1. TERMS & NAMES - Identify
Laissez faire- An economic policy of letting owners of industry and business set working conditions without interference.
Adam Smith- A professor at the University of Glasgow, Scotland, who defended the idea of a free economy, or free markets.
Capitalism- An economic system in which money is invested in business ventures with the goal of making a profit.
Utilitarianism- A philosophy in which people should judge ideas, institutions, and actions on the basis of their utility, or usefulness.
Socialism-An economic system in which the factors of production are owned by the public and operate for the welfare of all.
Karl Marx- A German journalist who introduced the world to a radical type of socialism called Marxism.
Communism- A form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses—would be owned by the people.
Union- Voluntary associations which workers join to press for reform.
Collective bargaining- Negotiations between workers and their employers.
Strike- Refusal to work.
2. TAKING NOTES
Capitalism is an economical system that was based on the foundations of many people. Marxism is a type of socialism created by Karl Marx. In capitalism, government can't intervene with businesses. Businesses compete with other businesses in order to provide goods and services at a less expensive cost and better quality. At the same time, consumers try to purchase these products at the least cost and best quality. Marxism are the ideas of Karl Marx. The ideas of Marxism says that the Industrial Revolution is increasing the struggle between classes. Workers are exploited by their employers for their own profit. Marxism says that as capitalism goes on, eventually it would destroy itself. A society will develop in which there will be no classes.
3. IDENTIFYING PROBLEMS
During the 1800s, factory workers had to work for long hours under dangerous working conditions and had to worry about being laid off. These working conditions caused many people in the 1800s to actively be a past of politics. People joined unions in order to push for reforms to be made. Unions would participate in collective bargaining, a negotiation between workers and employer, in order to get better working conditions and higher wages. If these demands were refused by the employer, then the workers wouldn't go to work or go on strike.
Laissez faire- An economic policy of letting owners of industry and business set working conditions without interference.
Adam Smith- A professor at the University of Glasgow, Scotland, who defended the idea of a free economy, or free markets.
Capitalism- An economic system in which money is invested in business ventures with the goal of making a profit.
Utilitarianism- A philosophy in which people should judge ideas, institutions, and actions on the basis of their utility, or usefulness.
Socialism-An economic system in which the factors of production are owned by the public and operate for the welfare of all.
Karl Marx- A German journalist who introduced the world to a radical type of socialism called Marxism.
Communism- A form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses—would be owned by the people.
Union- Voluntary associations which workers join to press for reform.
Collective bargaining- Negotiations between workers and their employers.
Strike- Refusal to work.
2. TAKING NOTES
Capitalism is an economical system that was based on the foundations of many people. Marxism is a type of socialism created by Karl Marx. In capitalism, government can't intervene with businesses. Businesses compete with other businesses in order to provide goods and services at a less expensive cost and better quality. At the same time, consumers try to purchase these products at the least cost and best quality. Marxism are the ideas of Karl Marx. The ideas of Marxism says that the Industrial Revolution is increasing the struggle between classes. Workers are exploited by their employers for their own profit. Marxism says that as capitalism goes on, eventually it would destroy itself. A society will develop in which there will be no classes.
3. IDENTIFYING PROBLEMS
During the 1800s, factory workers had to work for long hours under dangerous working conditions and had to worry about being laid off. These working conditions caused many people in the 1800s to actively be a past of politics. People joined unions in order to push for reforms to be made. Unions would participate in collective bargaining, a negotiation between workers and employer, in order to get better working conditions and higher wages. If these demands were refused by the employer, then the workers wouldn't go to work or go on strike.
4. ANALYZING THEMES - Economics
I think that economic factors definitely play a major role in the society, but whether they alone dominate the society, I think is wrong. Economic factors can change the class structure and other social things.. However things such as political factors such as the people's desire in democracy is far much greater. There have been revolutions due to major economical changes, such as the collapse of the Soviet Union etc. But if we look at the big picture the Soviet Union collapse was not caused by the fact that it changed from communism to capitalism but because of the people's will of getting freedom. The people were tired of being in the same level as everyone else, they wanted their freedom to own businesses, do whatever job they, wanted. In modern day governments, whatever party that is in power may change depending on how well the economy is running, but more on what the people want. The people wanted freedom from monarchy, they revolted and deposed their kings. People wanted a communist economic system during the Russian Revolution, they kick czar out and made a communist government, two decades ago they wanted a capitalist economy because they were tired giving their economic freedom to the government. So even though economic forces do play a major role, it is in the end what the people want that matters.
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