THE INDUSTRIAL REVOLUTION

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Modern History 112 Moncton High, Mr. Binet
THE INDUSTRIAL REVOLUTION Capitalism v. Socialism
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CAPITALISM
The principles of capitalism were developed over
time and influenced by writers such as Adam Smith
(The Wealth of Nations, The Invisible Hand of
the Market). Capitalist ideas became more
popular during the Industrial Revolution as
trade increased throughout the world.
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CAPITALISM

• Some of the key principles and ideals of
  capitalist theories include
• Privately owned businesses are better than
  government owned business.
• The market as the regulator of the economy.
• A free market economy produces more growth.
• Supply and demand determines the production and
  cost of goods.
• Free trade is preferable to taxes and tariffs.
• Governments should adopt the policy of
  laissez-faire governments should limit their
  power to defence, police, justice and public
  projects.

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SUPPLY AND DEMAND
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CAPITALISM, DOES IT WORK?

• Do you believe in the tenants of Capitalism?
• Is this the best ideology?
• How does it play out in theory and in practice?

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SOCIALISM

• Socialism is an economic and political system
  that places more value on common property than on
  private property.
• Socialism was a reaction to the social
  consequences of the Industrial Revolution of the
  19th Century and the economic liberalism that
  accompanied that period.
• Karl Marx is considered the father of scientific
  socialism his book The Communist Party
  Manifesto proposes the revolution of the
  proletariat (workers/working class) over the
  bourgeoisies (owners/ruling class).
• Socialism supports the abolition of social
  classes.

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SOCIALISM

• The union movement was also influenced by
  socialist ideas.
• Communism is radical socialism it is the
  complete control of the economy by the state
  (government) and private enterprise is not
  allowed.
• Moderate socialism exists in Canada in the form
  of social programs such as Medicare, pensions,
  social assistance, unemployment benefits...)

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YOUR TURN

• Pretend you are a modern day philosopher,
  political scientist, economist and are running
  for president or prime minster of a country
• What ideology would you argue is the best (any,
  both, a different one?)
• Where have we gone wrong in North America and
  the western world?