Industrial Revolution and New Ways of Thinking

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Industrial Revolution and New Ways of Thinking

• How to end poverty and the bad conditions that
  came with the Industrial Revolution

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Adam Smith

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

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

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

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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

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Socialism

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

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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

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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