Good afternoon! Do Now: Review the pros and cons of the Industrial Revolution.

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Presentation transcript:

Good afternoon! Do Now: Review the pros and cons of the Industrial Revolution.

Adam Smith Individuals should follow their own self interest Sellers made money by producing what others wanted No government interference Capitalism

Socialism Karl Marx Wanted a classless society where the power and wealth were equally shared. Workers have to give back to society Overthrow Capitalism

CapitalismSocialism Private individuals own businesses Competition Laissez faire Individuals make a profit Society is not equal All of society owns businesses No Competition Government control Society as a whole makes the profit Society as a whole is equal

CapitalismSocialism Does it work? Pros? Cons? Pros? Cons?

"Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer." What Economic Philosophy is it? Capitalism!

What Economic Philosophy is it? "Society does not consist of individuals but expresses the sum of interrelations, the relations within which these individuals stand." Socialism!