Industrial RevolutionIndustrial Revolution

Economic and Social ChangesEconomic and Social Changes

MonopolyMonopoly

►Total control of a product or marketTotal control of a product or market►No CompetitionNo Competition► Illegal todayIllegal today►Examples ??Examples ??

Government RegulationGovernment Regulation

►Long hours, unsafe working conditions, Long hours, unsafe working conditions, low pay…..unions called for gov’t helplow pay…..unions called for gov’t help

►Business owners wanted ‘laissez-faire’ Business owners wanted ‘laissez-faire’ approach (hands off), whyapproach (hands off), why

►Businesses would operate with little or Businesses would operate with little or no government interferenceno government interference

►How far could the gov’t then go??How far could the gov’t then go??

RegulationRegulation

►Eventually Government stepped inEventually Government stepped in►Today…Today…

# of hours working# of hours working OSHA (Occupational Safety and Health OSHA (Occupational Safety and Health

Administration)Administration) Health BenefitsHealth Benefits

Adam SmithAdam Smith

►Wrote the Wealth of Wrote the Wealth of NationsNations

► Promoted capitalist Promoted capitalist economyeconomy

► Capitalism is based Capitalism is based on supply and on supply and demanddemand

SocialismSocialism

►Focused less on the individual, more Focused less on the individual, more on society as a wholeon society as a whole

►Believed capitalism created a wide gap Believed capitalism created a wide gap between the rich and the poor (upper between the rich and the poor (upper and lower classes)and lower classes)

►Farms and Businesses would belong to Farms and Businesses would belong to ALL the people, not individualsALL the people, not individuals

Utopian SocialistsUtopian Socialists

►Utopia – An Ideal society, with no Utopia – An Ideal society, with no problems (Sir Thomas More)problems (Sir Thomas More)

►All property and all work sharedAll property and all work shared►All would then have equal wealthAll would then have equal wealth

Karl MarxKarl Marx

► A Socialist who wrote A Socialist who wrote ‘The Communist ‘The Communist Manifesto’ with Friedrich Manifesto’ with Friedrich EngelsEngels

► Believed that Believed that the the problem throughout problem throughout history is the social history is the social class systemclass system

► It was a social class It was a social class struggle between the struggle between the wealthy and the working wealthy and the working class (Proletariat)class (Proletariat)

Marxism believesMarxism believes

►The capitalists took advantage of the The capitalists took advantage of the proletariat (workers)proletariat (workers)

►The proletariat would eventually come The proletariat would eventually come together and overthrow the capitalist together and overthrow the capitalist systemsystem

► It would establish a CLASSLESS It would establish a CLASSLESS SOCIETY (no social classes), wealth SOCIETY (no social classes), wealth and power is equally sharedand power is equally shared

On a half sheet of paper…On a half sheet of paper…

► 2 positives of living 2 positives of living in a capitalist worldin a capitalist world

► 2 negatives of living 2 negatives of living in a capitalist worldin a capitalist world

► 2 positives of living 2 positives of living in a socialist worldin a socialist world

► 2 negatives of living 2 negatives of living in a socialist worldin a socialist world