Industrial Revolution

1
Industrial Revolution

• Economic Philosophies

2
Capitalism

• Founders
• Adam Smith
• Thomas Malthus
• David Ricardo

3
Capitalism

• Classic Works
• Smith The Wealth of Nations (1776)
• Malthus Essay on Principle of Population (1798)
• Ricardo Principles of Political Economy and
  Taxation (1817)

4
Capitalism

• Philosophy
• Free market economy
• Laissez-faire (Hands off)
• Little to no government intervention in economy
• Allow the market to regulate itself
• Goal of business is to make profit

5
Capitalism

• Reforms
• Opposed to any government efforts to become
  involved in economic affairs

6
Socialism

• Founders
• Charles Fourier
• Saint-Simon

7
Socialism

• Classic Works

8
Socialism

• Philosophy
• Government should actively plan the economy
• Public ownership over factors of production

9
Socialism

• Reforms
• Public ownership would eliminate social problems
  associated with industrialization
• Greed
• Corruption
• Poor working and
• living conditions
• Class structure

10
Communism

• Founders
• Karl Marx
• Fredrich Engles

11
Communism

• Classic Works
• The Communist Manifesto (1848)
• Das Kapital (1867)

12
Communism

• Philosophy
• All factors of production should be owned and
  controlled by the government

13
Communism

• Reforms
• Private property would cease to exist