Reforming the Industrial World Mr. Westfall’s World Studies

Connecting the Enlightenment to the Industrial Revolution Economic Philosophers argued that gov’t regulations would interfere with the production of wealth

Adam Smith Wrote, The Wealth of Nations Three Natural Laws 1)Law of self-interest-people work for their own good 2)Law of competition-makes products better 3)Law of supply and demand-goods would be produced at the lowest possible price to meet demand

Malthus and Ricardo Capitalism – the factors of production are privately owned and money is invested in business to make a profit

Malthus Population increases more rapidly than food supply We need wars and epidemics to kill off the weak and maintain a population

Ricardo Believed that the permanent lower class would remain poor Many workers = lower wages Wages would be forced down as long as the population increases

Smith, Malthus & Ricardo All opposed gov’t involvement to help the poor They felt that creating a minimum wage and better working conditions would upset the free-market system

THE END!!! Betsy Eats Shannon’s Boogers