Classical Capitalism

This week, we start on the last topic of Social 30, which is economics.  When we are looking at economics, we are going to be looking at 2 schools of thoughts reflecting economics - a capitalist, free market economy vs a communist, centrally planned economy.  Yes, we can finally use the term communism in its actual context and not have me yell at you - that is unless you use it incorrectly.  Since we covered the basics of economics at the beginning of the semester, we will not be spending that much time on that part, but more focusing on the case studies of how these two systems work.

So for roughly the next three weeks, we will be analyzing what a free market economy is and the good and bad parts of it.  

This Week In Social Class...

Tuesday

• Vocabulary Words: Invisible Hand, Monopoly and Industrial Revolution 
• Introduction video and questions
• Capitalism and Adam Smith
• How the Industrial Revolution started and consequences

Wednesday

• Finish Industrial Revolution - IR in the United States vs IR in Great Britain
• Pros of Capitalism
• Case Study: Henry Ford

Thursday

• Downfalls of Capitalism 
• Case Study: John D. Rockefeller
• Who was the better capitalist? Why?

Please don't forget that on Monday, you will have one of your last writing assignments THAT MUST BE COMPLETED IN CLASS.