Ch.19, sec 4NEW WAYS OF THINKING
LAISSEZ-FAIRE ECONOMICS “hands off” Govt. should not  interfere in economy AKA Capitalism Adam Smith- The  Wealth of N...
MORE LAISSEZ-FAIRE GUYS               Thomas Malthus                 Population  would outgrow                  food sup...
UTILITARIANISM Goal of society should be  the greatest happiness  for the greatest number  of citizens possible Jeremy B...
SOCIALISM People as a whole (not individuals) own the  means of production Utopians-     Believed in society where ever...
KARL MARX German philosopher Thought utopians were unrealistic Wrote The Communist Manifesto with  Friedrich Engels    ...
MARIXISM FLOURISHES   Social democracy     Gradual   transition from capitalism to socialism   Inspired Revolutions aro...
HOMEWORK   Ch. 19, sec. 4 Checkpoint Questions
Ch 19, 4 new ways of thinking
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Ch 19, 4 new ways of thinking

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Ch 19, 4 new ways of thinking

  1. 1. Ch.19, sec 4NEW WAYS OF THINKING
  2. 2. LAISSEZ-FAIRE ECONOMICS “hands off” Govt. should not interfere in economy AKA Capitalism Adam Smith- The Wealth of Nations  free market  No regulation- more good at lower prices  Make goods more affordable
  3. 3. MORE LAISSEZ-FAIRE GUYS  Thomas Malthus  Population would outgrow food supply  Believed in nature’s “natural” checks on population  Thankfully, he was wrong  David Ricardo  Write “Iron Law of Wages”  Did not believe in government help for the poor
  4. 4. UTILITARIANISM Goal of society should be the greatest happiness for the greatest number of citizens possible Jeremy Bentham  Laws should be judged on their utility  Believed in individual freedom, but the govt. should get involved in some circumstances.
  5. 5. SOCIALISM People as a whole (not individuals) own the means of production Utopians-  Believed in society where everyone works and shares equally- no rich and poor  Seen as impractical  Robert Owen set up Utopian community in Scotland
  6. 6. KARL MARX German philosopher Thought utopians were unrealistic Wrote The Communist Manifesto with Friedrich Engels  Society with no social classes  Means of production owned by the community  Struggle between “haves” (bourgeoisie) and “have-nots” (proletariat).  Believed the proletariat would rise up and establish a classless society
  7. 7. MARIXISM FLOURISHES Social democracy  Gradual transition from capitalism to socialism Inspired Revolutions around the world  Russia, Asia, Latin America, Africa Decline  People felt stronger ties to their own country than to world wide communism  Today, there are very few communist countries, but many with elements of capitalism
  8. 8. HOMEWORK Ch. 19, sec. 4 Checkpoint Questions

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