1. Economic and Political –isms
Capitalism
Socialism
Marxism
Communism

2. Effects of Industrialism
Development of the middle class
Gaps between rich and poor
Global inequality
Growing middle class = call for reform

3. Laissez-faire
Governments should allow free trade

4. Adam Smith Three laws: Self-interest Competition Supply & demand

5. Capitalism Means of production are owned by private investors
Money makes money
Governments should not intervene

6. Socialism Means of productions owned by public
Government should actively plan economy
Government control will end poverty & help workers achieve equality

7. Marxism The Communist Manifesto History of the world =
history of class warfare
Bourgeoisie vs.
proletariat

8. Communism Revolution of the proletariat will lead to equality
Eventually a classless society
Communism = final stage of socialism where means of production are owned by the people
All goods shared equally

9. Capitalism vs. Socialism

10. Reform Workers create labor unions
Better wages, working conditions, hours
Child labor laws
Natural rights – post Enlightenment
Abolition of slavery
Women’s rights