Group Economic Chart Fill Out In your group

Group Economic Chart Fill Out • In your group of 3, each person will become an “expert” on the economic theorist of their choice. • Using pages 248 -257 in your book, fill out your section of the chart. • After everyone in your group is finished, you will share your chart section with your partners. • When sharing, DO NOT let your partners simply copy your chart. Summarize the important points and answers from your chart and verbally tell them the answers so they can fill in their own chart.

Pgs. 248 -257 Economic System Other Notable Figures General Beliefs, Ideas, and Literary Works Adam Smith Robert Owen Karl Marx

Answers Adam Smith Robert Owen Karl Marx Economic System Laissez-faire / market economy Socialism Communism Other Notable Figures General Beliefs, Ideas, and Literary Works • • Thomas Maltus Andrew Carnegie Cornelius Vanderbilt John D. Rockefellar • The Wealth of Nations • Laissez-faire: free to do • Business can compete against each other for trade- no regulations • Poverty/poor would not go away • Industry leaders more power than land owners • Entrepreneurs important • New Lanark, Scotland • New Harmony, Indiana • Friedrich Engels • All people own property and control industry • Built model town: good conditions, free schooling, fair pay • Education improved character • Utopianism: belief that ideal communities solve problems • Led to social democracy • Das Kapital • Radical view of socialism • More capitalism, more poverty • Poor would rebel, seize means of production • Direct connection between work and pay • Government controls economy and economic planning