1. Agenda Warm Up Industrialization Project Fair or Unfair Candy
Discussion: Philosophers of Industrialism
Writing Practice: Which Philosophy would you support?
HW: Capitalism vs Communism

2. Warm Up
List at least 4 products that were invented or mass produced during the Industrializing period.

3. Stage One You each have 3 starburst Nothing is going to change
Comments…

4. Stage Two You still all have three Starbursts Slight changes occur
Comments…

5. Stage Three
Inequality persists
Business transactions occur
Comments….

6. Philosophers of Industrialism

7. Laissez-Faire Economics
Take the government out of business.
Regulation interfered with wealth.
Adam Smith wrote Wealth of Nations.
Economic liberty guarantees progress, and the government should not interfere.

8. Malthus vs. Ricardo Thomas Malthus and David Ricardo agree with Smith.
Foundations of Capitalism
Economic system in which money is invested in business with a goal of making profit.
Malthus believed that increasing population would cause greater poverty.
Ricardo believed that there will always be a “poor” class.
Wages go down as population increases.

9. Socialism Owned by the public and operate for the welfare of everyone.
The government must take action to improve the lives of the poor.
The lower class will rise up against the government if nothing is done.

10. Utilitarianism Jeremy Bentham introduced this theory. (1832)
People should judge ideas and institutions based on their usefulness.
Government should promote the greatest good for the masses.
John Stuart Mill- help ordinary people with policies that lead to equality.

11. Karl Marx and his Communist Manifesto
Marxism- Radical socialism built on revolution.
Human societies have always been divided into warring classes.
Bourgeoisie- Middle class employers.
Proletariat- Lower class workers
The Industrial Revolution was to blame for their hardships.

12. What did Marx Believe?
He believed the Industrial Revolution would destroy itself.
Factories would drive small businesses out of work, and the large group of workers would revolt.
Sharing in the profits, the workers would bring equality to all people.
Purest form of Communism had all things owned by the people.

13. Philosophy
If you were starting a country, which economy would you pick and why? Explain in at least 4-6 sentences. Use evidence from your notes.