Communism & Capitalism

Communism & Capitalism

1. 2. 3. Give me 3 positive and 3 negative effects of the industrial revolution? With so much revenue being driven into the economy from the industries, who do you believe should have more control over it, The government or the business

owners? Defend your answer. Tell me all that you already know about communism (including leaders, countries, fundamentals etc.) Many will enter. But only one student will be crowned. The ROCK-PAPER-SCISSORS TOURNAMENT CHAMPION!!!!

Shifted world balance of power. How? Increased competition in industrialized nations and poverty in less developed nations. Industrialized countries viewed poor

countries as markets for their manufactured products Industrialization gave Europe tremendous economic power. How? Opposing economic theories

Differences magnified during the Industrial Revolution Inspired governmental and political rivalries throughout the world

An economic system in which all means of production land, factories, railroads, and businesses are owned by the people, private property does not exist, and all goods and services are

shared equally The Communist Manifesto 1848 Radical Socialism

Predicted that the workers would someday REVOLT against the wealthy Capitalism would destroy itself

Eventually a complete form of Socialism would arise Total public ownership of means of production No private Property A classless society China, Cuba, Cambodia, Laos, Vietnam, and North Korea

Before, Communism meant public ownership of all or most means of production by the Communist party-run state, is necessary for the possibility to further the interest of the working class; today, a communist state, as in China and Vietnam for instance, can exist alongside a mixed economy.

An economic system in which money is invested (capital)with the goal of making more money (profit).

One million dollars! The Wealth of Nations - 1776 Free-market

Capitalism An invisible hand would guide the economy Laissez-faire govt should be hands-off IR is driven by Capitalism

Inequities created by IR create an ideological GAP btwn CAP & COMM Now its time to bring it

to life

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