2. “an economic system in which the factors of production are privately owned and operated for a profit; accumulation of wealth”

4. Free- Market Capitalism (Laissez-faire)  Entrepreneurs The Factory System  Market Revolution  Interchangeable Parts  Mass Production  Specialization  Consumerism - Econ. of Consumption

6. Utilitarianism: that the moral worth of an action is determined only by its resulting outcome –ideas and institutions should be judged according to their utility / resulting “happiness” Socialism: An economic system in which the means of production (land, capital) are publicly owned and operate for the welfare of all.  Co-operative management of the economy (State/Gov. should play an active role in the economy)  Economic inequality was the result of pass political inequality  Key industries/ institutions owned socially

7. “To be a capitalist, is to have not only a purely personal, but a social status in production... Capital is therefore not only personal; it is a social power… When, therefore, capital is converted into common property… It loses its class character.” Marx :“Workers of the world unite” “Paradigm Shift" in values “Socialism cannot exist without a change in consciousness resulting in a new fraternal attitude toward humanity” – Che Guevara, 1965 Communism:  The State: Instrument of the Working Classes  Complete Socialism “Capital is a collective product, and only by the united action of all members of society… can it be set in motion.”

9. “Capital is the Fruit of Labor” Trade Unions  Collective Bargaining  Right to legal counsel  Strikes Social Reforms  Child labor laws  Working conditions  8 hour work day, weekends  Benefits: Pensions… Result: The Middle Class

10.  Socialism  Marxist Communism  Urbanization  Middle Class  Old “landed” Aristocracy  Demographic Transition  “Cult of Domesticity”  Standard of Living

11.  Luxury Goods  Mass-production  Materialism  Education  Leisure time  Migrations  Corporations The Other Path: Russia/ Japan