The Industrial Revolution, Capitalism, and Communism
Capitalism was founded by a man named Adam Smith. Capitalism is a type of economy in which people get to choose their own place to work, and how much money they want to make. Since the emergence of Capitalism, Industrialization began. With the use of Capitalism, better quality products are made with Laissez faire. With that said, that leaves the people to be able to demand supply and demand, and this increases competition and profit.
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Communism w, also known as Socialism, was founded by a man called Karl Max. Communism was made to try to eliminate competition and tries to help the lower classes. Capitalism supports the upperclassmen, while Communism supports lower classes. Communism provides an equal sign of society, and it also gets rid of private properties. People are most likely to choose Communism rather than Capitalism.
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Capitalism to the Industrial RevolutionCapitalism lead to the reform of new ideas on how to make more profit towards the owners rather than the labor workers. Supply and demand was something that rich owners love to have, it gives them the ability to make more profit than their workers.
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Industrial RevolutionThe Industrial Revolution was the beginning of Urbanization due to over population. Before the Industrial Revolution, people manufactured things by themselves, with their own hands. But after the Industrial Revolution, people were allowed to produce manufactured goods with the help of machines. This helped workers produce more products at a faster pace, but it was also a dangerous job.
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Capitalism vs CommunismCapitalism believed that the government should not be involved in the economy, but Communism does. Capitalism shows favoritism towards business owners, while Communism favors the workers. Communism gets health insurance while Capitalism does not. They are both strong ideas that help shape governments today.
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Vocab:
Industrialization: The act in which an agricultural based society becomes more industrialized by producing manufactured goods.
Socialism: The belief that the economy production and distribution should be owned by the people.
Urbanization: Making a city more modern and overpopulated.
Laissez-faire: Economy in which the government has no input into it.
Reform: To make changes in order to improve things.
Industrialization: The act in which an agricultural based society becomes more industrialized by producing manufactured goods.
Socialism: The belief that the economy production and distribution should be owned by the people.
Urbanization: Making a city more modern and overpopulated.
Laissez-faire: Economy in which the government has no input into it.
Reform: To make changes in order to improve things.