1. Reform Movements during the Industrial Revolution
Why did Capitalism cause reform movements during the Industrial Revolution?

2. Adam Smith Capitalist Laissez-Faire Economics & Capitalism
Laissez-Faire is an economic philosophy that favored letting owners set working conditions without interference from the government
A British economist named Adam Smith defended Laissez-Faire in his book The Wealth of Nations
Smith favored a free-market, where people had the freedom to run their business how they wanted
This would encourage competition and prices will be regulated by supply & demand
Smith calls this capitalism and favored no govt input or interference
Many argue that w/o govt input, Capitalism will not protect workers & encourages greed
Factory owners make all of the money
workers make very little!
Adam Smith
Capitalist

3. Utilitarianism John Stuart Mill
Many groups began to question Smith’s Capitalist ideas
Jeremey Bentham argued that people should judge ideas on their utility or usefulness
Government policy should promote the greatest good for the greatest number of people
1800s: John Stuart Mill now leads the Utilitarian movement
Mill states unregulated capitalism hurts the people
Mill thought it was wrong that most workers were very poor
Mill felt the government should create laws to help people creating an equal division of profits
Mill also favored Women’s rights, and reforms in education & the prison system
John Stuart Mill

4. Utopian Ideas Robert Owen Utopian
British factory owner Robert Owen was shocked by the misery and poverty of the working class
Owen built houses near his factory in Scotland and rented them out to his workers for low rates
Owen prohibited children under 10 from working in the factories and provided free schooling
In 1824, Owen traveled to the US and tried to set up a Utopian system in Indiana
New Harmony, Indiana only lasted for three years but did inspire better communities for workers
Robert Owen
Utopian