The American Dream and Capitalism Syllabus area 3: Ideologies – the USA

EQUALITY Responsibilities DEMOCRACY RIGHTS The American Dream CAPITALISM RIGHTS FREEDOMS

The American Dream The American dream is the idea held by many in the USA that through hard work, courage and determination one can achieve prosperity. These were values held by many early European settlers, and have been passed on to subsequent generations.

Capitalism The USA is a Capitalist country. Capitalism is an ideology which describes the way a country organises its economic activity. In a capitalist country individuals own businesses. These businesses compete with each other. Successful businesses make profits. It is individuals and not the government that owns businesses. Under capitalism, people can set up their own companies. They can invest their money, talents, abilities and their hard work and if they are successful they will achieve the American Dream.

What are the main features of capitalism in the USA? Privately owned businesses – not owned by the government. The ‘Profit Motive’ – set up businesses to make money. Competition and choice – consumers having choices of goods and services. The Market system – supply and demand. Non-intervention – Government will not interfere to much in the running of the economy.

US based Multinational companies COMPANY PRODUCT PRODUct Microsoft Levi Strauss Nike Boeing Colgate-Palmolive Kodak Ben & Jerry’s Heinz Xerox Coca-Cola Ford Motorola MAC Gap

People who have achieved the American Dream William Henry Gates III (Bill Gates) born October 28, 1955 is an American entrepreneur and the chairman of Microsoft. Recent estimates put his net worth near $56 billion. Oprah Gail Winfrey born January 29, 1954 is the host of The Oprah Winfrey Show, the highest rated talk show in TV history. She is also an influential book critic, an Academy Award-nominated actress, and a magazine publisher. She has been ranked the richest African American of the 20th century and the world's only Black billionaire for three straight years. She is also, according to several assessments, the most influential woman in the world.

Continued Jennifer Lynn Lopez born July 24, 1969, popularly nicknamed J.Lo, is a Golden Globe Award-nominated, five-time ALMA Award-winning American actress, Grammy Award and Latin Grammy-nominated singer, songwriter, dancer, and fashion designer. She is the richest Hispanic in Hollywood according to Forbes magazine and also the most influential Hispanic entertainer in America according to People en Español's list of 100 Most Influential Hispanics which pays tribute to Hispanics who have had an impact on their communities.

What am I learning today? What is meant by the ‘American Dream’ The meaning of capitalism

The American Dream (1) Everyone born equal Democratic country and any American citizen can be elected President Free to live their lives the way they want to The USA is full of wealth and opportunities Anyone can be successful if they work hard

The American Dream (2) Image of the USA to the rest of the world is a land of wealth, opportunity and where people could improve their living standards with hard work.

CAPITALISM Ideology - USA An ideology is a set of beliefs or ideas about something – such as political systems, religions etc. The ideology of the USA is: CAPITALISM

Capitalism Capitalism describes the way a country organises it’s economic activity. In capitalist countries you can invest in any business - if successful they will make a profit and become wealthy. Competition is seen to be good. This forces firms to cut prices and provide better services. People can set up own companies and invest their money.

Bill Gates Donald Trump Steve Jobs Mark Zuckerberg

Give two reasons why many American people have started up their own businesses (4)

Answer Scheme People want to become rich by working hard and making a success of their business. Eg Bill Gates and Microsoft. • America is a capitalist country which encourages people to start their own business. • Taxes are low meaning that people can keep most of the profit they make. • It is part of the American Dream.

Model Answer There are many reasons why American people have started up their own business. First of all, America is a capitalist which country which means people want to become rich by working hard and making a success of their business. For example, Bill Gates is a successful entrepreneur who has multi-billion dollar company. Secondly, Capitalism encourages competition between businesses meaning that it is possible to make a good profit. In addition taxes are low in America so people are encouraged to set up their business as they will get to keep a lot of the money they make.

US based Multinational companies COMPANY PRODUCT Microsoft Levi Strauss Nike Boeing Colgate-Palmolive Kodak Ben & Jerry’s Heinz Xerox Coca-Cola Ford Motorola MAC Gap

People who have achieved the American Dream William Henry Gates III (Bill Gates) born October 28, 1955 is an American entrepreneur and the chairman of Microsoft. Recent estimates put his net worth near $56 billion. Oprah Gail Winfrey born January 29, 1954 is the host of The Oprah Winfrey Show, the highest rated talk show in TV history. She is also an influential book critic, an Academy Award-nominated actress, and a magazine publisher. She has been ranked the richest African American of the 20th century and the world's only Black billionaire for three straight years. She is also, according to several assessments, the most influential woman in the world.

Continued Jennifer Lynn Lopez born July 24, 1969, popularly nicknamed J.Lo, is a Golden Globe Award-nominated, five-time ALMA Award-winning American actress, Grammy Award and Latin Grammy-nominated singer, songwriter, dancer, and fashion designer. She is the richest Hispanic in Hollywood according to Forbes magazine and also the most influential Hispanic entertainer in America according to People en Español's list of 100 Most Influential Hispanics which pays tribute to Hispanics who have had an impact on their communities.