1. New Thinking Chapter 7.4 Ms. Ramos

2. Laissez- Faire Ms. Ramos

3. Legacy of Smith Free market produces goods at lower price Capitalist reinvest Free market help all– not just rich http://www.library.hbs.edu/images/hc/rese arch/research_wealth310.gif Ms. Ramos

4. Thomas Malthus Predicted population would outpace food supply –Urged fewer kids 1800s- food supply grows faster Living conditions improve- people have less kids No govt aid to poor http://www.ldeo.columbia.edu/edu/dees/course s/v1001/images/malthus.jpg Ms. Ramos

5. David Ricardo “Iron law of wages” –Wages up, families more kids –Prob: more kids =greater labor supply –Led to lower wages & unemployment No hope working class escape poverty No govt aid to poor http://images.encyclopedia.com/getimage.aspx?i d=2794583&hero=yes Ms. Ramos

6. Utilitarian Ms. Ramos

7. Jeremy Bentham “greatest happiness for the greatest number” Need for govt involvement http://www-personal.umich.edu/~sdarwall/bentham.jpeg Ms. Ramos

8. John Stuart Mill Actions right if promote happiness, wrong if cause pain Govt step in to improve hard lives of workers Give vote to workers & women Most middle class rejects Mill http://www.crossingwallstreet.com/archives /jsm1.jpg Ms. Ramos

9. Socialism Ms. Ramos

10. Socialism Theory People as a whole own & operate means of production Want developed world –Society operate for benefit of all, not just wealthy Ms. Ramos

11. Utopians- Thomas More Ideal community- early socialist If no diff btwn rich & poor, no fighting http://www.wilsonsalmanac.com/images1/more_sm.jpg Ms. Ramos

12. Robert Owen Set up model community- New Lanark, Scotland Worked for: –Laws to limit child labor –Encouraged labor unions https://apus2scott.wikispaces.com/file/view/robe rt_owen.jpg/33310453 Ms. Ramos

13. http://www.undiscoveredscotland.co.uk/lanark/newlanark/images/nl-history1-450.jpg Ms. Ramos

14. “Scientific Socialism” Ms. Ramos

15. The Communist Manifesto Karl Marx Friedrich Engels Communism- form of socialism Class struggle btwn employers & employees unavoidable http://www.willisms.com/archives/manifesto.gif Ms. Ramos

16. Karl Marx Engels http://img.listal.com/image/348913/600full-friedrich-engels.jpg http://farm1.static.flickr.com/185/482454888_65eda75c37.jpg Ms. Ramos

17. Marxism Economics driving force in hist. “haves”- own means of production (bourgeoisie) “have nots”-working class (proletariat) Ms. Ramos

18. Predictions Proletariat triumphant –Would take control of means of production –Set up classless, communist society Despised capitalism Ms. Ramos