1. Reforming the Industrial Revolution!

2. The Growth of Capitalism
Led by Adam Smith – “Father of Modern Capitalism”
Supporter of Laissez Faire economics – government does not heavily regulate economy.
Whats beneficial about this? What are some potential downsides to this approach?

3. The Ideas behind modern capitalism
Thomas Malthus
Malthus’ theory: Population will always grow faster than food supply, so war, disease, poverty are beneficial in reducing population
Do you agree? Why or why not?
Could the US handle a sudden influx of people?

4. The Ideas behind modern capitalism
David Ricardo
Became a wealthy stockbroker at 27
Read Adam Smith’s book “Wealth of Nations”, and was inspired to study econ
Believed that there would always be a permanent underclass of poor people
Population UP = Wages DOWN

5. Alternatives to Capitalism in the wake of Industrialization
The rise of Socialism
What is socialism? – A system with increased government regulation of industry, and a focus on social justice and equality.
Looked to fix societies problems
Without government regulation – business and capitalists will ABUSE
Modern slavery, inequality, war, famine, caused by desire for capital/wealth – looked to abolish those things
MLK, Helen Keller examples of US socialists
Reduce corporate control of government
Society becoming transactional? Build back communities?

6. Alternatives to Capitalism in the wake of Industrialization
Origins of Socialism
Utilitarianism - Introduced by Jeremy Bentham: People should judge ideas, institutions, and actions on the basis of their utility, or usefulness.
Gov’t. to promote the greatest good for the greatest number of people.
Movement led by John Stuart Mill
Understood that working class needed HELP from government
Looked to create a system of equality (mostly women’s rights, prison reform, and education reform

7. Alternatives to Capitalism in the wake of Industrialization
Communism
Must have redistribution of wealth to be true communism
Historical examples – human history has been communal for longer than capitalism has existed
Early civilizations, city states (Sparta), Revolutionary France
Communism is an experiment…………so was capitalism
Classless society (no rich or poor)
People control means of production (workers in charge, not industrialists)
EVERYTHING CHANGES WITH INDUSTRIALIZATION!
Historic inequality emerge out of industry, workers suppressed
Communist thinkers adapt and EMERGE

8. Alternatives to Capitalism in the wake of Industrialization
Karl Marx – leading communist thinker
It’s all about CLASS, BABY!
Proletariat (workers) would rise up and take over Bourgeoise (rich) – class warfare
Workers control means of production
“It’s the economy, idiot”

9. Communism Continues On
Marx dies in 1883 (still during Industrialization)
He inspires many anti-capitalist revolutionaries
Each revolutionary critiques a different aspect of capitalism (colonialism, westernization, industrialization)