The Industrial Revolution Ch. 25, Sec. 4 Reforming the Industrial Revolution pgs

Laissez-Faire

Adam Smith

Adam Smith’s “Invisible Hand”

3 Natural Laws of Economics Law of self-interest Law of Competition Law of supply and demand

The Four Basic Laws of Supply and Demand 1.If demand increases and supply remains unchanged, then it leads to a higher\lower price. 2.If demand decreases and supply remains unchanged, then it leads to a higher\lower price. 3.If supply increases and demand remains unchanged, then it leads to a higher\lower price. 4.If supply decreases and demand remains unchanged, then it leads to a higher\lower price.

Capitalism

Thomas Malthus

David Ricardo

Laissez-Faire and a Minimum Wage? FYI – There is a federal minimum wage in the USA that all states have to abide by. That wage is currently $7.25 an hour. However, many states have laws that raise the minimum wage in their state. For example, in CA, an employee is guaranteed $8.00 an hour. Some cities even have their own minimum wage laws. For example, the minimum wage in San Francisco is $ (2012)

Jeremy Bentham and Utilitarianism

John Stuart Mill

New Harmony, Indiana (Utopia)

Socialism

Karl Marx and Friedrich Engels

The Communist Manifesto

Communism – What is it?

20 th Century leaders inspired by Marx?

What forces drive a society? Just economics?

What communist countries exist today?