NRCSD 7-12 Social Studies Curriculum - 12.E3 THE IMPACT OF AMERICAN CAPITALISM IN A GLOBAL ECONOMY

12.E3 THE IMPACT OF AMERICAN CAPITALISM IN A GLOBAL ECONOMY

Stage 1- Desired Results

Essential Questions

How has the evolution from an agrarian to an industrial to an information economy impacted the skill and education requirements of the American workforce?
How has the role of the government in regulating working conditions, protecting property rights, and ensuring collective bargaining evolved to balance the power between workers and employers?
In what ways does the freedom of the United States economy encourage entrepreneurialism, and what are the intended and unintended consequences of this entrepreneurial spirit?
How should the government regulate markets to ensure free and fair competition, protect workers, and promote income equality and social mobility, and what have been the outcomes of these efforts?

Enduring Understandings: There are various economic systems in the world. The United States operates within a mixed, free market economy that is characterized by competition and a limited role of government in economic affairs. Economic policy makers face considerable challenges within a capitalist system, including unemployment, inflation, poverty, and environmental consequences. Globalization increases the complexity of these challenges significantly, and has exerted strong and transformative effects on workers and entrepreneurs in the United States economy.

Common Core Standards and Performance Indicators:

Unifying Themes:

Time, Continuity, and Change (TCC)

Power, Authority, and Governance (GOV)

Civic Ideals and Practices (CIV)

Science, Technology, and Innovation (TECH)

Global Connections and Exchange (EXCH)

Social Studies Content Area Standards:

1. World History
2. Geography
3. Economics
4. Civics, Citizenship, and Government

Social Studies Practices (begin on page 3)

Common Core Learning Standards for Literacy in History/Social Studies, Science,and Technical Subjects (begins on page 76)

Knowledge & Skills

Students know that...

12.E3a As the United States has evolved from an agrarian to an industrial to an information economy, the workplace requires a more highly skilled and educated workforce.

12.E3b The government’s evolving role in protecting property rights, regulating working conditions, protecting the right to bargain collectively, and reducing discrimination in the workplace has attempted to balance the power between workers and employers. This role shifts in response to government’s need to stimulate the economy balanced against the need to curb abusive business practices.

12.E3c The freedom of the United States economy encourages entrepreneurialism. This is an important factor behind economic growth that can lead to intended consequences (e.g., growth, competition, innovation, improved standard of living, productivity, specialization, trade, outsourcing, class mobility, positive externalities) and unintended consequences (e.g., recession, depression, trade, unemployment, outsourcing, generational poverty, income inequality, the challenges of class mobility, negative externalities.).

12.E3d A degree of regulation, oversight, or government control is necessary in some markets to ensure free and fair competition and to limit unintended consequences of American capitalism. Government attempts to protect the worker, ensure property rights, and to regulate the marketplace, as well as to promote income equality and social mobility, have had varied results.

12.E3e The degree to which economic inequality reflects social, political, or economic injustices versus individual choices is hotly debated. The role that the government should play in decreasing this gap, including the variety of government programs designed to combat poverty, is debated as well.

Key Terms: Traditional Economy, Command Economy, Mixed Economy, Market Economy ,GNP, GDP, CPI , Federal Reserve Special Interest Groups,

Stage 2- Assessment Evidence

Summative Tasks

Notes: