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19th Century Economics 101            AP European History            St. Anne’s-BelfieldSunday, February 24, 13
Emerging Political Spectrum                                    LEFT                                               RIGHT   ...
ADAM SMITH:                 LIBERAL ECONOMICSSunday, February 24, 13
ADAM SMITH:                 LIBERAL ECONOMICS   •NATURAL LAWSunday, February 24, 13
ADAM SMITH:                 LIBERAL ECONOMICS   •NATURAL LAW   •LAISSEZ-FAIRE!Sunday, February 24, 13
ADAM SMITH:                 LIBERAL ECONOMICS   •NATURAL LAW   •LAISSEZ-FAIRE!   • FREE MARKET COMPETITION!Sunday, Februar...
ADAM SMITH:                 LIBERAL ECONOMICS   •NATURAL LAW   •LAISSEZ-FAIRE!   • FREE MARKET COMPETITION!Sunday, Februar...
ADAM SMITH:                 LIBERAL ECONOMICS   •NATURAL LAW   •LAISSEZ-FAIRE!   • FREE MARKET COMPETITION!   • GOVERNMENT...
THE INDUSTRIAL REVOLUTIONSunday, February 24, 13
THE INDUSTRIAL REVOLUTION  •DURING THE INDUSTRIAL REVOLUTION, MASSIVE  URBANIZATION TOOK PLACESunday, February 24, 13
THE INDUSTRIAL REVOLUTION  •DURING THE INDUSTRIAL REVOLUTION, MASSIVE  URBANIZATION TOOK PLACE  •WHAT DID THE WORKERS FIND...
THE INDUSTRIAL REVOLUTION  •DURING THE INDUSTRIAL REVOLUTION, MASSIVE  URBANIZATION TOOK PLACE  •WHAT DID THE WORKERS FIND...
THE INDUSTRIAL REVOLUTION  •DURING THE INDUSTRIAL REVOLUTION, MASSIVE  URBANIZATION TOOK PLACE  •WHAT DID THE WORKERS FIND...
THE INDUSTRIAL REVOLUTION                         Z -                       E  •DURING THE INDUSTRIAL REVOLUTION, MASSIVE ...
THOMAS MALTHUS                    AND               DAVID RICARDOSunday, February 24, 13
MALTHUS’ ASSUMPTIONSSunday, February 24, 13
MALTHUS’ ASSUMPTIONS •     POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE       ARE AVAILABLE;Sunday, February ...
MALTHUS’ ASSUMPTIONS •     POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE       ARE AVAILABLE; •     HOWEVER, P...
STARVATION                     MALTHUS’ ASSUMPTIONS •     POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE       ...
THOMAS MALTHUS’S CYCLESunday, February 24, 13
THOMAS MALTHUS’S CYCLE              GOOD TIMES                                      POPULATION INCREASE         GOOD FOOD ...
THOMAS MALTHUS’S CYCLE              GOOD TIMES                                      POPULATION INCREASE         GOOD FOOD ...
THOMAS MALTHUS’S CYCLE              GOOD TIMES                                      POPULATION INCREASE         GOOD FOOD ...
RICARDO’S IRON LAW OF                     WAGESSunday, February 24, 13
RICARDO’S IRON LAW OF                     WAGES              GOOD TIMES              POPULATION INCREASE            HIGHER...
RICARDO’S IRON LAW OF                     WAGES              GOOD TIMES              POPULATION INCREASE            HIGHER...
IMPLICATIONS OF LIBERAL            ECONOMIC THOUGHT?Sunday, February 24, 13
Sunday, February 24, 13
KARL MARX       FRIEDRICH ENGELS           1818-1883         1820-1895Sunday, February 24, 13
LIBERAL                            VS              MARXIST ECONOMICS      AT HEART, HOW WAS MARXIST     ECONOMIC THEORY (M...
MARXISM 101      HISTORY IS A SERIES OF CONFLICTS BETWEEN       THOSE CLASSES WHICH CONTROL MEANS OF      PRODUCTION (“HAV...
