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Industrial Revolution: New Ways of Thinking

Industrial Revolution: New Ways of Thinking. Adam Smith. Adam Smith. Enlightenment Idea Laissez-faire economics Free market economy - unregulated exchange of goods and services. Thomas Malthus. Thomas Malthus. Wrote about population, helped shape economic thinking

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Industrial Revolution: New Ways of Thinking

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  1. Industrial Revolution: New Ways of Thinking

  2. Adam Smith

  3. Adam Smith • Enlightenment Idea • Laissez-faire economics • Free market economy - unregulated exchange of goods and services

  4. Thomas Malthus

  5. Thomas Malthus • Wrote about population, helped shape economic thinking • Population would grow faster than the food supply • Family planning

  6. David Ricardo

  7. David Ricardo • British economist • Poor people had too many children, • This increase supply of labor, led to lower wages and higher unemployment

  8. Jeremy Bentham • Utilitarianism • Goal of society should be “the greatest happiness for the greatest number.” • Laws based on Utility - do laws bring more pleasure or pain

  9. Socialism • Reaction to laissez-faire • People as a whole, rather than private individuals would own and operate the “means of production.”

  10. Karl Marx

  11. Karl Marx • German Philosopher • 1848 with Freidrich Engels writes The Communist Manifesto • New form of Socialism - Communism • Communism - class struggle between employers and employees

  12. Marxism and The Manifesto • Economics driving force in history • History of class struggles between the haves and have nots • Haves - bourgeoisie, owned the means of production • Have-nots - proletariat, “working class.” • In the end the proletariat would win and a class less society would be set up

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