Reforming the
Industrialized
World
Aim: How did the economic philosophies of Adam
Smith and Karl Marx differ?
• Do Now: Would you
rather live in a society
like ours where
chance and destiny
decide wealth or in a
society where
everyone makes the
same money? Defend
your answer.
Competing Economic Philosophies
• Capitalism – Free market economy in which the
means of production (land, labor and capital) are
privately owned.
• Adam Smith wrote in his book “The Wealth of
Nations” that if the government did not interfere
with business and competition then the economy
would grow. Prices would be competitive and
products would be better quality.
• Similar to Market Economy, and Laissez-faire
economics.
Socialism
• Socialism condemned the evils of
capitalism and wanted to stop poverty and
injustice.
• Karl Marx believed that the means of
production should be publicly owned and
government controlled. He wrote down his
ideas in his book called the Communist
Manifesto.
Debate
• Two candidates will come before the class
and read from the script in a debate
between Karl Marx and Adam Smith
– People in the audience should prepare
questions to ask the candidates after the
debate.
Questions From Audience?
• Why should a janitor make the same as a
doctor?
Answer Questions
• Answer questions on handout
Create a Campaign Poster
• Review rubric and elements for your
campaign poster
• Create.
Summary
• Tape up posters around the room for a
gallery walk