MARXISM 101      HISTORY IS A SERIES OF CONFLICTS BETWEEN       THOSE CLASSES WHICH CONTROL MEANS OF      PRODUCTION (“HAV...
MARXISM 101      HISTORY IS A SERIES OF CONFLICTS BETWEEN       THOSE CLASSES WHICH CONTROL MEANS OF      PRODUCTION (“HAV...
MARXISM 101     SOCIETY’S INSTITUTIONS (GOVERNMENT, LAWS,      RELIGION, PHILOSOPHY, MORAL VALUES) ARE     DESIGNED TO SUP...
MARXISM 101            THE ENGLISH CIVIL WAR AND THE FRENCH            REVOLUTION EVINCED AN EARLY STAGE OF               ...
MARXISM 101            THE ENGLISH CIVIL WAR AND THE FRENCH            REVOLUTION EVINCED AN EARLY STAGE OF               ...
MARXISM 101            THE ENGLISH CIVIL WAR AND THE FRENCH            REVOLUTION EVINCED AN EARLY STAGE OF               ...
MARXISM 101            THE ENGLISH CIVIL WAR AND THE FRENCH            REVOLUTION EVINCED AN EARLY STAGE OF               ...
MARXISM 101            THE ENGLISH CIVIL WAR AND THE FRENCH            REVOLUTION EVINCED AN EARLY STAGE OF               ...
MARXISM 101            THE ENGLISH CIVIL WAR AND THE FRENCH            REVOLUTION EVINCED AN EARLY STAGE OF               ...
MARXISM 101            THE ENGLISH CIVIL WAR AND THE FRENCH                                        I WIN!            REVOL...
MARXISM 101     VICTORY OF BOURGEOISIE OVER THE FEUDAL         CLASSES LED TO A NEW CONFLICT:                             ...
MARXISM 101     VICTORY OF BOURGEOISIE OVER THE FEUDAL         CLASSES LED TO A NEW CONFLICT:                             ...
MARXISM 101     VICTORY OF BOURGEOISIE OVER THE FEUDAL         CLASSES LED TO A NEW CONFLICT:                             ...
MARXISM 101Sunday, February 24, 13
MARXISM 101 WORKERS (THE PROLETARIAT) WOULD EVENTUALLY   GAIN “CLASS CONSCIOUSNESS,” OVERTHROW BOURGEOISIE, AND CREATE A S...
MARXISM 101 WORKERS (THE PROLETARIAT) WOULD EVENTUALLY   GAIN “CLASS CONSCIOUSNESS,” OVERTHROW BOURGEOISIE, AND CREATE A S...
MARXISM 101 WORKERS (THE PROLETARIAT) WOULD EVENTUALLY   GAIN “CLASS CONSCIOUSNESS,” OVERTHROW BOURGEOISIE, AND CREATE A S...
WE                          MARXISM 101 WORKERS (THE PROLETARIAT) WOULD EVENTUALLY                                      WI...
THIS IS ALL                     INEVITABLE!Sunday, February 24, 13
THIS IS ALL                     INEVITABLE!    ACCORDING TO MARX, THESE WERE SIMPLY THE  IMMUTABLE LAWS OF HISTORY WHICH H...
LIBERAL                            VS              MARXIST ECONOMICS      AT HEART, HOW WAS MARXIST     ECONOMIC THEORY (M...
COINCIDENCE?Sunday, February 24, 13
COINCIDENCE?Sunday, February 24, 13
COINCIDENCE?Sunday, February 24, 13
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Transcript of "19th century economics 1011"

  1. 1. 19th Century Economics 101 AP European History St. Anne’s-BelfieldSunday, February 24, 13
  2. 2. Emerging Political Spectrum LEFT RIGHT Republican Liberal Conservative (Radical) traditional political constitutional republic limited constitutional system monarchy (absolute monarchy) active government Political action/intervention aristocracy in positions limited male suffrage universal manhood of leadership suffrage socialist economy industrial capitalism Traditional agrarianism Economic anti-capitalist laissez-faire belief in equality of classless society individuals with traditional class structure Social privilege of wealth based on birth and privilegeSunday, February 24, 13
  3. 3. ADAM SMITH: LIBERAL ECONOMICSSunday, February 24, 13
  4. 4. ADAM SMITH: LIBERAL ECONOMICS •NATURAL LAWSunday, February 24, 13
  5. 5. ADAM SMITH: LIBERAL ECONOMICS •NATURAL LAW •LAISSEZ-FAIRE!Sunday, February 24, 13
  6. 6. ADAM SMITH: LIBERAL ECONOMICS •NATURAL LAW •LAISSEZ-FAIRE! • FREE MARKET COMPETITION!Sunday, February 24, 13
  7. 7. ADAM SMITH: LIBERAL ECONOMICS •NATURAL LAW •LAISSEZ-FAIRE! • FREE MARKET COMPETITION!Sunday, February 24, 13
  8. 8. ADAM SMITH: LIBERAL ECONOMICS •NATURAL LAW •LAISSEZ-FAIRE! • FREE MARKET COMPETITION! • GOVERNMENT HAS A LIMITED ROLESunday, February 24, 13
  9. 9. THE INDUSTRIAL REVOLUTIONSunday, February 24, 13
  10. 10. THE INDUSTRIAL REVOLUTION •DURING THE INDUSTRIAL REVOLUTION, MASSIVE URBANIZATION TOOK PLACESunday, February 24, 13
  11. 11. THE INDUSTRIAL REVOLUTION •DURING THE INDUSTRIAL REVOLUTION, MASSIVE URBANIZATION TOOK PLACE •WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE CITY?Sunday, February 24, 13
  12. 12. THE INDUSTRIAL REVOLUTION •DURING THE INDUSTRIAL REVOLUTION, MASSIVE URBANIZATION TOOK PLACE •WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE CITY? MANY WHO CAME TO THE CITY DID NOT FIND A JOB AND THOSE WHO DID SUFFERED MISERABLE LIVING AND WORKING CONDITIONS…Sunday, February 24, 13
  13. 13. THE INDUSTRIAL REVOLUTION •DURING THE INDUSTRIAL REVOLUTION, MASSIVE URBANIZATION TOOK PLACE •WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE CITY? MANY WHO CAME TO THE CITY DID NOT FIND A JOB AND THOSE WHO DID SUFFERED MISERABLE LIVING AND WORKING CONDITIONS… •INITIALLY, HOW DID THE MIDDLE AND UPPER CLASS RESPOND TO THE PLIGHT OF THE WORKING POOR?Sunday, February 24, 13
  14. 14. THE INDUSTRIAL REVOLUTION Z - E •DURING THE INDUSTRIAL REVOLUTION, MASSIVE S ! URBANIZATION TOOK PLACE I S E •WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE CITY? A IR L A MANY WHO CAME TO THE CITY DID NOT FIND A JOB AND THOSE WHO DID SUFFERED MISERABLE LIVING AND WORKING CONDITIONS… F •INITIALLY, HOW DID THE MIDDLE AND UPPER CLASS RESPOND TO THE PLIGHT OF THE WORKING POOR?Sunday, February 24, 13
