Transcript of Reforming the Industrialized World Aim: How did the economic philosophies of Adam Smith and Karl...
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- Reforming the Industrialized World
- Slide 3
- Aim: How did the economic philosophies of Adam Smith and Karl
Marx differ? Do Now: Would you rather live in a society like ours
where chance and destiny decide wealth or in a society where
everyone makes the same money? Defend your answer.
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- Competing Economic Philosophies Capitalism Free market economy
in which the means of production (land, labor and capital) are
privately owned. Adam Smith wrote in his book The Wealth of Nations
that if the government did not interfere with business and
competition then the economy would grow. Prices would be
competitive and products would be better quality. Similar to Market
Economy, and Laissez-faire economics.
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- Socialism Socialism condemned the evils of capitalism and
wanted to stop poverty and injustice. Karl Marx believed that the
means of production should be publicly owned and government
controlled. He wrote down his ideas in his book called the
Communist Manifesto.
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- Debate Two candidates will come before the class and read from
the script in a debate between Karl Marx and Adam Smith People in
the audience should prepare questions to ask the candidates after
the debate.
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- Questions From Audience? Why should a janitor make the same as
a doctor?
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- Answer Questions Answer questions on handout
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- Create a Campaign Poster Review rubric and elements for your
campaign poster Create.
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- Summary Tape up posters around the room for a gallery walk