1. Industrial Revolution
Economic Philosophies

2. Capitalism
Founders:
Adam Smith
Thomas Malthus
David Ricardo

3. Capitalism Classic Works: Smith The Wealth of Nations (1776)
Malthus Essay on Principle of Population (1798)
Ricardo Principles of Political Economy and Taxation (1817)

4. Capitalism Philosophy: Free market economy Laissez-faire (“Hands off”)
Little to no government intervention in economy
Allow the market to regulate itself
Goal of business is to make profit

5. Capitalism
Reforms:
Opposed to any government efforts to become involved in economic affairs

6. Socialism
Founders:
Charles Fourier
Saint-Simon

7. Socialism
Classic Works:

8. Socialism Philosophy: Government should actively plan the economy
Public ownership over factors of production

9. Socialism
Reforms:
Public ownership would eliminate social problems associated with industrialization
Greed
Corruption
Poor working and
living conditions
Class structure

10. Communism
Founders:
Karl Marx
Fredrich Engles

11. Communism Classic Works: The Communist Manifesto (1848)
Das Kapital (1867)

12. Communism Philosophy:
All factors of production should be owned and controlled by the government

13. Communism
Reforms:
Private property would cease to exist