  15. 15. THOMAS MALTHUS AND DAVID RICARDOSunday, February 24, 13
  16. 16. MALTHUS’ ASSUMPTIONSSunday, February 24, 13
  17. 17. MALTHUS’ ASSUMPTIONS • POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE ARE AVAILABLE;Sunday, February 24, 13
  18. 18. MALTHUS’ ASSUMPTIONS • POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE ARE AVAILABLE; • HOWEVER, POPULATION INCREASES IN A GEOMETRIC RATIO WHILE FOOD ONLY INCREASES IN AN ARITHMETIC RATIOSunday, February 24, 13
  19. 19. STARVATION MALTHUS’ ASSUMPTIONS • POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE ARE AVAILABLE; • HOWEVER, POPULATION INCREASES IN A GEOMETRIC RATIO WHILE FOOD ONLY INCREASES IN AN ARITHMETIC RATIOSunday, February 24, 13
  20. 20. THOMAS MALTHUS’S CYCLESunday, February 24, 13
  21. 21. THOMAS MALTHUS’S CYCLE GOOD TIMES POPULATION INCREASE GOOD FOOD SUPPLY BAD TIMES POPULATION DECLINE FOOD SHORTAGESSunday, February 24, 13
  22. 22. THOMAS MALTHUS’S CYCLE GOOD TIMES POPULATION INCREASE GOOD FOOD SUPPLY CONCLUSION??? BAD TIMES POPULATION DECLINE FOOD SHORTAGESSunday, February 24, 13
  23. 23. THOMAS MALTHUS’S CYCLE GOOD TIMES POPULATION INCREASE GOOD FOOD SUPPLY CONCLUSION??? BAD TIMES POPULATION DECLINE FOOD SHORTAGESSunday, February 24, 13
  24. 24. RICARDO’S IRON LAW OF WAGESSunday, February 24, 13
  25. 25. RICARDO’S IRON LAW OF WAGES GOOD TIMES POPULATION INCREASE HIGHER WAGES BAD TIMES POPULATION DECLINE LOWER WAGESSunday, February 24, 13
  26. 26. RICARDO’S IRON LAW OF WAGES GOOD TIMES POPULATION INCREASE HIGHER WAGES CONCLUSION??? BAD TIMES POPULATION DECLINE LOWER WAGESSunday, February 24, 13
  27. 27. IMPLICATIONS OF LIBERAL ECONOMIC THOUGHT?Sunday, February 24, 13
  28. 28. Sunday, February 24, 13
  29. 29. KARL MARX FRIEDRICH ENGELS 1818-1883 1820-1895Sunday, February 24, 13
  30. 30. LIBERAL VS MARXIST ECONOMICS AT HEART, HOW WAS MARXIST ECONOMIC THEORY (MARXISM) SIMILAR TO THE LIBERAL THEORY OF MALTHUS AND RICARDO? DIFFERENT?Sunday, February 24, 13
  31. 31. MARXISM 101 HISTORY IS A SERIES OF CONFLICTS BETWEEN THOSE CLASSES WHICH CONTROL MEANS OF PRODUCTION (“HAVES”) AND THOSE WHICH DO NOT (“HAVE-NOTS”) VS.Sunday, February 24, 13
  32. 32. MARXISM 101 HISTORY IS A SERIES OF CONFLICTS BETWEEN THOSE CLASSES WHICH CONTROL MEANS OF PRODUCTION (“HAVES”) AND THOSE WHICH DO NOT (“HAVE-NOTS”) VS.Sunday, February 24, 13
  33. 33. MARXISM 101 HISTORY IS A SERIES OF CONFLICTS BETWEEN THOSE CLASSES WHICH CONTROL MEANS OF PRODUCTION (“HAVES”) AND THOSE WHICH DO NOT (“HAVE-NOTS”) VS.Sunday, February 24, 13
  34. 34. MARXISM 101 SOCIETY’S INSTITUTIONS (GOVERNMENT, LAWS, RELIGION, PHILOSOPHY, MORAL VALUES) ARE DESIGNED TO SUPPORT THE INTERESTS OF THE DOMINANT ECONOMIC CLASS.Sunday, February 24, 13
  35. 35. MARXISM 101 THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF MARXIST CLASS STRUGGLES VS.Sunday, February 24, 13
  36. 36. MARXISM 101 THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF MARXIST CLASS STRUGGLES VS.Sunday, February 24, 13
