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Dr Maurice Mullard Lecture Three. Founding Fathers Adam Smith David Ricardo JS Mill all writing 1770 1850 Attempt to explain context of Industrial Revolution.

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Presentation on theme: "Dr Maurice Mullard Lecture Three. Founding Fathers Adam Smith David Ricardo JS Mill all writing 1770 1850 Attempt to explain context of Industrial Revolution."— Presentation transcript:

1 Dr Maurice Mullard Lecture Three

2 Founding Fathers Adam Smith David Ricardo JS Mill all writing Attempt to explain context of Industrial Revolution Smith Invisible Hand Pin Factory and the Division of Labour Canons of Taxation Moral Sentiments

3 Ricardo on the iron law of wages Labour and added value Malthus on population growth JS Mill on Liberty Cobden and Bright on Free Trade

4 Free Trade and cheap Corn imports Favoured by industry resistance by landed interests Corn Laws 1834 Poor Law 1834 Workhouse House Test Public Sanitation and public Health Living Standards Debate

5 Unemployment 25 per cent decline of GDP 10 per cent Wage Reductions Bank of England Montagu Norman And Churchill Resistance to Keynes on employment The Gold Standard Debate Economic Revival after 1933 War

6 Explaining Economic Decline Redefining public and private boundaries Influence of Monetarism Inflation Unemployment Trade Unions Privatisation Restructure British Economy

7 Lawson and the MTFS Money Supply and Inflation Control of Government borrowing Tax Reductions Increases in Income Inequality Creating Winners and Losers

8 Emergence of Financial Sector Decline of Manufacturing Regeneration of Cities The Ascendance of Individualism


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