Philosophers of Industrialism

Schedule For today 5th 11:00 – 11:53 Announcements 11:53 - 12:00

Agenda 1. Bell Ringer: What is the Industrial Revolution? 2. Quick Review of previous inventors and new technology. 3. Philosophers of Industrialism Lecture 4. Primary Analysis: Workers and Barons of the Industrial Revolution. 5. Compare and Contrast Capitalism and Communism. 6. Discussion: Which Philosophy would you support? 7. Objectives

Quick Review Who invented the steam engine? What is the advantage of the spinning jenny? Who combined the water frame and the spinning jenny to create an new invention? What was it? Who created the first steamboat? What was the advantage of the cotton gin? What are conditions in the factories? What are the three factors of production? Identify the three conditions needed for Industrialization to occur. When does Industrialization move into the United States? What event prompts reform and changes to labor laws and factories?

Laissez-Faire Economics Take the government out of business. Regulation interfered with wealth. Adam Smith wrote Wealth of Nations. Economic liberty guarantees progress, and the government should not interfere.

Malthus vs. Ricardo Thomas Malthus and David Ricardo agree with Smith. Foundations of Capitalism Economic system in which money is invested in business with a goal of making profit. Malthus believed that increasing population would cause greater poverty. Ricardo believed that there will always be a “poor” class. Wages go down as population increases.

Socialism Owned by the public and operate for the welfare of ALL. The government must take action to improve the lives of the poor. The lower class will rise up against the government if nothing is done.

Utilitarianism Jeremy Bentham introduced this theory. (1832) People should judge ideas, institutions and ideas based on their usefulness. Government should promote the greatest good for the masses. John Stuart Mill- help ordinary people with policies that lead to equality.

Karl Marx and his Communist Manifesto Marxism- Radical socialism built on revolution. Human societies have always been divided into warring classes. Bourgeoisie- Middle class employers. Proletariat- Lower class workers The Industrial Revolution was to blame for their hardships.

What did Marx believe He believed the Industrial Revolution would destroy itself. Factories would drive small businesses out of work, and the large group of workers would revolt. Sharing in the profits, the workers would bring equality to all people. Purest form of Communism had all things owned by the people.

Philosophy Which is the best philosophy discussed today and why? Explain in at least 4-6 sentences. Use evidence from your notes.