Industrial Revolution and New Ways of Thinking

Industrial Revolution and New Ways of Thinking How to end poverty and the bad conditions that came with the Industrial Revolution

Adam Smith • Enlightenment Idea • Laissez-faire economics • Free market economy - unregulated exchange of goods and services

Thomas Malthus

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Wrote about population, helped shape economic thinking Population would grow faster than the food supply Family planning

David Ricardo

 British economist  Poor people had too many children,  This increase supply of labor, led to lower wages and higher unemployment

Jeremy Bentham • Utilitarianism • Goal of society should be “the greatest happiness for the greatest number.” • Laws based on Utility - do laws bring more pleasure or pain

Socialism  

Reaction to laissez-faire People as a whole, rather than private individuals would own and operate the “means of production.”

Karl Marx

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German Philosopher 1848 with Freidrich Engels write The Communist Manifesto New form of Socialism - Communism Communism - class struggle between employers and employees

Marxism and The Manifesto • Economics driving force in history • History of class struggles between the haves and have nots • Haves - bourgeoisie, owned the means of production • Have-nots - proletariat, “working class.” • In the end the proletariat would win and a class less society would be set up