1. ADAM SMITH (1723 – 1790) FATHER OF MODERN CAPITALISM
WROTE THE WEALTH OF NATIONS
ARGUED THAT IF PEOPLE FOLLOWED THEIR OWN SELF INTEREST THERE WOULD BE HARMONY

2. CAPITALISM
Economic system based on private ownership and the profit motive
based on laissez- faire economics
French for “let do” or “let the people do as they please”
allows owners of industry and business to control working conditions
favors a free market unregulated by the government

3. COMMUNISM
KARL MARX
wrote the Communist Manifesto (1848) with Friedrich Engels
Predicted that eventually the capitalist system would be destroyed

4. Marxism/Communism Society develops through class struggle
A conflict between ruling classes (known as the bourgeoisie) that control the means of production and working classes (known as the proletariat) that work on these means by selling their labor for wages
Capitalism created great tension in society, according to Marx
The working class or have nots would rise up against the haves, take over the means of production and ultimately create a classless society!

5. THOMAS MALTHUS Supporter of laissez-faire
ARGUED THAT POPULATION TENDED TO INCREASE MORE RAPIDLY THAN FOOD SUPPLY
BELIEVED MISERY AND POVERTY WERE INEVITABLE CONSEQUENCES OF POPULATION GROWTH

6. DAVID RICARDO THEORY DESCRIBED AS THE ‘IRON LAW OF WAGES’
BELIEVED WAGES WOULD STAY LOW AS LONG AS THE POPULATION CONTINUED TO INCREASE

7. UTILITARIANISM
JEREMY BENTHAM SAID POPLE SHOULD JUDGE IDEAS, INSTITUTIONS, AND ACTIONS ON THE BASIS OF THEIR UTILITY, OR USEFULNESS

8. UTILITARIANISM JOHN STUART MILL QUESTIONED UNREGULATED CAPITALISM
MILL CALLED FOR LEGAL REFORMS SUCH AS WOMEN’S SUFFRAGE
GREATEST HAPPINESS FOR THE GREATEST NUMBER

9. UTOPIANISM
FACTORY OWNER WHO BEGAN EXPERIMENTAL FACTORY TOWNS WHERE WORKERS WERE WELL PROVIDED FOR
NEW LANARK, SCOTLAND WAS HIS FIRST

10. SOCIALISM
CHARLES FOURIER, CALLED FOR THE FACTORS OF PRODUCTION TO BE OWNED BY THE GOVERNMENT AND RUN FOR THE BENEFIT OF ALL
BELIEVED THE GOVERNMENT SHOULD PLAN THE ECONOMY