Industrial Revolution “Bourgeoisie” – “Middle Class” & jobs … Proletariat – “Working Class” & jobs … “Standard of Living” – Refers to the level of material goods available to people in a society. Example …
Working Conditions for Children “Sadler Report” – Michael Sadler headed a commission to investigate conditions “1833 Law” – forbade the hiring of children under nine and limited hours
Adam Smith Thomas Malthus David Ricardo Karl Marx Author of The Wealth of Nations, first asserted the idea of the “Free Market” Thomas Malthus The only “natural checks” on wages and poverty were “war, disease, and famine.” David Ricardo Asserted the “Laws of the Free Market” and the ideas of … Supporter of “Comparative Advantage” … Karl Marx History of the world is the “history of class struggle.” Advocated “communism”
What is Capitalism? - What is Mercantilism? ** “Govt.-imposed monopoly” ** Taxing other countries - Response to “Mercantilism” - Supply & Demand - The Free Market
Pages 659-660: What are the similarities and differences of Locke, Montesquieu, and Rosseau?