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Transcript
Reforming the Industrial World
The Philosophers of
Industrialization
1. Laissez-faire economics
a. Laissez-faire- “let do”- leave business alone
b. French economic philosophers argue that
government regulations only interfered with the
production of wealth.
c. Adam Smith- The Wealth of Nations. Economic
liberty guarantees economic success.
-laws of economics.
1. The law of self-interest
2. The law of competition
3. The law of supply and demand
The Philosophers of
Industrialization
2. The Economics of Capitalism
a. Capitalism- an economic system in which the
factors of production are privately owned and money
is invested in business ventures to make a profit.
b. Malthus- An Essay on the Principal of Population
-People increase faster than the food supply=
need war and disease to kill of extra people or
else we are poor and miserable.
c. Ricardo- Principles of Political Economy and
Taxation
-Wages go down as population increases.
The Rise of Socialism
1. Utilitarianism
a. Utilitarianism- theory by Jeremy Bentham saying
that people should judge ideas, institutions, and
actions of the basis of their usefulness. Government
should try to promote the greatest good of the
greatest number of people.
2. Utopian Ideas
a. Robert Owen
- Built houses near his Cotton mill in Scotland, let
workers live there for a low rate. Prohibited
children under 10 from working and had free
education.
- Founded a cooperative community in New
Harmony, Indiana in 1825. Lasted only 3 years.
Owen's Vision of New Harmony
The Rise of Socialism
3. Socialism
a. Socialism- An economic system in
which the factors of production are
owned by the public and operate for the
welfare of all.
b. Optimistic view of human nature,
belief in progress, and a concern for
social justice.
c. Government planned economy.
Marxism: Radical Socialism
1. The Communist Manifesto
a. Karl Marx- German journalist who with Friedrich Engels
introduced a new radical type of socialism.
b. 23 page pamphlet
- Human society divided into warring classes
- Bourgeoisie (employers) and the proletariat (workers)
-Workers would overthrow the owners.
2. The future according to Marx
a. Capitalist system will destroy itself.
- Factories drive artisans out= small number of people with
all the wealth
- Proletariat outnumbers and revolts and seize the
factories.
- Workers control and bring about economic equality.
- After awhile of cooperative living and education the
government would wither and a classless society would be
developed.
Quotes from the Communist
Manifesto




“Communism deprives no man of the ability to
appropriate the fruits of his labour. The only thing it
deprives him of is the ability to enslave others by
means of such appropriations.”
“In proportion as the exploitation of one individual by
another is put an end to, the exploitation of one
nation by another will also be put an end to. In
proportion as the antagonism between classes within
the nation vanishes, the hostility of one nation to
another will come to an end.”
"The proletarians of the world have nothing to lose
but their chains. They have a world to win. Workers
of all countries: Unite!"
"The theory of Communism may be summed up in
the single sentence: Abolition of private property."
Marxism: Radical Socialism
b. Communism- according to Marx a form
of complete socialism in which the
means of production would be owned by
the people. No private property.
Everything shared.
c. These ideas inspired many people
Labor Unions and Reform Laws
1. Unionization
a. Unions- an association of workers, formed
to bargain for better working conditions and
higher wages.
- Collective bargaining
-Strike- refuse to work
b. Slowly improved things in both the U.S. and
G.B.
2. Reform Laws
a. In both G.B. and U.S. government
eventually steps in and makes regulations on
child labor, minimum wage, etc.
Reform Movement Spreads
1. Abolition of slavery
a. G.B. ends slavery- 1833
b. U.S. -1865
c. Puerto Rico-1873
d. Cuba-1886
e. Brazil- 1888
2. The fight for women’s rights
a. Factory= more money for women than work at
home
b. Women fight for of abolition of slavery, but they
don’t have rights either.
3. Reforms Spread to Many areas of life
a. Education
b. Prisons.