1. Capitalism vs. socialism
Wednesday, January 16, 2019

2. ‘Laissez-faire’ capitalism
All factors of production were privately owned
No government control
Adam Smith
The Wealth of Nations

3. ‘Laissez-faire’ capitalism
They believed if government stayed out of the economy and let businesses compete, it would lead to more prosperity and a better society
WHO?
Middle-class businesspeople

5. Socialism
Believed that factories, capital, land, and raw materials should be owned and controlled by society, through the government
They wanted the government to plan the economy to promote equality

6. Socialism Karl Marx and Friedrich Engels The Communist Manifesto
The proletariats (workers) were oppressed an should overthrow the bourgeoisie
‘Working men of all countries, unite!’

8. Rise of labor unions and reform laws
Workers began to form trade unions
An association of workers with the same skill
They used strikes, refusal to work, to demand better wages, benefits and working conditions

9. Rise of labor unions and reform laws
1830’s – British Parliament began regulating mine and factory conditions for women and children
Children under 9 could not work
Children could not work at night
Children could only work 12 hours a day
Eventually children & women could not work in mines