Philosophies in the Industrial World Capitalism, Socialism And Communism

Philosophers  Laissez-faire Owners of industry and business et working conditions without interference  Adam Smith favor of laissez-faire Wealth of Nations  Capitalism Economic system with private ownership  Thomas Malthus, An Essay on the Principle of Population Population tended to increase more rapidly than the food supply  War and disease was necessary

Capitalism  David Ricardo, Principles of Political Economy and Taxation Underclass will always be poor Abundant workers/ resources = cheap labor/resources Few workers/resources = expensive labor/resources  Ricardo, Malthus,and Smith were all laissez-faire thinkers

Socialism  Government intervention  Utilitarianism- founder Jeremy Bentham People should judge ideas, institutions and actions based on their usefulness Government should promote the greatest good for the greatest number of people John Stuart Mill led movement

Marxism: Radical Socialism  The Communist Manifesto, Marx and Friedrich Engels Haves (employers) vs have nots (workers) Working Class = the Proletariat Communism = a complete form of socialism in which all means of production – all land, mines, factories, railroads, businesses would be owned by the people. All goods would be shared equally.