A FEW ISM

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A FEW ISMS

• As inLiberalism, Utilitarianism, Socialism,
  Communism, and Capitalism

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LIBERALISM

• middle class movement to give more power to
  elected parliaments
• only the educated and landowners could vote

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UTILITARIANISM

• Jeremy Bentham
• all things should be judged by their usefulness
• Utopian ideas

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SOCIALISM

• economic system
• factors of production are owned by the public and
  operate for the welfare of all
• government should plan the economy

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COMMUNIST MANIFESTO

• written by Marx and Engels
• human societies divide into warring classes
• Industrial Revolution made the rich richer and
  the poor poorer

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MARX AND ENGELS
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COMMUNISM

• final phase of Marxism
• means of production isowned by the people
• private property social classes cease to exist
• all goods services are shared equally

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ADAM SMITH

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

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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

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CAPTIALISM CONT.

• Examples
• Law mowing service
• Landscaping business
• In Weatherford
• Turban Tire
• Greens Florist
• Pizza Place

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QUESTION

• Compare capitalism to marxism?

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CAPTIALISM MARXISM

• The haves take advantage of the have nots
• 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

• 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

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Questions

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