Todays Warm Up 2811 1 List the factors

Today’s Warm Up – 2/8/11 1. List the factors of production and provide an example of each… (be prepared to share!!!) 2. Turn in your homework

Capitalism, Socialism, Communism

Capitalism Economic system with privately owned factors of production

Socialism Political and economic system with publicly owned factors of production

Compare publicly and privately owned factors of production to public school and private school… Public School • Funded and operated by the state government • State mandates which public school you attend based on where you live Private School • Privately owned by entrepreneur • State cannot mandate who attends • Paid for privately

Socialism • A reaction to the Industrial Revolution… • Because the wealthy exploit the working class: • We want economic equality • Cooperation for the common good • Public ownership of means of

A New Approach of Thought • Utopian Socialism: Cooperative settlements where everyone works for the common good • Influenced by Robert Owen

Karl Marx • Believed utopian socialism was impractical – need to destroy capitalist system; • “The Communist Manifesto”

Karl Marx • Society made up of CLASSES • Owners vs. working class = bourgeoisie vs. proletariat • Working class eventually revolts against gov’t • People learn benefit of working together; gov’t withers away – classless society (pure communism)

Communism Authoritarian form of socialism – violent revolution needed to get rid of capitalism

Democratic Socialism can develop through education and democratic forms of government – private ownership of property but gov’t owns at least some factors of

Today’s Assignment • Read Chapter 13, Section 5 (pages 372 – 375) • You have two options: – Cornell Notes – Section Review Questions 1 - 5