1. Industrial Revolution: New Ways of Thinking

2. Adam Smith

3. Adam Smith Enlightenment Idea Laissez-faire economics
Free market economy - unregulated exchange of goods and services

4. Thomas Malthus

5. Thomas Malthus Wrote about population, helped shape economic thinking
Population would grow faster than the food supply
Family planning

6. David Ricardo

7. David Ricardo British economist Poor people had too many children,
This increase supply of labor, led to lower wages and higher unemployment

9. Jeremy Bentham Utilitarianism
Goal of society should be “the greatest happiness for the greatest number.”
Laws based on Utility - do laws bring more pleasure or pain

10. Socialism Reaction to laissez-faire
People as a whole, rather than private individuals would own and operate the “means of production.”

11. Karl Marx

12. Karl Marx German Philosopher
1848 with Freidrich Engels writes The Communist Manifesto
New form of Socialism - Communism
Communism - class struggle between employers and employees

13. Marxism and The Manifesto
Economics driving force in history
History of class struggles between the haves and have nots
Haves - bourgeoisie, owned the means of production
Have-nots - proletariat, “working class.”
In the end the proletariat would win and a class less society would be set up