1. ECONOMIC SYSTEMS

2. Adam Smith- laissez faire
Scottish moral philosopher
Wealth of Nations- Capitalism
Free market economy- govt should refrain from interfering. If people were allowed to seek personal gain, it would increase general welfare
Challenged “mercantilism”, where govt regulated trade to increase gold/silver
Driving philosophical idea behind Industrial Revolution

3. David Ricardo/Thomas Malthus
Also believers in capitalism
Said that population boom outstripped food supply, also led to low wages.
Workers’ condition was result of “natural law”

4. Jeremy Bentham
Pass legislation that “maximizes the greatest happiness for the greatest number of people”
Ethics- “greatest good”
Does not consider personal gain/advancement.

5. Count de Saint-Simon “Positivism”- modern socialism
Poor workers led by artists/scientists should form communities under protection of benevolent business leaders.
Government takes from rich, gives to those in need
Similar to Utopian socialism
Still popular in Latin Am. countries

6. Friedrich List
Realized Great Britain domination of world economy because of capitalism
Rejected capitalism and free trade
German states should eliminate tariffs between one another and pass high tariffs against Britain
Led to creation of Zollverein

7. Charles Fourier Hated capitalism
Envisioned ideal society where workers would live together in dormitories, work together, share everything
Criticized as unrealistic/imaginative. “Utopia” is Greek for “not” and “place”= “No place”
Robert Owen made attempt to create utopian society

8. Karl Marx Communism, branch of socialism
Egalitarian, stateless, classless society based on common ownership of means of production.
No private ownership, workers own everything
Everyone received same compensation for work