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Published byAngela McDowell Modified over 9 years ago
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Reforming the Industrial World Mr. Westfall’s World Studies
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Connecting the Enlightenment to the Industrial Revolution Economic Philosophers argued that gov’t regulations would interfere with the production of wealth
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Adam Smith Wrote, The Wealth of Nations Three Natural Laws 1)Law of self-interest-people work for their own good 2)Law of competition-makes products better 3)Law of supply and demand-goods would be produced at the lowest possible price to meet demand
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Malthus and Ricardo Capitalism – the factors of production are privately owned and money is invested in business to make a profit
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Malthus Population increases more rapidly than food supply We need wars and epidemics to kill off the weak and maintain a population
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Ricardo Believed that the permanent lower class would remain poor Many workers = lower wages Wages would be forced down as long as the population increases
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Smith, Malthus & Ricardo All opposed gov’t involvement to help the poor They felt that creating a minimum wage and better working conditions would upset the free-market system
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THE END!!! Betsy Eats Shannon’s Boogers
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