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19.4 new ways of thinking

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  • 1. LEQ: What new ideas about economicsand society were fostered as a result ofthe Industrial Revolution?
  • 2. LEQ: What new ideas about economicsand society were fostered as a result ofthe Industrial Revolution?
  • 3. Thomas Malthus – British economist; wrote An Essay on the Principles of Population warning that the population would outgrow the food supply Thomas Malthus was an English economist who carefully studied the impact of the population explosion in eighteenth-century Britain. He concluded that poverty was unavoidable because the population was growing faster than the nation’s ability to grow food.
  • 4. Malthus said He felt that Many agreedthat unless “natural events” with Malthus,the working such as famine but he provedclass had or war were to be wrong.fewer children, the only Foodthey were mechanisms to productiondoomed to maintain a rose quicklyremain in sustainable over thepoverty. population. next century.
  • 5. Eighteenth-century thinkers such as Malthus believed that natural laws govern the world of business and economics.They believed these laws This attitude ofshould be allowed to keeping “handsoperate without any off” was calledgovernment interference. “laissez-faire.”
  • 6. Most famous among these thinkers was AdamSmith. Most middle-class capitalists agreed with his laissez-faire approach to capitalism. Supporters of free-market capitalism saw the success of the industrial age, in which government played no part, as evidence for laissez-faire.
  • 7. Another British laissez-faire economist was David Ricardo. Like Malthus, Ricardo opposed help Ricardo saw no for the poor, contending hope for the that this would only working class to lead them to have escape poverty. more children. Malthus and Ricardo saw the best cure for povertyas the “laws of the free market” and advised the poor to be thrifty, work hard, and have fewer children.
  • 8. Explain the response to laissez-faireeconomics during the nineteenthcentury.Some supported the theory and felt it wouldimprove the economy; other economists, whilesupporting laissez-faire, still felt poor familieswould have a difficult time.
  • 9. Jeremy Bentham – British philosopher and economist who advocated utilitarianism Other thinkers, such as Jeremy Bentham, believed there should be some government intervention in the economy. Bentham believed that the Laws should goal of society should be be judged “the greatest happiness for by their utility the greatest number of to benefit citizens.” This idea was people. called utilitarianism.
  • 10. A follower of Bentham was John Stuart Mill.• Like Bentham and Smith, Mill believed in individual freedom.• But he also believed, “The only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others.”• Mill saw capitalists harming workers. He called for limiting their power to do so by giving workers the right to vote.
  • 11. means of production – farms, factories, railways, mines, and other large businesses that produce and distribute goods The champions of laissez-faire economics praised individual rights, whereas socialists focused on the good of society in general. Capitalism: Socialism: Individuals should The people as own and operate a whole should the means of own and operate production for the means of profit. production for the general good.
  • 12. Robert Owen – a Utopian who set up a model community at his cotton mill in Scotland Socialists set up These early socialists communities where were called Utopians. work was shared The name implied and property was impractical dreamers. commonly owned. Robert Owen set up a Utopian community at his cotton mill in New Lanark, Scotland.
  • 13. At New Lanark, Owen:Owen’s modelcommunity was • Raised wagesintended to • Provided schoolsshow that millowners could make • Refused to use childa profit laborand still offerdecent wages • Built homes for workersand conditions. • Ran a profitable business
  • 14. What did early socialists believe?Early socialists believed that all property and allmeans of production should be owned by thepeople as a whole.
  • 15. Karl Marx – German philosopher who, with Frederick Engels, published The Communist Manifesto predicting class struggle German philosopher Karl Marx condemned the ideas of the Utopians as unrealistic idealism. He formulated a new theory of “scientific socialism.”
  • 16. Along with Englishman Frederick Engels, Marx published The Communist Manifesto in 1848.• He predicted a struggle between the social classes that would lead to a classless society.• The workers would take over all of the means of production, such as the farms, factories, and railways, and run them for the public good.
  • 17. proletariat – society’s “have nots,” the working class • In industrialized WesternMarx theorized Europe, the “haves” werethat all of history the business owners orwas a struggle bourgeoisie.between the“haves” and • The “have-nots” were thethe “have-nots.” workers, or proletariat. • In the end, the proletariat would unite along class lines, take control of the means of production, and end the struggle.
  • 18. What did Marx predict was the futureof theproletariat?The proletariat would overthrow capitalismthrough revolution, take control of the means ofproduction, and create a classless society.
  • 19. social democracy – a political ideology favoring gradual transition from capitalism to socialism • In Germany, socialists Marx called adapted Marx’s beliefs to for workers form social democracy, everywhere a political ideology to unite and calling for a gradual overthrow the transition from capitalism capitalists. to socialism. • Russian socialists embraced Marx’s ideas and set up a communist- inspired government in 1917.
  • 20. Revolutionaries But workers The later failuresaround the worldwide of communistworld adapted never nations illustratedMarx to their united aslocal goals a class. flaws in Marx’sand needs. theories.
  • 21. LEQ: What new ideas about economicsand society were fostered as a result ofthe Industrial Revolution?laissez-faire economics, utilitarianism,socialism, and communism (Marxism)