Capitalism, Socialism & Communism Comparison Activity

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Presentation transcript:

Capitalism, Socialism & Communism Comparison Activity

Pair-Share Capitalism and communism stand at opposite poles. Their essential difference is this: The communist see the rich man and his fine home says: No man should have so much. The capitalist, seeing the same thing says: All men should have this much! By reading the quote above, what do you think is the major difference between Communism and Capitalism?

Complete the worksheet at you review the presentation

Objective Students will be able compare and contrast capitalism, socialism and communism by analyzing quotes.

Capitalism: An economic system in which entrepreneurs take a risk in business to make a profit. Competition must exist. Author: Adam Smith Government’s Role: Should not interfere with the economy or Wealth of Nations Basic Ideas Businesses should be owned by individuals Laissez faire - economic policy of letting owners of industry and business set working conditions without interference Examples The United States Ben & Jerry’s Ice Cream

Socialism: An economic system in which industries can be owned by the public and operate for the welfare of all. Author: Charles Fourier Government’s Role: Control SOME industry (factories), which would ensure equality and get rid of poverty Basic Ideas Factories are owned by the people and run for the good of all Protect the poor from greedy factory owners Examples Most of Western Europe

Communism: An economic system in which the means of production is owned by the government. Private property does not exist. The goal is a classless society. Author: Karl Marx Communist Manifesto Government’s Role: At first “dictatorship of the people” Fade away, people would share everything Basic Ideas Believed workers would take over & share work & profits Create a classless society Everyone would be equal economically All would be owned by the people & there would be no need for government Examples Siblings in a family The former Soviet Union

Check for Understanding Characteristics of _________________ include ____________ and _____________. Differences between ____________ and ___________ include ______________, ____________ and ______________. One similarity is___________. Another similarity is ________________. In conclusion, ____________________________________________________________.