1. The Age of Reform

2. Capitalism Governments should not interfere with the economy
Industrialization led to new ways of thinking about society. Some thought that governments should leave business owners alone. Their view was called Laissez Faire
Adam Smith wrote a book in 1776 defending the idea of a free economy, or free market. His book was called The Wealth of Nations
Governments should not interfere with the economy

3. Capitalism
Capitalism is an economic system in which money is invested in business ventures with the goal of making a profit.
Capitalists believed that the government should not step into the business world for any reason, including to make laws that would create better wages or working conditions. These policies would only decrease profits

4. Capitalism Negatives Only a few grow rich No labor laws
People grew very dissatisfied with working conditions and the unequal distribution of wealth
Positives
More competition
Better goods at better prices
Entrepreneurial opportunities
Growth of Middle Class

5. Capitalism Review Come up with 5 words to describe Capitalism.
Who wrote “Wealth of Nations”?
What does Laissez Faire mean?
What is the goal of Capitalism?
List 2 positives of Capitalism
List 2 negatives of capitalism

6. Communism and Socialism
Communism/socialism was a response to the injustices of capitalisms
Socialism – a government formed economic system involving factors of production (i.e. textiles, energy sources) being owned and operated by the public and operated for the welfare of all.

7. Communism- a more extreme form of socialism, in which the people own all aspects of business and share all goods and services. Ex. Factories, cotton, railroads……….

8. Karl Marx (and Fredrich Engles) wrote The Communist Manifesto. (1848)
Argues the world has always been divided between the “haves”, or the middle class and the “ have-nots” or the lower /working class
The rich were growing richer and the poor poorer
“Workingmen of all countries unite”

9. Negatives Positives Less competition Inefficient businesses
No price competition
Positives
People for the good of all
Attempted to redistribute wealth

10. Communism Review List 3 words to describe communism.
Who wrote the “ Communist Manifesto”
What role does the government play in a communist nation?
List 2 differences between communism and capitalism.
List one positive of communism.
List one negative of communism.

11. Labor Unions
Unions- workers who join together in voluntary associations
Collective Bargaining- negotiations between workers and their employers
Strikes –refusal to work in order to force an employer to meet certain demands

12. 1842 Mines Act- women and children couldn't work underground
By s laws started to be made to help reform working conditions in Britain and the US
Factory Act 1833-
9-12- less than 8 hours
less than 12 hours
1842 Mines Act- women and children couldn't work underground
1847- Ten Hour Law
1919- Child Labor Law and minimum wage laws

13. Slavery Moral objection Economic objection
In the beginning of the Industrial Revolution the Cotton Gin greatly increased the demand for slave labor
1833 Britain abolished slavery
Moral objection
Economic objection
1865 The US ended slave labor after the Union won the Civil War

14. WOMEN Women made 1/3 less than men
Women joined labors to improve the factories they worked in
As women began to fight to end slavery they also began to fight for suffrage, or the right to vote

15. Reforms Review What is a labor union?
What 2 tactics do labor union’s use to get results?
Which country was first to outlaw slavery?
What is suffrage and who wanted it?