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Chapter 7 section 4

Chapter 7 section 4. New ways of thinking. Laissez-Faire Economics. Government should not interfere with business of free operation of the economy Adam Smith- The wealth of Nations Unregulated trade and exchange of goods and services

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Chapter 7 section 4

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  1. Chapter 7 section 4 New ways of thinking

  2. Laissez-Faire Economics • Government should not interfere with business of free operation of the economy • Adam Smith- The wealth of Nations • Unregulated trade and exchange of goods and services • Felt that free market would produce more products at less prices • Capitalists would reinvest profits into new areas of growth

  3. Malthus on Population • Predicted that population would outpace the food supply • Only things to keep population in check would be war, dieses and famine • He also felt that the poor would suffer the most and urged them to have fewer children • He was accurate in the population growth however food supply increased at even greater rates

  4. Ricardo on Wages • Also felt that the poor had to many children • “iron law of wages” • When wages were high people had more children= larger labor force=lesser pay and higher unemployment

  5. The Utilitarian • Fought for the protection of women children and public health • “the greatest happiness for the greatest number” – Jeremy Bentham • Supported individual freedom • Felt government should be a little involved in the economy • John Stuart Mill • Actions are right if they cause happiness and wrong if they cause pain

  6. John Stuart Mill • Actions are right if they cause happiness and wrong if they cause pain • He felt that the government should get involved in labor issues when the workers were being exploited • More rights for worker and women

  7. Emergence of Socialism • Focused on the goods of society • Condemned evils of industrial capitalism • People as a whole would run and own the means of productions • Society would operate for the benefit of all members , rather than just the wealthy

  8. The Utopians • The ideal society • All work and property shared by the community • No difference between rich and poor • Impractical dreamers

  9. Robert Owen • Utpian who created his own Utopia • Campaigned for laws that limited child labor and encouraged labor unions • New Lanark Scotland • Model village • Built homes for workers • Treated them with respect • Proved that people would obey even when treated well

  10. Scientific Socialism • Karl Marx • Based on the scientific study of history • Wrote The communist Manifesto with Frederick Engels • Communism- sees the struggle between workers and employees as unavoidable • Economy was the driving force in history • Have vs have-nots

  11. Failures Marx felt that when the working class rebelled it would set off a world revolution Actually caused a number of changes in society and the work place Revolutions Russian socialists embraced Marxism 1917 Russia fell to communism along with many other countries By 1990 many of these nations have embrace the free-market capitalism Connecting past to present

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