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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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Industrial Revolution and New Ways of Thinking

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

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

  3. Thomas Malthus

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

  5. David Ricardo

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

  7. 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

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

  9. Karl Marx

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

  11. 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

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