This handout explores the two competing economic schools of capitalism and socialism. One page, two-sided. The first page is previewed.
This handout represents a complete class period (when combined with sufficient class discussion). Great for economics, world history, US history, and European history courses.
*Represents a country's economy as a sliding scale which could range from extreme capitalism (for example, without a welfare state or progressive taxes) to extreme socialism (for example, with no private businesses or private property).
*Represents most countries as having "mixed economies."
*Failed utopian experiments - examples of the failures of complete socialism (New Harmony experiment) and complete libertarianism (Christiania experiment).
*Examples of mixed systems - analyzing the USA, Venezuela, UK, and China.
*Major takeaways - represents that the best functioning systems (both in terms of wealth creation and social justice) implement ideas from both schools of thought.
*Prophets of utopias - Karl Marx (socialism), Ayn Rand (libertarianism).