Capitalism vs. Socialism

https://ww w.youtube.com/watch?v=H4YRzr_8PYc

What is the role of government? Handout 1 What is the role of government? On the handout mark whether you agree or disagree with the statements

Capitalism vs. Socialism Individuals and businesses own property and production Community or state should own property and production Competition creates the best goods at lowest prices Produce for good of all not for self interest Gov. should not interfere Gov. can distribute everything equally People decide what is produced and profits are dealt with privately Gov. decides what is produced, gives profits equally to workers Be mindful that these definitions are pure forms of each. Most countries in the world are a combination of public and private control. Which statements on the handout match these two? Examples?

What are advantages and disadvantages of each?

Capitalism Socialism Consumer choice, competition Unequal distribution of wealth, extreme inequality Socialism Efficiency in production (only produce what is needed), greater equality No choice, competition, brightest can’t shine, incentive?

Simulation https://www.youtube.com/watch?v=zBxW2WLO9d8

Communism Karl Marx and Friedrich Engels Capitalism creates bourgeoisie and proletariat Haves and have nots Society goes through stages 1. Ancient 2. Feudal 3. Capitalist 4. Dictatorship of the proletariat (Worker Rule) Communism is the purest form of Socialism Eventually the people collectively would own everything equally and their would be no divisions such as religion or race

Read the articles by Adam Smith, Karl Marx, and Friedrich Engels What does each believe the role of government to be?