Industrial Revolution

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Presentation transcript:

Industrial Revolution Economic Philosophies

Capitalism Founders: Adam Smith Thomas Malthus David Ricardo

Capitalism Classic Works: Smith The Wealth of Nations (1776) Malthus Essay on Principle of Population (1798) Ricardo Principles of Political Economy and Taxation (1817)

Capitalism Philosophy: Free market economy Laissez-faire (“Hands off”) Little to no government intervention in economy Allow the market to regulate itself Goal of business is to make profit

Capitalism Reforms: Opposed to any government efforts to become involved in economic affairs

Socialism Founders: Charles Fourier Saint-Simon

Socialism Classic Works:

Socialism Philosophy: Government should actively plan the economy Public ownership over factors of production

Socialism Reforms: Public ownership would eliminate social problems associated with industrialization Greed Corruption Poor working and living conditions Class structure

Communism Founders: Karl Marx Fredrich Engles

Communism Classic Works: The Communist Manifesto (1848) Das Kapital (1867)

Communism Philosophy: All factors of production should be owned and controlled by the government

Communism Reforms: Private property would cease to exist

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