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Rise of Communism, Socialism, & Capitalism in Industrial Revolution

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by Scott Phillips on 21 February 2012

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Transcript of Rise of Communism, Socialism, & Capitalism in Industrial Revolution

Communism, Socialism, & Capitalism
Economic system
People OWN the tools to create products/goods
No private property!
Equal distribution of goods
Equality for all
What is Communism?
Why Communism?
Industrialization =ppl now work for a wage, don't get to keep the product they make.
Factory owners don't provide food, decent living space, safe working conditions, time off for sickness, etc.
Inequality! Little ppl do the work and the capitalists get all the rewards
Fair way to live
Sense of community/cooperation
Guaranteed well-being, rights
What is Socialism?
Political system
Government owns tools to create products/goods
No private property
Government distributes goods equally
Why? Society cannot stop inequality, must be forced to make change
Socialism will transition to Communism
Why Socialism?
What is Capitalism?
Economic system
"Market" used to either sell product or labor to earn a wage
Use wage to get needs to survive
Market dictates price of labor/good through supply & demand
Little/No government interference
Why Capitalism?
Competition makes people work harder
Freedom to achieve wealth
Gov. is't involved
Problems with Communism
Yeah right!!
But I'm better than everyone else!
Who's in charge?!
Problems with Socialism
I don't trust the gov!
I don't trust people!
But I'm better than everyone else!
Problems with Capitalism
What if something bad happens?
Isn't the gov. supposed to help everyone?
See the full transcript