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Exploring Mixed Economic Systems: Capitalism, Socialism, and Utopian Communism

This lesson delves into mixed economic systems, examining capitalism, socialism, and communism. We explore key concepts like ownership of production resources, decision-making processes, and the founding thinkers such as Adam Smith, Karl Marx, and Robert Owen. Through engaging examples, we analyze the strengths and weaknesses of each system, the implications of laissez-faire economics, and the balance between individual ownership and government control. Discover how these ideologies shape our economic landscape today and reflect on their historical significance.

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Exploring Mixed Economic Systems: Capitalism, Socialism, and Utopian Communism

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  1. Mixed Economic Systems Ms. Sebastianelli Academic World History 10

  2. “Pure” Economic Systems

  3. T C--------C-----------S------------C---------M

  4. Capitalism • Who owns the production resources? Who makes the decisions?

  5. Who was a founding thinker? What book(s) did he write?

  6. Adam Smith • Wrote The Wealth of Nations • Introduced the idea of “the invisible hand” • Laissez-faire economics

  7. Other laissez-faire economists: • David Ricardo • Called capitalism “The Dismal Science” • “The Iron Law of Wages” – raising wages would only cover cost of necessities

  8. Thomas Malthus: • Predicted population increase would grow faster than food production (he was wrong… at that time) • Urged population control: fewer children, no handouts, no vaccinations

  9. Which countries are capitalist?

  10. What are some of the strengths of capitalism?

  11. What are its weaknesses?

  12. The Middle

  13. You have two cows… You sell one and buy a bull!

  14. New ways of thinking emerge… Jeremy Bentham Utilitarianism: The greatest happiness for the greatest number

  15. John Stuart Mill • “The only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others.”

  16. Robert Owen – a Utopian

  17. Communism • Who owns the production resources? Who makes the decisions?

  18. Who were the founding thinkers? What book did they write?

  19. Karl Marx, continued… • Bourgeoisie (aka: the “haves”) • Proletariat (aka: the “have-nots”)

  20. Communist Party (get it?)

  21. Which countries follow this system?

  22. What are some of the strengths?

  23. What are its weaknesses?

  24. You have two cows… • The government takes them and gives you the milk.

  25. Socialism • Who makes the decisions? Who owns the resources? • Some things are owned by the government (examples?) • Some things are owned by individuals (examples?)

  26. Who are the founding thinkers?

  27. What countries are socialist?

  28. What are its strengths?

  29. What are its weaknesses?

  30. You have two cows… The government takes one and gives it to your neighbor.

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