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Warm Up

Warm Up. Describe life in the new industrial city What were the main characteristics of factory work? What special problems did factory work create for women? How did the conditions of the early industrial age improve?. New Ways of Thinking. Laissez-Faire Economics Adam Smith

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Warm Up

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  1. Warm Up Describe life in the new industrial city What were the main characteristics of factory work? What special problems did factory work create for women? How did the conditions of the early industrial age improve?

  2. New Ways of Thinking • Laissez-Faire Economics • Adam Smith • Wealth of Nations • Government: Hands off! • Would produce more goods at a lower price that would benefit everyone • A growing economy would encourage business owners to reinvest profits into new ventures

  3. Thomas Malthus • Grimly predicted that population would outpace food supply • The only checks on population he said were war, disease, and famine • As long as population kept increasing, the poor would suffer • Urged families to have fewer children • Many people accepted his view • It proved to be too pessimistic

  4. David Ricardo • Agreed with Malthus that the poor had too many children • Individuals should be left to improve their lives through hard work, thrift, and limiting the size of families • His thought: when wages were high, people had more children. More children meant a greater supply of labor which led to lower wages and higher unemployment

  5. The Utilitarians • Jeremy Bentham • The idea that the goal of society should be the greatest happiness for the greatest number of its citizens • Strongly supported individual freedom • Saw the need for the government to intervene in certain circumstances • John Stuart Mill (one of his followers) • Government should prevent harm to others • Increase in your personal happiness should not come at the expense of harm to others • Called for the power to vote: all men and women

  6. Socialism • People as a whole rather than private individuals would own and operate the means of production • Farms, factories, railroads, etc.. • Society would operate to benefit of all its members • The Utopians: self sufficient communities • All work and property shared • No rich or poor • Robert Owen’s community in Scotland

  7. Karl Marx • Communist Manifesto (1848) • Communism is a form of socialism that sees class struggle between employers and employees as unavoidable • History of class struggles between the “haves” and the “have nots” • In the end, he predicted the proletariat would triumph and take over the means of production and set up a classless communist society

  8. Connections to Today • Today, many businesses provide child-care services on-site for employees • Child-care centers have video so you can check on your children • Why might some companies choose to do this for their employees?

  9. Let’s Create!

  10. Biography • Adam Smith page 208

  11. Primary Source • Page 211 • How would Marx expect a worker to feel about his or her job?

  12. Inventions

  13. Closure • Describe the views of • Adam Smith • Thomas Malthus • David Ricardo • Contrast the approaches of utilitarians and socialists to solving economic problems • Describe Karl Marx’s view of history

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