Philosophy of the Industrialists

1. Philosophy of the Industrialists

2. Vocabulary Review • industrialization • free enterprise • entrepreneur • monopoly

4. industrialization free enterprise entrepreneur monopoly I see… I hear… I taste… I touch… I think… I feel…

5. Share Your Ideas with a Partner…

6. Share Your Ideas with the another group…

7. Make any necessary revisions to improve your work…

8. We have been analyzing the Rise of Industry

9. And the economic growth of the late 19th century

10. Today we will be looking at some of the PHILOSOPHIESassociated with the time period.

11. PHILOSOPHIES

12. What does it mean to have a PHILOSOPHY?

13. Some philosophies of the time were attempts to justify the status quo (and the staggering wealth gained by the few)…

14. Industrialists were supporters of Adam Smith and the idea that an economy free of government interference (a free market) guaranteed economic prosperity.

15. Supporters of Big Business referred to industrialists of the period as

16. Other philosophies were critical of Big Business…

17. And coined the term “Robber Barons” to describe industrialists growing rich at the expense of the common man

19. Utilitarianism, Socialism, and Marxism all emerged as alternatives to a capitalist economic system

20. Utilitarianism The Few The Many

21. Socialism

23. Marxism

25. People feared the growing power of corporate monopolies

27. And yet the philosophies of the industrialists became - and remain - defining features of American economic ideology

28. While competing philosophies have been (and still are) condemned as “radical” “un-American” or “evil”

29. To understand the Philosophy of Industrialists, we will examine three: Laissez-Faire, Social Darwinism, and the Gospel of Wealth

31. Why does Adam Smith think self-interest can result in benefits for society as a whole? Do you agree? Why/why not? According to laissez-faire economics, how should government behave? Why? Do you agree? Why/why not?

32. Share Your Ideas with a Partner…

33. Share Your Ideas with the another group…

34. Write a definition of Laissez faire in your own words in the space provided.

36. How does Social Darwinism reflect the idea of “survival of the fittest” (also referred to as natural selection)? What role does competition play in this kind of natural selection? What services for the poor are justified, according to Social Darwinism? Do these ideas about the poor still exist in society today? Is it an accurate portrayal of people living in poverty that they “demand more than they contribute”? Why/Why not?

37. Share Your Ideas with a Partner…

38. Share Your Ideas with the another group…

39. Write a definition of Social Darwinism in your own words in the space provided.

41. How does Andrew Carnegie describe the “man of wealth”? Do you agree with this description? Why/why not? Are Carnegie’s view of the poor different from a supporter of Social Darwinism? What services for the poor are justified, according to the Gospel of Wealth? Do these ideas about the poor still exist in society today?

42. Share Your Ideas with a Partner…

43. Share Your Ideas with the another group…

44. Write a definition of Gospel of Wealth in your own words in the space provided.

45. Complete the sentence stems at the bottom of the page.

46. How does the cartoonist interpret John D. Rockefeller’s remark in the cartoon? What business practices might the cartoonist be referring to?

47. How does the cartoonist interpret Andrew Carnegie’s philosophy of the Gospel of Wealth?

48. Now you will use what you have learned to CREATE a political cartoon on Laissez-faire.

50. How will you portray the concept of Laissez-faire in the imagery of a political cartoon?