Inquiry Question: How has capitalism revolutionized the way we live?
Summary
Since the 1700s, increases in average living standards became a permanent feature of economic life in many countries.
This was associated with the emergence of a new economic system called capitalism, in which private property, markets and firms play a major role.
Under this new way of organizing the economy, advances in technology and specialization in products and tasks raised the amount that could be produced in a day’s work.
This process, which we call the capitalist revolution, has been accompanied by growing threats to our natural environment, and by unprecedented global economic inequalities.
Economics is the study of how people interact with each other, and with the natural environment, in producing their livelihoods.
No homework due today.
Read: Today you will read sections 1.1-1.3 in our main text (CORE).
Annotate: You will make one annotation using hypthesis.is in each section as you read. This (and your participation in the discussion below) will count as a formative grade.
Discuss: We will discuss each of the three sections after you read and annotate them. I will use this slideshow to guide the discussion.
Graph: I will ask you to apply one of the graphs that I explained in class. You will need to be able to choose an example from the readings or an outside source and draw a graph to explain it. You will need a notebook for this so that I can check your work.
No homework