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The Age of Imperialism: Captains of Industry or Robber Barons?

Explore the debate over wealth distribution during industrialization and the emergence of capitalism through key economic theorists like Adam Smith, Karl Marx, and the concept of laissez-faire capitalism. Learn about socialism, communism, and the struggle for economic equality in a changing society.

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The Age of Imperialism: Captains of Industry or Robber Barons?

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  1. Ch. 11: The Age of Imperialism Sec. 3 New Ideas in a New Society

  2. Captains of Industry or Robber Barons? OVERVIEW: As industrialization grew, a small percentage of the population became extremely wealthy as a result. While the standard of living was growing for almost everyone, still there was a tremendous inequality of wealth. This led to growing concerns about the nature of capitalism and its glaring weakness ---equal distribution of wealth for its citizens. Thinkers divided over the question of was unchecked industrial growth the best type of economy, or could there be better ways to distribute wealth more evenly throughout society.

  3. Captains of Industry or Robber Barons? Pro laissez-faire capitalism Anti laissez-faire capitalism • Adam Smith – The Wealth of Nations; economy works best with no govt. interference (“Invisible Hand of the Market”) • Thomas Malthus – population grows much faster than food supply; will always have poor. No reason to help working class • David Ricardo – Iron Law of Wages; natural business cycle is boom/bust pattern; “good times” will always lead to “bad times” & vice -versa • Jeremy Bentham – utilitarianism; the govt. should intervene IF it would produce “the greatest good for the greatest number”; encouraged govt. laws to reform business • Robert Owen-social Utopianism; est. model community in New Harmony, IN where workers shared equally • Karl Marx – father of communism

  4. Karl Marx: The Communist Manifesto Marxist Theory: • History of world best understood as a class struggle; poor vs. rich • History progresses through stages (medieval-peasant vs. lord; early agrarian- slave vs. landowner; industrial- worker vs. owner) • Industrial stage would be last one; workers rise up over owners & takeover industries; then would create an equal society where those who produce wealth, get to share in it • Govt. unnecessary in such a world; eventually would disappear

  5. The Three Economic Systems • Capitalism – the means of production (businesses) in hands of private citizens; demand/market economy • Laissez-faire: no govt. intervention • Reform capitalism: govt. intervenes to insure fair business practices • Socialism - the means of production (businesses) shared by private & govt. ownership; mixed economy • Communism - the means of production (businesses) in public (govt.) hands; command/planned economy

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