5.

4 New Ways of Thinking

5.4 New Ways of Thinking

I. Laissez-Faire Economics

I. Laissez-Faire Economics
Adam Smith The Wealth of Nations
FREE MARKET

CAPITALISM system where private owners control industry for their own profits.

Government should not NO GOVERNMENT interfere in the free operation of Thomas Malthus & David Ricardo the economy. Population increase would lead to shortage of food. Encouraged people to have less kids as a solution. Best cure for poverty was not govt.

5.4 New Ways of Thinking

I. Laissez-Faire Economics

Adam Smith - The Wealth of Nations Government should not interfere in the free operation of the economy. Thomas Malthus & David Ricardo Population increase would lead to shortage of food. Encouraged people to have less kids as a solution. Best cure for poverty was not govt. CAPITALISM system where private owners control industry for their own profits.

II. Utilitarians For Limited Government

Utilitarianism the idea that the goal of society should be the greatest happiness for the greatest number of its citizens. Jeremy Bentham Called for some government involvement. Believed laws should benefit society.

5.4 New Ways of Thinking II. Utilitarians For Limited Government Utilitarianism the idea that the goal of society should be the greatest happiness for the greatest number of its citizens.

Jeremy Bentham Called for some government involvement. Believed laws should benefit society.
III. Socialist Thought Emerges

III. Socialist Thought Emerges

Socialism theory that the means of production should be regulated by the community as a whole.
Share work and property. Utopians believed that if there were no rich or poor, fighting would end.

5.4 New Ways of Thinking II. Utilitarians For Limited Government Utilitarianism the idea that the goal of society should be the greatest happiness for the greatest number of its citizens.

Jeremy Bentham Called for some government involvement. Believed laws should benefit society.
III. Socialist Thought Emerges

Socialism theory that the means of production should be regulated by the community as a whole.

5.4 New Ways of Thinking

Share work and property. Utopians believed that if there were no rich or poor, fighting would end.

IV. Karl Marx Influences

Communism form of socialism where all means of production belongs to the community.
Bourgeoisie (fancypants) haves Proletariat (working class) have nots Marx Legacies oAcceptance of his ideas led to revolutions around the world oOver time his ideas proved to be a failure. Nationalism won over communism.

5.4 New Ways of Thinking

Share work and property. Utopians believed that if there were no rich or poor, fighting would end.

IV. Karl Marx Influences Communism form of socialism where all means of production belongs to the community. Bourgeoisie (fancypants) haves Proletariat (working class) have nots Marx Legacies oAcceptance of his ideas led to revolutions around the world oOver time his ideas proved to be a failure. Nationalism won over communism.