Reforming the Industrial Revolution!

The Growth of Capitalism Led by Adam Smith – “Father of Modern Capitalism” Supporter of Laissez Faire economics – government does not heavily regulate economy. Whats beneficial about this? What are some potential downsides to this approach?

The Ideas behind modern capitalism Thomas Malthus Malthus’ theory: Population will always grow faster than food supply, so war, disease, poverty are beneficial in reducing population Do you agree? Why or why not? Could the US handle a sudden influx of people?

The Ideas behind modern capitalism David Ricardo Became a wealthy stockbroker at 27 Read Adam Smith’s book “Wealth of Nations”, and was inspired to study econ Believed that there would always be a permanent underclass of poor people Population UP = Wages DOWN

Alternatives to Capitalism in the wake of Industrialization The rise of Socialism What is socialism? – A system with increased government regulation of industry, and a focus on social justice and equality. Looked to fix societies problems Without government regulation – business and capitalists will ABUSE Modern slavery, inequality, war, famine, caused by desire for capital/wealth – looked to abolish those things MLK, Helen Keller examples of US socialists Reduce corporate control of government Society becoming transactional? Build back communities?

Alternatives to Capitalism in the wake of Industrialization Origins of Socialism Utilitarianism - Introduced by Jeremy Bentham: People should judge ideas, institutions, and actions on the basis of their utility, or usefulness. Gov’t. to promote the greatest good for the greatest number of people. Movement led by John Stuart Mill Understood that working class needed HELP from government Looked to create a system of equality (mostly women’s rights, prison reform, and education reform

Alternatives to Capitalism in the wake of Industrialization Communism Must have redistribution of wealth to be true communism Historical examples – human history has been communal for longer than capitalism has existed Early civilizations, city states (Sparta), Revolutionary France Communism is an experiment…………so was capitalism Classless society (no rich or poor) People control means of production (workers in charge, not industrialists) EVERYTHING CHANGES WITH INDUSTRIALIZATION! Historic inequality emerge out of industry, workers suppressed Communist thinkers adapt and EMERGE

Alternatives to Capitalism in the wake of Industrialization Karl Marx – leading communist thinker It’s all about CLASS, BABY! Proletariat (workers) would rise up and take over Bourgeoise (rich) – class warfare Workers control means of production “It’s the economy, idiot”

Communism Continues On Marx dies in 1883 (still during Industrialization) He inspires many anti-capitalist revolutionaries Each revolutionary critiques a different aspect of capitalism (colonialism, westernization, industrialization)