Laissez-Faire vs. Socialism Who is responsible?

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1 Laissez-Faire vs. Socialism Who is responsible?

2 Warm-Up In your groups discuss the following question: Should the government be responsible in regulating (controlling) businesses? If not, why? If so, how much regulation? Is there such thing as too much regulation?

3 Problems of Industrial Revolution àtime to look for solutions! Some believed the market would fix the problems Others believed there should be a change in government

4 Adam Smith Wrote: The Wealth of Nations British economist Adam Smith promoted laissez faire capitalism The #1 economic system during the Industrial Revolution Smith Capitalism economic system in which the means of production are privately owned and operated for profit. Laissez Faire (hands off) policy allowing businesses to operate with little or no government interference.

5 Private Ownership Profit Motive Capitalism Free Enterprise Market Economy Competition

6 Adam Smith Smith s Argument: The free market will dictate what products are being made and for what cost. This would encourage capitalists to invest their money in new ideas Claimed that the invisible hand of capitalism led individuals who worked for their own good to promote the good of the community The Father of Economics Smith How might people working for their own selfish intentions promote good in society?

7 Negatives Only a few grow rich No labor laws People grew very dissatisfied with working conditions and the unequal distribution of wealth Positives More competition Better goods at better prices Entrepreneurial opportunities Growth of Middle Class

8

9 Socialism system in which the people as a whole rather than private individuals own all property and operate all businesses. Claim that industrial capitalism had created a large gap between the rich and poor Cared less about individual ownership rights and more about the interests of society

10 Communism Communism a form of socialism that sees class struggle between employers and employees as inevitable. In communism, the government onws all businesses and makes decisions for the good of the people The leader of communism was Karl Marx. He wrote a book titled The Communist Manifesto Marx

11 Communism In The Communist Manifesto Marx argues: History was a class struggle between the haves (wealthy capitalists), and the have nots (working class) To make profits, the haves exploited the have nots (how???) Capitalism created prosperity for a few and poverty for many

12 In The Communist Manifesto Marx argues: Communism The have nots (HN) will eventually revolt and overthrow the capitalists to make a new society The HN would take control of the means of production and create a classless communist society where wealth and power would be shared With communism, all the evils of the industrial revolution would end

13 Communism Called for an international struggle to bring down capitalism Slogan = workers of the world unite! What are the positives and negatives of a Communist Socialist society?

14 Mixed Economy We now have what is called a mixed economy. There are some restrictions on business imposed by the government But the government does give businesses some room to make decisions on their own.

15 Labor Unions Unions- workers who join together in voluntary associations to fight for and protect their rights Collective Bargainingnegotiations between workers and their employers Strikes refusal to work in order to force an employer to meet certain demands

16 By s laws started to be made to help reform working conditions in Britain and the US Factory Act less than 8 hours less than 12 hours 1842 Mines Act- women and children couldn't work underground Ten Hour Law Child Labor Law and minimum wage laws

17 GO BACK TO MY WEBSITE Open the file titled Laissez-Faire in notability.

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