Capitalism, Socialism, and Communism. Industrial revolution spreads…. Rising Economic Powers are all industrial Each will want access and control over RAW MATERIALS and MARKETS raw materials: Markets:
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Capitalism, Socialism, and Communism
Q: What might happen when industrial nations want what NON-industrial nations have? What effect will the “industrial vs. NON-industrial tension” have on the world?
IRON LAW OF WAGES
“advance the greatest good for the greatest number”
“Government should enact reforms that promote more happiness”
John Stuart Mill
COMMUNISM: extreme form of socialism in which “all people” own the means of production as the state “withers away” and produces a classless society