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Results of the Industrial Revolution

Results of the Industrial Revolution. Law of Economics. Adam Smith : considered founder of laissez-faire economics Author The Wealth of Nations Laissez-Faire Capitalism : belief that business should operate with little/no government interference “The Invisible Hand”

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Results of the Industrial Revolution

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  1. Results of the Industrial Revolution

  2. Law of Economics • Adam Smith: considered founder of laissez-faire economics • Author The Wealth of Nations • Laissez-Faire Capitalism: belief that business should operate with little/no government interference • “The Invisible Hand” • Smith believed two laws govern economics: • Supply and Demand • Competition

  3. Thomas Malthus: Believed that population growth causes problems and poverty becomes unavoidable, endless cycle • David Ricardo: Believed that supply & demand determine wages, “Iron Law of Wages”

  4. Utilitarianism • Utilitarianism: Belief that goal of society should be to provide greatest good for greatest number of people • John Stuart Mill: actions were right if they promote happiness and wrong if they cause pain • Government’s role to “Prevent harm to others”

  5. Socialism • Socialism: political & economic system in which governments own the means of production and operate them for the benefit of all the people Two Types: • Utopian Socialists: idea that people can live with each other in cooperative settlementsowning all means of production and sharing all • Ex. Robert Owen

  6. 2. Communism: economic & political system in which governments own the means of production and control all economic planning A. Karl Marx: German philosopher, along with Friedrich Engels wrote The Communist Manifesto

  7. Marx’s Beliefs • Struggle between “haves” and “have-nots” • “Haves” were the bourgeoisie (Owners) • “Have-nots” were the proletariat(Working Class) • Eventually proletariat would take control of means of production • Set up classless society

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