New Thinking

Thomas Malthus An Essay on the Principle of Population Population increasing faster than the food supply Need war, disease, famine as population checks

Laissez - faire Government hands off in economy Adam Smith – The Wealth of Nations Free market would help everyone – prices would work themselves out base on S & D

David Ricardo Economist who like Malthus believed there will always be poor Wrote Iron Law of Wages – wages cover necessities Individuals improve themselves through thrift, hard work, and few to no kids

Jeremy Bentham’s - Utilitarianism Some government intervention Definition - Greatest happiness for greatest number Some government intervention that provides utility Against punishing homosexuals

John Stuart Mill Middle Class happiness should not come at expense of workers Right to vote for men and women – protection Government can intervene and stop business owners

Socialism Thought capitalism caused greater rift between rich and poor People control means of production

Robert Owen - Utopia Industrialist – refused to use child labor Set up socialist society in New Lanark, Scotland

Karl Marx Marx and Engels wrote “The Communist Manifesto”

Communism Type of socialism No classes Workers of the world would rise up Has to have a revolution Fight between the bourgeoisie (haves) and proletariat or working class (have nots) Workers would take control of means of production

Beginning steps of Communism Social democracy - tranistion from capitalism to socialism – Germany Russian Revolution 1917 Occurred in Asia, Latin America, Africa

Problems of Communism Workers didn’t unite around the world Nationalism stronger than class warfare Prosperity never spread beyond the elite.

Communism spreads