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Objective: Wed., Jan. 18 th and Thurs., Jan. 19th

Objective: Wed., Jan. 18 th and Thurs., Jan. 19th. Objective: You will be able to differentiate between capitalism and socialism and be able to decide which system is better for governments. Procedure:

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Objective: Wed., Jan. 18 th and Thurs., Jan. 19th

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  1. Objective: Wed., Jan. 18th and Thurs., Jan. 19th • Objective: You will be able to differentiate between capitalism and socialism and be able to decide which system is better for governments. • Procedure: • Rock, paper, scissors activity representing the differences between socialism and capitalism • Notes over socialism and capitalism • Chart comparing and contrasting socialism and capitalism

  2. Capitalism and Socialism in the Industrial Revolution

  3. Capitalism • Capitalism—an economic system in which individuals or corporations (not the government) control the factors of production

  4. The Assembly Line • Division of Labor—each worker is assigned 1 step in manufacturing a product • Interchangeable parts—identical parts that can replace each other • Mass production—producing large quantities of the same product

  5. Corporations • Corporations—groups formed by businesses that allowed people to buy stock in their companies • Monopoly—a single corporation controls production or sale of a good or service • Cartels—corporations join forces to control every stage of an industry • For example: owning iron mines, steel mills, and factories

  6. Socialism • Means of production—everything used to produce and exchange goods • Examples: railroads, mines, factories, stores, banks, machines • In the Ind. Rev., not everyone had access to the same amount of wealth—a few were very rich, but many were poor

  7. Socialism • Socialism—gov’t owns the means of production and operate them for the benefit of rich and poor • Socialists—anti-competition-everyone has equal access to everything • Utopian socialists—people live in small cooperative towns, own the means of production, and share the products

  8. Karl Marx • Proletariat—working class • Marx said that all wealth is created by the proletariat, but they only get a little bit of it • He said that eventually the proletariat would revolt against the wealthy capitalists and seize power by force (Communism) • Pure Communism—a classless society where people contribute what they can and receive what they need • Democratic Socialism—gov’t takes over means of production peacefully, and the people retain their rights and some economic control

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