After that we cover the economic philosophies of mercantilism, capitalism, communism, and socialism. All four ideas are covered by showing both the positive and negative outcomes of these concepts (in an effort to be fair). This has a tendency to be difficult for students, so I try to connect these comments to current issues by showing current events videos on the topics. We often have mini-debates about the positive or negative consequences of each of these philosophies.
- Explain the ways in which the “free market” is seen as the best possible system of economics by those who believe in capitalism? Make sure to explain how the system works in doing so.
- How did communism develop over time in the beliefs of Marx? In what way did he believe this was inevitable?
- In what ways could it be said that the Industrial Revolution is among the most important developments in human history?
- In what ways is socialism a far more complex term than most people realize when they use it?
- Why is the term exploitation such an important aspect of both socialism and communism?
The following are a list of helpful resources that can be used in studying for this chapter.
This Chapter in the news
Many students don’t realize that history is being debated and rewritten daily. These are stories related to our chapter from the news.