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New Ideas - Chapter 24:i -. Adam Smith “Father of Capitalism” author of Wealth of Nations advocated a policy of laissez-faire (“leave them alone”) - let.

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Presentation on theme: "New Ideas - Chapter 24:i -. Adam Smith “Father of Capitalism” author of Wealth of Nations advocated a policy of laissez-faire (“leave them alone”) - let."— Presentation transcript:

1 New Ideas - Chapter 24:i -

2 Adam Smith “Father of Capitalism” author of Wealth of Nations advocated a policy of laissez-faire (“leave them alone”) - let natural forces of supply & demand to operate (no government interference!) - sellers/buyers act in own self-interest - businesses compete to produce goods inexpensively (efficient producers will prosper, expand operations, hire more workers, etc.)

3 Thomas Malthus author of An Essay on the Principle of Population (1798) poverty, famine, and misery unavoidable - population increasing faster than food supply

4 [Image source:

5 David Ricardo “iron law of wages” – rapid population growth leads to: - fierce competition for jobs - lower wages - higher unemployment Continual poverty inevitable!

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7 The Birth of Economics, “the dismal science” [Image source:

8 Malthus & Ricardo believed in laissez-faire thought the poor could help themselves by working hard, saving earnings, and having fewer children How accurate were the forecasts of Malthus and Ricardo? (Be prepared to explain!)

9 Evangelicals and Reform [Image source:

10 William Wilberforce got the British Parliament to outlaw the slave trade in 1807, and slavery throughout the empire in [Image source:

11 Lord Shaftesbury promoted laws limiting working hours for women and children. [Image source:

12 Utilitarian Reformers [Image source:

13 British philosopher Jeremy Bentham believed society should work for “the greatest happiness for the greatest number” of citizens. [Image source:

14 Laws should be judged by: their usefulness; whether they advance human happiness; and reduced human misery [Image source:

15 Bentham’s follower, John Stuart Mill, called for the distribution of wealth more justly through taxing income. [Image source:

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18 Socialism the belief that the means of production – capital, land, raw materials, and factories – should be owned and controlled by society, either directly or through governments

19 Robert Owen, a wealthy Welsh manufacturer, believed competition caused many of society’s problems. [Image source:

20 Owen believed life would improve if cooperation replaced competition. New Lanark, Scotland

21 Owen unsuccessfully attempted to apply his ideas in the United States in 1825.

22 Prussian philosopher Karl Marx dismissed the ideas of early socialists as impractical. [Image source:

23 Marx attempted to provide a scientific basis for socialism. [Image source:

24 Due to his radical views, Marx lived most of his life in exile. [Image source:

25 In 1844, Marx met Friedrich Engels, scion of a wealthy industrialist, in Paris. [Image source:

26 Marx and Engels became lifelong collaborators. [Image source:

27 Marx based his teachings on the German philosopher Hegel, who thought that the clash of ideas produced changes and new ideas (and new conflicts!). [Image source: https://eee.uci.edu/programs/humcore/images/Antigone/Georg_Hegel.png]

28 Hegel’s Triad [Image source:

29 Marx believed history advanced through conflict, and that economics was the major force for change. [Image source:

30 According to Marx, what emerged was a “class struggle” – the conflict between those who controlled production and those who did the work – which propelled history forward. [Image source:

31 Marx’s stages of economic life: People produce what they need 1. Primitive Advent of tools make surpluses possible (people became exploitable) 2. Slavery 3. Feudal 4. Capitalist

32 In Marx’s view, history was a struggle between the “haves” and “have-nots”. [Image source:

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34 Marx believed the makers of goods – the proletariat – was the true productive class. [Image source:

35 The bourgeoisie, or middle class, exploited the proletariat by owning the means of production. [Image source: history/westernciv2/Nationalism%20Romanticism%20Realism%20Images.htm]

36 “Let the ruling classes tremble at a Communist revolution. The proletarians have nothing to lose but their chains. They have a world to win. Working men of all countries, unite!” [Image source: content/uploads/2009/01/manifest-hope-workers-rights-poster.jpg] The Communist Manifesto (1848)

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38 Marx developed his ideas further in the work Das Kapital. [Image source:

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41 What is the message of this political cartoon, and of the cartoons that follow? [Image source:


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