Ch 19, 4 new ways of thinking

Ch 19, 4 new ways of thinking

• 1.
  Ch.19, sec 4 NEWWAYS OF THINKING
• 2.
  LAISSEZ-FAIRE ECONOMICS  “handsoff”  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
• 4.
  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
• 5.
  UTILITARIANISM  Goal ofsociety 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.
• 6.
  SOCIALISM  People asa 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
• 7.
  KARL MARX  Germanphilosopher  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
• 8.
  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
• 9.
  HOMEWORK  Ch. 19, sec. 4 Checkpoint Questions