  37. 37. MARXISM 101 THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF MARXIST CLASS STRUGGLES VS. OLD FEUDAL ARISTOCRACY (1ST AND 2ND ESTATES)Sunday, February 24, 13
  38. 38. MARXISM 101 THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF MARXIST CLASS STRUGGLES VS. OLD FEUDAL ARISTOCRACY (1ST AND 2ND ESTATES)Sunday, February 24, 13
  39. 39. MARXISM 101 THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF MARXIST CLASS STRUGGLES VS. OLD FEUDAL ARISTOCRACY NEW BOURGEOISIE (1ST AND 2ND ESTATES) (3RD ESTATE)Sunday, February 24, 13
  40. 40. MARXISM 101 THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF MARXIST CLASS STRUGGLES VS. OLD FEUDAL ARISTOCRACY NEW BOURGEOISIE (1ST AND 2ND ESTATES) (3RD ESTATE)Sunday, February 24, 13
  41. 41. MARXISM 101 THE ENGLISH CIVIL WAR AND THE FRENCH I WIN! REVOLUTION EVINCED AN EARLY STAGE OF MARXIST CLASS STRUGGLES VS. OLD FEUDAL ARISTOCRACY NEW BOURGEOISIE (1ST AND 2ND ESTATES) (3RD ESTATE)Sunday, February 24, 13
  42. 42. MARXISM 101 VICTORY OF BOURGEOISIE OVER THE FEUDAL CLASSES LED TO A NEW CONFLICT: VS.Sunday, February 24, 13
  43. 43. MARXISM 101 VICTORY OF BOURGEOISIE OVER THE FEUDAL CLASSES LED TO A NEW CONFLICT: VS.Sunday, February 24, 13
  44. 44. MARXISM 101 VICTORY OF BOURGEOISIE OVER THE FEUDAL CLASSES LED TO A NEW CONFLICT: VS.Sunday, February 24, 13
  45. 45. MARXISM 101Sunday, February 24, 13
  46. 46. MARXISM 101 WORKERS (THE PROLETARIAT) WOULD EVENTUALLY GAIN “CLASS CONSCIOUSNESS,” OVERTHROW BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS OR PRIVATE PROPERTYSunday, February 24, 13
  47. 47. MARXISM 101 WORKERS (THE PROLETARIAT) WOULD EVENTUALLY GAIN “CLASS CONSCIOUSNESS,” OVERTHROW BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS OR PRIVATE PROPERTY FROM EACH ACCORDING TO HIS ABILITIES, TO EACH ACCORDING TO HIS NEEDS.Sunday, February 24, 13
  48. 48. MARXISM 101 WORKERS (THE PROLETARIAT) WOULD EVENTUALLY GAIN “CLASS CONSCIOUSNESS,” OVERTHROW BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS OR PRIVATE PROPERTY FROM EACH ACCORDING TO HIS ABILITIES, TO EACH ACCORDING TO HIS NEEDS.Sunday, February 24, 13
  49. 49. WE MARXISM 101 WORKERS (THE PROLETARIAT) WOULD EVENTUALLY WIN! GAIN “CLASS CONSCIOUSNESS,” OVERTHROW BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS OR PRIVATE PROPERTY FROM EACH ACCORDING TO HIS ABILITIES, TO EACH ACCORDING TO HIS NEEDS.Sunday, February 24, 13
  50. 50. THIS IS ALL INEVITABLE!Sunday, February 24, 13
  51. 51. THIS IS ALL INEVITABLE! ACCORDING TO MARX, THESE WERE SIMPLY THE IMMUTABLE LAWS OF HISTORY WHICH HE AND OTHER PHILOSOPHERS HAD IDENTIFIED AND DESCRIBEDSunday, February 24, 13
  52. 52. LIBERAL VS MARXIST ECONOMICS AT HEART, HOW WAS MARXIST ECONOMIC THEORY (MARXISM) SIMILAR TO THE LIBERAL THEORY OF MALTHUS AND RICARDO? DIFFERENT?Sunday, February 24, 13
  53. 53. COINCIDENCE?Sunday, February 24, 13
  54. 54. COINCIDENCE?Sunday, February 24, 13
  55. 55. COINCIDENCE?Sunday, February 24, 13
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