1. Differing Viewpoints : Industrial Revolution
The Socio-Economic Spectrum from Capitalism to Communism

2. “A Socio-Economic Spectrum”: disclaimer
Whaaaaaaaaaaaaaaat?
Many of the philosophers/thinkers of the era believed in IDEAL systems, none of which could ever be put into action as they wished it.
The US and Europe have adopted ideas from both ends (and the middle) of the spectrum

3. Adam Smith: Father of Economics
Who: Adam Smith, philosopher
The Big Issue: rational self-interest and competition can lead to economic prosperity
How Does This Work?
Division of Labor
“Invisible Hand”
Self-Regulated Market
Everyone looks out for themselves, but helps Society

4. Adam Smith (continued)
5. Competition leads to better products, lower prices, more efficiency, and higher profits.
Long-Term Effects:
Much of what Smith believed in a general sense was adopted in the US and much of Western Europe
Smith warned of greed and the possible abuse of power by business to gain unfair power and influence.

5. Karl Marx: Father of Socialism
Who: Karl Marx, philosopher
The Big Issue: All history is class struggle; Oppressed vs. Oppressor
Solution:
Bourgeoisie vs. Proletariat: Masses would revolt
Workers take control of the means of production.
Transition: Authoritarian state representing the masses

6. Marx (continued)
4. Goal of a classless society; no more need for a government.
5. Violent revolution may be necessary
Long-Term Effects:
Some of the largest countries in the world have tried to put Marxism into action to varying degrees
Most attempts at Communism not very successful
Many of the America’s most like social programs (Social Security, Medicare, Medicaid, etc are socialist in nature: Government run industries)