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Economic Theories of the Industrial Revolution: Laissez-Faire Capitalism and Communism

Explore the development of economic theories during the Industrial Revolution, including the concepts of laissez-faire capitalism and communism. Learn about Adam Smith's book "The Wealth of Nations" and Karl Marx and Friedrich Engels' "The Communist Manifesto." Understand the ideologies behind these theories and their impact on society.

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Economic Theories of the Industrial Revolution: Laissez-Faire Capitalism and Communism

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  1. October 17, 2019 Global II History Agenda: DO NOW: DBQ NOTES #12:What economic theories developed during the Industrial Revolution? INDUSTRIAL REVOLUTION OPEN-STUDY GUIDE TEST MONDAY

  2. What economic theories developed during the Industrial Revolution? Notes #12

  3. In 1776, British philosopher Adam Smith wrote The Wealth of Nations, which was a book that introduced the theory of laissez-faire capitalism.

  4. This theory proposed that governments should not interfere with business . . .

  5. . . . in order to create a market economy, under which supply and demand would determine production and prices.

  6. In 1848, German philosophers Karl Marx and Friedrich Engels wrote The Communist Manifesto, which was a book that introduced the theory of communism. Karl Marx Friedrich Engels

  7. According to Marx and Engels, history could be viewed as a continuous struggle between economic classes. Proletariat (workers) vs. Capitalist (privileged) class

  8. As a result, a main idea of Marx’s and Engels’s was that the proletariat (workers) must unite to overthrow the capitalist(privileged) class.

  9. This would create an economy based on communism, under which private property would no longer exist, the people would own the means of production, . . .

  10. . . . and all the evils of industrial society would disappear.

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