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Differing Viewpoints : Industrial Revolution

Differing Viewpoints : Industrial Revolution . The Socio-Economic Spectrum from Capitalism to Communism. “A Socio-Economic Spectrum”: disclaimer. Whaaaaaaaaaaaaaaat ?

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Differing Viewpoints : Industrial Revolution

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  1. Differing Viewpoints : Industrial Revolution The Socio-Economic Spectrum from Capitalism to Communism

  2. “A Socio-Economic Spectrum”: disclaimer • Whaaaaaaaaaaaaaaat? • Many of the philosophers/thinkers of the era believed in IDEAL systems, none of which could ever be put into action as they wished it. • The US and Europe have adopted ideas from both ends (and the middle) of the spectrum

  3. Adam Smith: Father of Economics • Who: Adam Smith, philosopher • The Big Issue: rational self-interest and competition can lead to economic prosperity • How Does This Work? • Division of Labor • “Invisible Hand” • Self-Regulated Market • Everyone looks out for themselves, but helps Society

  4. Adam Smith (continued) • 5. Competition leads to better products, lower prices, more efficiency, and higher profits. • Long-Term Effects: • Much of what Smith believed in a general sense was adopted in the US and much of Western Europe • Smith warned of greed and the possible abuse of power by business to gain unfair power and influence.

  5. Karl Marx: Father of Socialism • Who: Karl Marx, philosopher • The Big Issue: All history is class struggle; Oppressed vs. Oppressor • Solution: • Bourgeoisie vs. Proletariat: Masses would revolt • Workerstake control of the means of production. • Transition: Authoritarian state representing the masses

  6. Marx (continued) • 4. Goal of a classless society; no more need for a government. • 5. Violent revolution may be necessary • Long-Term Effects: • Some of the largest countries in the world have tried to put Marxism into action to varying degrees • Most attempts at Communism not very successful • Many of the America’s most like social programs (Social Security, Medicare, Medicaid, etc are socialist in nature: Government run industries)

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