An age of Reforms High School Armando Corona ITAH June, 2011

Standard Trace the evolution of work and labor including the demise of the slave trade and the effects of immigration, mining, manufacturing, division of labor, and the union movement.

Objectives Identify the idea & thinkers that supported industrialization. Explain the origins and main concepts of socialism.

KWL What do you know about the American economy?

Vocabulary & Language Objective Laissez Faire Adam Smith Capitalism Karl Marx Socialism Our language objective today will be to read excerpts from Adam Smith’s Wealth of Nations & Marx and Engels Communist Manifesto.

Who was Adam Smith and why is he important? Portrait of Smith Smith’s Ideas Scottish economist that defended the idea of a free economy. Publishes Wealth of Nations arguing that economic freedom equals economic progress. Believed in Laissez Faire: the idea that government should not interfere in business matters.

Who was Karl Marx & why is he important? Portrait of Marx Marx’s Philosophy German born Jewish economic philosopher. Along with Friedrich Engels publishes The Communist Manifesto. Argues that human history has always been defined by a class struggle, between the “haves and the have- nots” According to Marx the industrial revolution had enriched the wealthy and impoverished the poor.

Capitalism vs Marxism Capitalist Ideas Marxist Ideas Progress results when individuals follow their own self interest. Market economy aims to produce the best products and lowest prices. Government should not interfere in the economy. The “haves” take advantage of the “have-nots”. The labor of workers create profits for employers. Workers are exploited by employers. The Industrial Revolution intensified the class struggle.

Pair up & Answer the following questions Who was Adam Smith and what were his ideas relating to the economy? Who was Karl Marx and how did his ideas differ from Adam Smith’s? What ideology do we seem to follow more in the U.S.? Give two specific examples.

Excerpts The Communist Manifesto Wealth of Nations “Owing to the extensive use of machinery and to division of labour, the work of the proletarians has lost all individual character, and consequently, all charm for the workman. He becomes an appendage of the machine…” "The labourer is rich or poor, is well or ill rewarded, in proportion to the real, not to the nominal price of his labour."

Ticket out the Door Copy the following T chart into your notebook. Write down (in complete sentences) four ideas related to each historic character. In three to five sentences explain which character you agree with most and why.

T- CHART Adam Smith Karl Marx