Comparing Capitalism and Socialism/Communism

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Presentation transcript:

Comparing Capitalism and Socialism/Communism

Create your Interactive Notebook Page You will cut out the Venn Diagram, INCLUDING the both section (just to the top of the circle so it lifts up, do not cut it all the way out) Write “Connect to Today” below your Venn Diagram.

Capitalism No government interference in Economics “Laissez-Faire”: Let things happen as they will Unseen hand guides business

Socialism Laws protect workers Government regulation Government controls key industries Based on cooperation Communism is a more extreme type of socialism

What are the similarities? Both are economic systems People act out of self interest Private property rights People own some businesses

Connect to today? How do these ideals connect to our society today? Write a detailed paragraph explaining your thinking.