 SUPPORTERS  ADAM SMITH  DAVID RICARDO  THOMAS MALTHUS

 THE FATHER OF CAPITALISM  “Wealth of Nations”  Economic freedom guarantees economic success = social harmony  The Invisible Hand  If we let the economy go, as if pushed along by an invisible hand, social harmony will result

  “Principles of Political Economy and Taxation”  Capitalism and the hope for profit drive industrialization  There will always be a permanent poor underclass (we might as well use them)  The Iron Law of Wages  As population increases, wages will fall  The more workers there are, the less valuable the become  Wages will stay just high enough to avoid starvation

 “Essay on the Principles of Population”  There will always be a permanent poor underclass full of misery  TOO BAD  helping them undermines economic growth  Misery and starvation provide an effective check on uncontrolled population growth

 THE REFORMERS  KARL MARX  FREDERIK ENGLES  JEREMY BENTHAM

 THE FATHER OF COMMUNISM  “The Communist Manifesto”  Class distinction prohibits equality  Constant struggle between the Proletariat and the Bourgeoisie

 Proletariat  the Poor working class  Factory workers  Underclass  Have nots  Bourgeoisie  Rich Business Owners  Wealthy capitalists  Upperclass  Haves

 Hoped to created a democratic classless society via revolution  Onion theory of Socialism  Think of Shrek!  Peel away the layers of government until you get a pure core  Leadership of/by the Proletariat

 “The Communist Manifesto”  Marxs buddy  Factory owner  Wealthy supporter of Socialism (reform)

 Original Utilitarian  Stuff (ideas, methods, people, whatever) is judged on the amount of usefulness it provides  If something is very useful, keep it, it rocks  The job of the government is to maximize UTILITY  Governments should create the greatest good for the greatest amount (of people) Lack of government intervention in business does not promote utility, therefore, we need government intervention to insure utility