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Capitalism and Socialism

Driving Question: How did industrialization reshape economic systems, and what were its impacts?

Capitalism created new wealth and new struggles. Competing economic ideas offered different answers to the question of who should benefit from labor, and why it matters.

Learning Objectives

  1. Learn about the economic theories of capitalism and socialism in the context of the Industrial Revolution.
  2. Use close-reading skills to draw comparisons between the principles and practices of economic systems.
  3. Practice making claims and counterclaims using evidence from multiple sources.

Vocab Terms:

  • capitalism
  • consumer
  • industrial capitalism
  • joint-stock company
  • proletariat
  • social class
  • socialism
STEP 1

Opener: Capitalism and Socialism

The Industrial Revolution upended the organization of human communities, but some things remained consistent. Compare the social pyramids of medieval and industrial society to see what changed.

STEP 2

Transformations of Capitalism

These materials will help you understand how industrial capitalism took shape in the 1800s and discover how it compares to other ways of running an economy.

STEP 3

Challenging Industrial Capitalism

These materials show how the working class rose up to challenge the problems created by capitalism, and how thinkers like Marx imagined a different future.

Capitalism and Socialism: Crash Course World History #33 External link

In this video, John Green describes how capitalism and socialism came into being, and the principles that are important to each system.

Key Ideas

As this video progresses, key ideas will be introduced to invoke discussion.
STEP 4

Comparing Capitalism and Socialism

As industrialization reshaped economies across the globe, many scholars developed theories in the hope of shaping the future. In this article and activity, you will compare the theories of three key scholars.

STEP 5

Closer: Capitalism and Socialism

Socialism emerged as a challenge to the ideas and effects of industrial capitalism. In this short activity, you’ll make your own claims about the two economic systems based on what you learned in this lesson.

Extension Materials
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Develop your own writing skills by reviewing someone else’s writing to evaluate their organization and use of language.
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Reviewing for Organization and Language/Style

Being able to organize your writing in a logical way and use clear language is a crucial element for all kinds of writing. Look for these elements in a sample student essay.