1. A FEW ISM’S As in…Liberalism, Utilitarianism, Socialism, Communism, and Capitalism KEY : RED = ON FRONT OF PAPER BLUE = WRITE ON BACK OF PAPER

2. LIBERALISM  middle class movement to give more power to elected parliaments  only the educated and landowners could vote

3. UTILITARIANISM  Jeremy Bentham  all things should be judged by their usefulness  Utopian ideas

4. SOCIALISM  economic system  factors of production are owned by the public and operate for the welfare of all  government should plan the economy

5. COMMUNIST MANIFESTO  written by Marx and Engels  human societies divide into warring classes  Industrial Revolution made the rich richer and the poor poorer

6. MARX AND ENGELS

7. COMMUNISM  final phase of Marxism  means of production is owned by the people  private property & social classes cease to exist  all goods & services are shared equally

8. ADAM SMITH  Wrote The Wealth of Nations Economic liberties guarantees economic progress  Laissez-faire- the government should not interfere with local businesses.

9. CAPTIALISM (free enterprise)  Def: an economic system in which money is invested in a business ventures with a goal of making a profit.  With your partner give some examples of Capitalism…

10. CAPTIALISM MARXISM  Business follow own interests when competing with one another for consumer money  Consumers compete with one another to purchase best goods at lowest prices  Market economy aims to produce the best product at lowest price  Government should not interfere with the economy  The have’s take advantage of the have not’s  Industrial revolution intensifies class struggle  Workers are exploited by their employers  Capitalist system will eventually destroy itself  The state will wither away as a class less society develops

11. QUESTIONS 1.With a partner define the word free enterprise. 2. Explain how free enterprise had an impact the industrial revolution?