1 / 7

Results of the Industrial Revolution

Results of the Industrial Revolution. Law of Economics. Adam Smith : considered founder of laissez-faire economics Author The Wealth of Nations Laissez-Faire Capitalism : belief that business should operate with little/no government interference “The Invisible Hand”

slade
Download Presentation

Results of the Industrial Revolution

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Results of the Industrial Revolution

  2. Law of Economics • Adam Smith: considered founder of laissez-faire economics • Author The Wealth of Nations • Laissez-Faire Capitalism: belief that business should operate with little/no government interference • “The Invisible Hand” • Smith believed two laws govern economics: • Supply and Demand • Competition

  3. Thomas Malthus: Believed that population growth causes problems and poverty becomes unavoidable, endless cycle • David Ricardo: Believed that supply & demand determine wages, “Iron Law of Wages”

  4. Utilitarianism • Utilitarianism: Belief that goal of society should be to provide greatest good for greatest number of people • John Stuart Mill: actions were right if they promote happiness and wrong if they cause pain • Government’s role to “Prevent harm to others”

  5. Socialism • Socialism: political & economic system in which governments own the means of production and operate them for the benefit of all the people Two Types: • Utopian Socialists: idea that people can live with each other in cooperative settlementsowning all means of production and sharing all • Ex. Robert Owen

  6. 2. Communism: economic & political system in which governments own the means of production and control all economic planning A. Karl Marx: German philosopher, along with Friedrich Engels wrote The Communist Manifesto

  7. Marx’s Beliefs • Struggle between “haves” and “have-nots” • “Haves” were the bourgeoisie (Owners) • “Have-nots” were the proletariat(Working Class) • Eventually proletariat would take control of means of production • Set up classless society

More Related