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New Thinking

New Thinking. Chapter 7.4. Ms. Ramos. Laissez-Faire. Ms. Ramos. Legacy of Smith. Free market produces goods at lower price Capitalist reinvest Free market help all– not just rich. http://www.library.hbs.edu/images/hc/research/research_wealth310.gif. Ms. Ramos. Thomas Malthus.

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New Thinking

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  1. New Thinking Chapter 7.4 Ms. Ramos

  2. Laissez-Faire Ms. Ramos

  3. Legacy of Smith • Free market produces goods at lower price • Capitalist reinvest • Free market help all– not just rich http://www.library.hbs.edu/images/hc/research/research_wealth310.gif Ms. Ramos

  4. Thomas Malthus • Predicted population would outpace food supply • Urged fewer kids • 1800s- food supply grows faster • Living conditions improve- people have less kids • No govt aid to poor http://www.ldeo.columbia.edu/edu/dees/courses/v1001/images/malthus.jpg Ms. Ramos

  5. David Ricardo • “Iron law of wages” • Wages up, families more kids • Prob: more kids =greater labor supply • Led to lower wages & unemployment • No hope working class escape poverty • No govt aid to poor http://images.encyclopedia.com/getimage.aspx?id=2794583&hero=yes Ms. Ramos

  6. Utilitarian Ms. Ramos

  7. Jeremy Bentham • “greatest happiness for the greatest number” • Need for govt involvement http://www-personal.umich.edu/~sdarwall/bentham.jpeg Ms. Ramos

  8. John Stuart Mill • Actions right if promote happiness, wrong if cause pain • Govt step in to improve hard lives of workers • Give vote to workers & women • Most middle class rejects Mill http://www.crossingwallstreet.com/archives/jsm1.jpg Ms. Ramos

  9. Socialism Ms. Ramos

  10. Socialism Theory • People as a whole own & operate means of production • Want developed world • Society operate for benefit of all, not just wealthy Ms. Ramos

  11. Utopians- Thomas More • Ideal community- early socialist • If no diff btwn rich & poor, no fighting http://www.wilsonsalmanac.com/images1/more_sm.jpg Ms. Ramos

  12. Robert Owen • Set up model community- New Lanark, Scotland • Worked for: • Laws to limit child labor • Encouraged labor unions https://apus2scott.wikispaces.com/file/view/robert_owen.jpg/33310453 Ms. Ramos

  13. Ms. Ramos http://www.undiscoveredscotland.co.uk/lanark/newlanark/images/nl-history1-450.jpg

  14. “Scientific Socialism” Ms. Ramos

  15. The Communist Manifesto • Karl Marx • Friedrich Engels • Communism- form of socialism • Class struggle btwn employers & employees unavoidable http://www.willisms.com/archives/manifesto.gif Ms. Ramos

  16. Karl Marx Engels http://farm1.static.flickr.com/185/482454888_65eda75c37.jpg http://img.listal.com/image/348913/600full-friedrich-engels.jpg Ms. Ramos

  17. Marxism • Economics driving force in hist. • “haves”- own means of production (bourgeoisie) • “have nots”-working class (proletariat) Ms. Ramos

  18. Predictions • Proletariat triumphant • Would take control of means of production • Set up classless, communist society • Despised capitalism Ms. Ramos

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