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The Age of Reform

The Age of Reform. Capitalism. Industrialization led to new ways of thinking about society. Some thought that governments should leave business owners alone. Their view was called Laissez Faire

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The Age of Reform

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  1. The Age of Reform

  2. Capitalism • 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 FredrichEngles) 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 • 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. By 1820-1830s laws started to be made to help reform working conditions in Britain and the US • Factory Act 1833- • 9-12- less than 8 hours • 13-17- 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 • 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?

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