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Transcript of Capitalism
2) Topic: Capitalism
3) Essential Question/ Lesson Focus: What values underlie Capitalism?
4) Lesson Objectives:
Investigate the origins of capitalism and discover how capitalism emerged from mercantilism and consider its connection to new political thinking.
Examine capitalism ‘s emergence from communism in many parts of the world.
Review of last class: Silk Road, Mercantilism, Venn Diagram
Capitalism vs Communism analysis & comparison activities
An economic system designed to increase an individual’s wealth
Most powerful economic system in the world
Had its start in Europe during the 1700’s
Main philosophies – man is competitive by nature – people should be free to pursue their own business interests without interference from the government
Only the strongest in business will survive (Survival of the fittest).
Respect for Profit
Brainstorm ideas about what these values might mean & what are the positives and negatives of these values? Mercantilism to Capitalism Mercantilism depended on merchants to carry out trading ventures for the monarchs.
Merchants who were successful accumulated surplus wealth.
Some business people went into money lending by charging interest on outstanding debt.
Others financed large-scale businesses in trade and manufacturing.
Parnterships formed to spread risk.
By generating wealth, these people could reinvest in other ventures to become even more wealthy.
This was the beginning of Capitalism.
Competition & Freedom By 18th century people wanted change, as many began to challenge the rights of monarchs and demanded more economic & political rights.
Through revolutions and protests, people put forth ideas of being able to apply their own talents and abilities, labor, luck to survive and thrive economically.
The idea that the most hard working, most entrepreneurial people would succeed emerged.
Benefit society as a whole because people would re- invest their profits, employ more people, donate to charity, and create product and service to others.
Key Ideas Behind Capitalism Individual initiative and desire for profit motivate people to work.
People compete in their own self- interest
Individuals have the right to own private property and to accumulate wealth through use & development of that property.
Most of the production, distribution, and ownership of the goods of a country should be of private individuals & companies.
Alternative Economic Systems Capitalism without laws can lead to exploitation.
Many countries still struggle to find a balance between offering freedom to thrive and meeting the varied needs of all of its citizens.
Some people believed that Capitalism oppressed the ordinary people who produce goods. (Karl Marx)
From his ideas, countries such as : Russia, China, and Cuba put communist economic systems in place. Communism All people work for government owned and government run enterprises.
Production of goods and services are determined by the government.
Individual rights to earn money & to do business are restricted.
Elimination of social class.