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Industrial Revolution: New Ways of Thinking
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Adam Smith
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Adam Smith Enlightenment Idea Laissez-faire economics
Free market economy - unregulated exchange of goods and services
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Thomas Malthus
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Thomas Malthus Wrote about population, helped shape economic thinking
Population would grow faster than the food supply Family planning
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David Ricardo
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David Ricardo British economist Poor people had too many children,
This increase supply of labor, led to lower wages and higher unemployment
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Jeremy Bentham Utilitarianism
Goal of society should be “the greatest happiness for the greatest number.” Laws based on Utility - do laws bring more pleasure or pain
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Socialism Reaction to laissez-faire
People as a whole, rather than private individuals would own and operate the “means of production.”
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Karl Marx
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Karl Marx German Philosopher
1848 with Freidrich Engels writes The Communist Manifesto New form of Socialism - Communism Communism - class struggle between employers and employees
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Marxism and The Manifesto
Economics driving force in history History of class struggles between the haves and have nots Haves - bourgeoisie, owned the means of production Have-nots - proletariat, “working class.” In the end the proletariat would win and a class less society would be set up
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