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New Economic and Social Theories

All the “-isms”. New Economic and Social Theories. Capitalism. Economies are regulated by market conditions. Key Ideas Competition creates progress Prices determined by supply v. demand. Adam Smith’s the wealth of nations- 1776 One of the founding works of capitalist theory.

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New Economic and Social Theories

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  1. All the “-isms” New Economic and Social Theories

  2. Capitalism • Economies are regulated by market conditions. • Key Ideas • Competition creates progress • Prices determined by supply v. demand Adam Smith’s the wealth of nations- 1776 One of the founding works of capitalist theory

  3. Laissez-faire Capitalism • French for “Let it be” • Idea that government should not interfere with the market. • Foundation for “free-market” ideas • Opposed to: taxes, tariffs, unions, minimum wage Jean-Baptiste Colbert: An early champion of Laissez-Faire

  4. Socialism • Economies should be run by a combination of government and the laborers. • Economies should be planned and regulated. • Socialist policies range from very tame, to revolutionary. Socialism had a great appeal to factory workers, why?

  5. Marxism • A type of socialism sponsored by Karl Marx. • Marx viewed history as a series of stages ending in communism. • History defined by class struggle, between the bourgeoisie (owners) and the proletariat (workers) Karl Marx, who wrote the works “Das Kapital” and “The Communist Manifesto”

  6. Communism • A utopian ideal for socialist societies to progress towards. • In this ideal society there are no classes, everyone shares everything communally. • The USSR, Peoples Republic of China, and North Korea are not communist by this definition. The Communist Manifesto (1848)argued for workers to rebel and take control of the factories.

  7. Utilitarianism • An ethical philosophy • Sponsored by Englishmen Jeremy Bentham and John Stuart Mill. • Advocates for the “greatest good for the greatest number.” • Very influential in politics and even architecture.

  8. Anarchism • The belief that governments are unnecessary and need to be overthrown. • Movement began after the 1848 revolutions. • Often violent protests, including assasination. Political Cartoon honoring Anarchists executed after a Chicago riot.

  9. Malthusian Economics • Thomas Malthus was an English Economist. • He predicted that populations would rise faster than resources. • Eventually populations would fight over the few remaining resources.

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