As in…Liberalism, Utilitarianism, Socialism, Communism, and Capitalism A FEW ISM’S As in…Liberalism, Utilitarianism, Socialism, Communism, and Capitalism

LIBERALISM middle class movement to give more power to elected parliaments only the educated and landowners could vote

UTILITARIANISM Jeremy Bentham all things should be judged by their usefulness Utopian ideas

SOCIALISM economic system factors of production are owned by the public and operate for the welfare of all government should plan the economy

COMMUNIST MANIFESTO written by Marx and Engels human societies divide into warring classes Industrial Revolution made the rich richer and the poor poorer

MARX AND ENGELS

COMMUNISM final phase of Marxism means of production is owned by the people private property & social classes cease to exist all goods & services are shared equally

ADAM SMITH Wrote The Wealth of Nations Economic liberties guarantees economic progress Laissez-faire- the government should not interfere with local businesses.

CAPTIALISM (free enterprise) Def: an economic system in which money is invested in a business ventures with a goal of making a profit. With your partner give some examples of Capitalism…

CAPTIALISM CONT. Examples: Law mowing service Landscaping business In Weatherford… Turban Tire Green’s Florist Pizza Place

QUESTION Compare capitalism to marxism? Chapter 25 section 4 starting on page 734

CAPTIALISM MARXISM The have’s take advantage of the have not’s Industrial revolution intensifies class struggle Workers are exploited by their employers Capitalist system will eventually destroy itself The state will wither away as a class less society develops Business follow own interests when competing with one another for consumer money Consumers compete with one another to purchase best goods at lowest prices Market economy aims to produce the best product at lowest price Government should not interfere with the economy

Questions 1. With a partner define the word free enterprise. 2. Explain how free enterprise had an impact the industrial revolution?