Chapter 7 The Industrial Revolution Begins 1750-1850 Section 4 New Ways of Thinking

Objectives for this section: *Understand laissez-faire economics. *Describe the doctrine of utilitarianism. *Summarize the theories of socialism *Explain Marx’s views of the working class

Effects of the population Explosion *Crowded slums *Hungry Families *Unemployment *Widespread misery These effects caused economists, scientists, philosophers, and many others to study the issues surrounding the growing population and attempt to come up with solutions.

Idea People New Ways of Thinking Laissez-Faire Utilitarianism Socialism Communism Idea “Hands off” Free market system with little to no Government interference. Government should not make rules or laws to help the poor or working class. Some government interference is necessary. Idea that the goal of society is “the greatest happiness for the greatest number” of its citizens. People as a whole rather than private individuals would own and operate the farms, factories, & railways. A classless society where the farms, factories, & railways would be owned by the community or government. People *Adam Smith-founder *Thomas Malthus *David Ricardo *Jeremy Bentham *John Stuart Mill *Robert Owen *Karl Marx *Friedrich Engels