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Capitalism. Socialism. Communism. RVCS AMERICAN GOVERNMENT Intro Video [Explanation, start @ 0:38] https://www.youtube.com/watch?v=B43YEW2FvDs [Debate] https://www.youtube.com/watch?v=6oON6EST2Gs Capitalism Socialism Communism Adam Smith’s The Wealth of Nations [Video, skip 2:48-54, 4:11-14, 5:22-25] https://www.youtube.com/watch?v=ejJRhn53X2M Publication date of The Wealth of Nations: 1776 The need for a new economic system: Feudalism and selfsubsistence models of work would no longer be possible (or politically preferable) Smith’s key illustration: a free market economy operates as if guided by an “invisible hand.” American Capitalism Foundations (1776-1899): America was founded on capitalistic ideals Problem 1: Slavery’s existence is the biggest moral stain on American capitalism Problem 2: Though the late-1800s brought enormous financial success to America, lower wage-earners felt exploited and began founding unions The Government’s Response (1900-1932) Presidents such as Teddy Roosevelt initiated new governmental agencies FDR’s Socialization of America (1933-1945) America: A “Mixed Economy” (1945-Present) Exception: Ronald Reagan Reaganomics [video] https://www.youtube.com/watch?v=cDWKEHbBh4g 5 Key Elements: 1. Reduced spending. 2. Reduced taxes. 3. Reduced government regulations. 4. Tighter money supply to help to stamp out inflation. 5. Increase in spending on national defense Conclusions on Capitalism [For Capitalism] https://www.youtube.com/watch?v=w6adVQrSUAc [Millennials & Capitalism] http://stosselintheclassroom.org/videos/how_millennials_view_capit alism/ Capitalism’s Main Criticisms: (1) Self-interestedness will lead to greed and corruption (2) It is too risky (3) Inherited wealth is unfair and opposite of capitalistic ideals (4) It does not allow the poor to succeed Karl Marx’s Communist Manifesto [video] https://www.youtube.com/watch?v=Vz3eOb6Yl1s Marx’s Key Feature: Class Struggle Marx’s Progressive Trajectory: All nations move from capitalism, to socialism, and then to communism The cause: Darwinian evolution (an “invisible hand” doesn’t guide economics; natural selection does) An apparent contradiction: How are people “equal,” yet also products of the “survival of the fittest”? Marx’s Acceptance: While experiments with communistic utopias have been attempted (and failed), many countries today operate on Marxist principles in either “mixed economies” or socialistic nations. Marx’s Criticisms: Radicalism: Nations, such as Russia, that have adopted Marxist ideas have hurt Marx’s reputation, and linked socialism/communism with military dictatorships. Freedom is strongly disrupted under socialistic/communistic regimes Origins of Socialism in the U.S. [Pro-Socialism video, mute 3:25] https://www.youtube.com/watch?v=0zq-2cKENOc 1) German migrants in the 1850s 2) Birth of the Socialist Party in America Founder, Eugene Debs, ran for president in 1912 and received 900,000 votes [6%] 3) FDR denied being a socialist, while author F.A. Hayek termed his policies as “creeping socialism.” 4) Post-WWII [1950s onward], most socialists were absorbed into the Democratic Party. Keynesian Economics John Maynard Keynes—British economist who proposed a macroeconomic theory that linked governmental spending to financial stability. [video] https://www.youtube.com/watch?v=V1-1tqgUoeo Link to the Minimum Wage Debate—Keynesian economic propaganda can be seen in the recent demands over minimum wage. A common argument is that higher minimum wages will boost the economy because it will allow people to spend more. [Minimum Wage Video] https://www.youtube.com/watch?v=1nN1HqAps4Y Obama’s Economy [Obama’s Failed Economy] https://www.youtube.com/watch?v=Xi8eLSyb7RM Bernie Sanders Self-proclaimed “Democratic Socialist” [website] https://berniesanders.com Communism in the U.S. The Harlem Renaissance [video] https://www.youtube.com/watch?v=LjOhNUFlI4Y The Red Scare Comparison Video https://www.khanacademy.org/humanities/history/historysurvey/us-history/v/when-capitalism-is-great-and-not-so-great
