1. Capitalism, Socialism & Communism Comparison Activity

2. Pair-Share
Capitalism and communism stand at opposite poles. Their essential difference is this: The communist see the rich man and his fine home says: No man should have so much. The capitalist, seeing the same thing says: All men should have this much!
By reading the quote above, what do you think is the major difference between Communism and Capitalism?

3. Complete the worksheet at you review the presentation

4. Objective
Students will be able compare and contrast capitalism, socialism and communism by analyzing quotes.

5. Capitalism: An economic system in which entrepreneurs take a risk in business to make a profit. Competition must exist.
Author: Adam Smith
Government’s Role:
Should not interfere with the economy or Wealth of Nations
Basic Ideas
Businesses should be owned by individuals
Laissez faire - economic policy of letting owners of industry and business set working conditions without interference
Examples
The United States
Ben & Jerry’s Ice Cream

6. Socialism: An economic system in which industries can be owned by the public and operate for the welfare of all.
Author: Charles Fourier
Government’s Role:
Control SOME industry (factories), which would ensure equality and get rid of poverty
Basic Ideas
Factories are owned by the people and run for the good of all
Protect the poor from greedy factory owners
Examples
Most of Western Europe

7. Communism: An economic system in which the means of production is owned by the government. Private property does not exist. The goal is a classless society.
Author: Karl Marx
Communist Manifesto
Government’s Role:
At first “dictatorship of the people”
Fade away, people would share everything
Basic Ideas
Believed workers would take over & share work & profits
Create a classless society
Everyone would be equal economically
All would be owned by the people & there would be no need for government
Examples
Siblings in a family
The former Soviet Union

8. Check for Understanding
Characteristics of _________________ include ____________ and _____________. Differences between ____________ and ___________ include ______________, ____________ and ______________. One similarity is___________. Another similarity is ________________. In conclusion, ____________________________________________________________.