at least in part, and are used to the benefit of all
.
~Community and States own property and means of production.
Ex. Electricity, transportation, water, gas, food production
Principles:
Cooperation is better than competition
~Creates an equal distribution of wealth according to the people’s needs.
“Equality of all People”
Everyone gets =money
Everyone gets = medical helpSlide14
Socialism
Believed that Capitalism was the CAUSE of moral and ethical problems.
Examples: Child Labor & Low Wages, Inequality among the people.Slide15
BASIC
DIFFERENCES BETWEEN SOCIALISM AND CAPITALISM
Capitalism
: Businesses are owned by individuals and corporationsCapitalism: Fosters a competitive atmosphere in which workers and companies are encouraged to work hard to achieve personal successCapitalism
: Ownership of private property is encouragedCapitalism: Produces goods based on the law of supply and demandSocialism: Businesses are owned by the government or state
Socialism
: Encourages an
atmosphere of cooperation
in which
each is given according to his
Deeds.
Socialism
: Ownership of private property is somewhat allowed.
Socialism: Government and the people together command production and prices.Slide16
COMMUNISM
What is it?
A government were the people own everything
Main ideas/beliefs
Workers should take control of all the factors of production; usually through revolution.One powerful leader is in chargeThe government controls EVERYTHING for the good of the peopleEveryone will become equalSlide17
Communism
There was a struggle between owners and workers.
Capitalist economy would lead to revolution and workers overthrowing the owners.
Result: a society without social classes and economic equality.Slide18
Fundamentals of Communism (You don’t have to copy this down)
Government owned
banking system
Government controlled educationGovernment controlled laborGovernment ownership of transportation and communication Government ownership of agricultural and factoriesTotal abolition of private propertyHeavy income tax on everyoneSlide19
BASIC DIFFERENCES BETWEEN
Communism
AND CAPITALISM
CapitalismCapitalism: Resources are owned by a private owner.Capitalism: Competitive
atmosphere in which workers and companies are encouraged to work hard to achieve personal successCapitalism: Ownership of private property is encouragedCapitalism: Produces goods based on the law of supply and demand
Communism
Communism: Government owns all resources
C
ommunism
:
Encourages an
atmosphere of cooperation
in which no matter how hard a person works, he or she reaps the same benefits as everyone else.
Communism: Ownership of private property is largely forbidden.Communism: Government commands production and prices.Slide20
Assignment
Go back and look at your learning goal
Highlight any information that you think will help you better understand your learning goal
Complete the following tree mapDifferent forms of government/economic systems
Capitalism
Utopianism
Socialism
Communism
Basic beliefs
Pros
cons