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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.