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New Ways of Thinking in the Industrial Revolution. 19.4. Laissez-Faire Economics. Promoted by Adam Smith Wrote The Wealth of Nations An unregulated free market would help everyone, not just the rich Used the Industrial Age as an example of the free market system benefitting everyone.

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laissez faire economics
Laissez-Faire Economics
  • Promoted by Adam Smith
    • Wrote The Wealth of Nations
  • An unregulated free market would help everyone, not just the rich
  • Used the Industrial Age as an example of the free market system benefitting everyone
malthusian logic
Malthusian Logic
  • Thomas Malthus predicted that population would outpace food supply
  • Only ways to check population:
    • War
    • Disease
    • Famine
  • Encouraged families to have fewer children and discouraged charitable handouts and vaccinations
utilitarianism
Utilitarianism
  • Tried to justify some government interference
  • Jeremy Bentham advocated utilitarianism
    • “The greatest happiness for the greatest number”
    • All laws should be judged by whether they produce more pleasure or pain
    • Believed individual freedom guaranteed happiness
  • John Stuart Mill
    • Believed the government should step in to help improve the lives of the working class
socialism
Socialism
  • Focused on the good of society in general
  • People as a whole own and operate the means of production
    • Farms, factories, railways, and other large businesses
  • Robert Owen
    • Tried to create a utopian society
    • Failed over and over again
karl marx
Karl Marx
  • Condemned ideas of utopians as unrealistic
  • Scientific Socialism
    • Based on scientific study of history
  • Marx and Friedrich Engels
    • The Communist Manifesto
  • Predicted a struggle between the haves and the have-nots
    • Fed up the have-nots would take control of the means of production and set up a classless society
  • Revolutionaries around the world embraced Marx’s ideas
changing attitudes and values
Changing Attitudes and Values
  • New Social Order
    • Nobles, Upper Middle Class, Lower Middle Class, Working Class
  • Ideal Home
    • Husband worked and supported the family
    • The wife stayed home and raised the children while creating a sanctuary for the man
  • Women work for Rights
    • Women begin seeking rights outside the home in the mid 1850s
  • Public Education
    • Grows to incorporate more that reading, writing and arithmetic