2. New Ways of Thinking HWH UNIT 6 CHAPTER 7.4

3. Back to Adam Smith… Laissez-faire capitalism Competition Self-interest Private Ownership Division of Labor

4. Supply and Demand: The “Free Market”

5. Thomas Malthus (1766-1834) An Essay on the Principle of Population (1798) laissez-faire

6. David Ricardo (1772-1823) The “Iron Law of Wages”

7. The “Dismal Science”

8. The Utilitarians Jeremy Bentham “The Greatest Good for the Greatest Number” John Stuart Mill Government SHOULD be involved Advocated giving the vote to women and workers

9. What is socialism? Capitalism Self-Interest Laissez-Faire Private Ownership Competition Socialism Collective interest Government involvement Public ownership Cooperation

10. Robert Owen (1771-1858) and “Utopian Socialism” New Harmony, Indiana

11. Karl Marx (1818-1883) and Friedrich Engels (1820-1893) and “Scientific Socialism”

12. The Condition of the Working Class in England (Engels, 1844) “I charge the English middle class with mass murder, wholesale robbery, and all the other crimes in the calendar.” Engels, 1844

13. The Communist Manifesto (1848) Das Kapital (1867)

14. Main Ideas Class conflict Impact of Industrialization Alienation Labor Theory of Value Dialectical Materialism Hegel ’ s dialectic “ turned on its head ” An inevitable historical process (hence “ scientific socialism ” )

15. “ Dialectical Materialism ” Marx framed this in economics CLASS CONFLICT Stages of history (these are scientific) 1.Primitive communism 2.Slavery 3.Feudalism 4.Capitalism 5.Communism