The Industrial Revolution

The Industrial Revolution, to some, was class warfare. The rich were getting richer and the poor were getting poorer. In response to this, different types of economic systems were developed. The following information will give you a better understanding of the world you know-Capitalism, but will also develop your knowledge of Communism and why it appealed to the general masses.

Complete the following on CAPITALISM:

1. Define (use your textbook):

          -laissez faire

          -Adam Smith

          -capitalism

2. The father of capitalism, Adam Smith stated that there were three natural laws of economics. Please list and describe (textbook).

3.Using the CAPITALISM, (ADAM SMITH SECTION) website to answer these questions�

         a) Describe the �invisible hand� theory.

         b) Define monopoly. In capitalism, why are monopolies dangerous? Explain

4. IN YOUR OWN WORDS DESCRIBE CAPITALISM.  Make sure you use the key terms and what you learned above.  Your answer should be at least 5-7 sentences in paragraph format.

Complete the following on COMMUNISM:

1). Define (textbook):

            -communism

            -communist manifesto

            -Karl Marx

            -proletariat

            -bourgeoisie

2). Describe the fight between the bourgeoisie and the proletariat (textbook)

3). Please click on the COMMUNISM LINK and read the article cnd answer questions comparing capitalism and communism.

            -Who owns the means of production in a communist state?

            -Is there individual freedom in communism? Explain.

            -Are there class societies in communism? Explain

            -Who controls power in a communist state? Explain.

4).  Describe in your own words (1) who communism appealed to and  (2) why?