Left Right Political Social Economic Conservatism Liberal Absolute Monarchy Limited Democracy, Constitutional Monarchy, more power to elected assemblies Radical Total Democracy, Republic Nationalists Old RegimeNatural Rights Mercantilism Laissez Faire Capitalism Utilitarianism Socialism Communism Total Equality

Laissez Faire Capitalism Adam Smith (Capitalism): Laissez Faire government. Advocated a free market economy without government interference. An economy that was unregulated would naturally bring prosperity to all. David Ricardo (Iron Law of Wages): When wages were high, people had more children. More children meant more labor supply, which led to lower wages and increased unemployment. Individuals should improve themselves through thrift, hard work, and having fewer children. Wrote Principle of Political Economy, which supported the laws of supply and demand in a free market economy. Thomas Malthus (Population Control): Argued that population would outpace the supply of goods. The only natural checks on population were famine, war, and disease. As long as the population increased the poor would suffer. He urged families to have fewer children.

Utilitarianism John Stuart Mill (Utilitarianism): Believed the goal of society should be the greatest happiness for the greatest good of its citizens. Laws should be judged by their “utility”. Did laws provide more pleasure or pain for the citizens? The government should get involved to improve the lives of the working class. Middle class business and factory owners were entitled to increase their own happiness, but the government should prevent them from doing so in a manner that harmed others or the workers. Mill wanted the vote for all workers and women; therefore they could use their political power to make reforms. Utilitarians wanted reforms to help the poor, prevention of child labor, and help from the government for the improvement of public health.

Socialism Robert Owen (Utopian Socialism): Social reformer and wealthy British industrialist and manufacturer who supported cooperatives and unions to protect workers from the abuses of big business.

Communism Karl Marx (communism): Economics is key to understanding history. History is based on class conflict. There are never enough goods and products to satisfy the wants of all people, therefore society has been divided into two social classes: the haves and the have- nots. The industrial revolution created a new type of class conflict the Bourgeoisie (factory owning middle class) vs. the Proletariat (working class). The Bourgeoisie exploited the Proletariat. Marx believed the proletariat would rise up in a world wide communist revolution and eliminate the bourgeoisie and established a communist society. A dictatorship of the proletariat would be formed to run society until communism was firmly established. Once communism was firmly established the government would wither away. There would be a classless society and all property would be owned collectively owned by the proletariat.