Introduction: The modern U.S. economy was not accidental. Key contributors forged the ideas that influence the functions of the current 21st century America economy.
Description or Procedures: Students must investigate whether the United States is truly a capitalist country. In doing so, students will locate quotes or original excerpts from Adam Smith, Karl Marx, John Keynes, and Milton Friedman. Make a reference list of their sources using a “reference page” that contains solid, reputable articles that explain these economists’ contributions to economic theory. Each of these authors has a distinct ideological perspective on global economic systems. It is the student’s responsibility to discover what each theorist believed and how they compare to each other.
Provide an accurate summary section of each article, then must write an analytical section, and finally write a conclusion page comparing the four theorists and deciding the value of their contributions to the field of economics. The results will be (A) four one-page summaries, (B) four one-page analytical sections, (C) a one-page conclusion, and (D) the reference page.
Materials Needed: Excerpts from Adam Smith, Karl Marx (can use English translations), John Keynes, and Milton Friedman.
Learning Objective(s): Understanding how entire economies function and are driven or influenced by an economic ideology.