19th Century Economics 101 AP European History St. Anne’s-Belfield Sunday, February 24, 13
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19th Century Economics 101AP European HistorySt. Anne’s-Belfield
Sunday, February 24, 13
Emerging Political Spectrum
Republican (Radical)
Liberal Conservative
Political
Economic
Social
aristocracy in positions of leadership
traditional political system
(absolute monarchy)limited constitutional
monarchy
limited male suffrage
constitutional republic
active government action/intervention
universal manhood suffrage
Traditional agrarianismindustrial capitalism
laissez-faire
socialist economy
anti-capitalist
classless societybelief in equality of individuals with privilege of wealth
traditional class structurebased on birth and
privilege
LEFT RIGHT
Sunday, February 24, 13
ADAM SMITH: LIBERAL ECONOMICS
Sunday, February 24, 13
ADAM SMITH: LIBERAL ECONOMICS
•NATURAL LAW
Sunday, February 24, 13
ADAM SMITH: LIBERAL ECONOMICS
•NATURAL LAW •LAISSEZ-FAIRE!
Sunday, February 24, 13
ADAM SMITH: LIBERAL ECONOMICS
•NATURAL LAW •LAISSEZ-FAIRE!
• FREE MARKET COMPETITION!
Sunday, February 24, 13
ADAM SMITH: LIBERAL ECONOMICS
•NATURAL LAW •LAISSEZ-FAIRE!
• FREE MARKET COMPETITION!
Sunday, February 24, 13
ADAM SMITH: LIBERAL ECONOMICS
•NATURAL LAW •LAISSEZ-FAIRE!
• FREE MARKET COMPETITION! • GOVERNMENT HAS A LIMITED ROLE
Sunday, February 24, 13
THE INDUSTRIAL REVOLUTION
Sunday, February 24, 13
THE INDUSTRIAL REVOLUTION
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE URBANIZATION TOOK PLACE
Sunday, February 24, 13
THE INDUSTRIAL REVOLUTION
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE URBANIZATION TOOK PLACE
•WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE CITY?
Sunday, February 24, 13
THE INDUSTRIAL REVOLUTION
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE URBANIZATION TOOK PLACE
•WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE CITY?MANY WHO CAME TO THE CITY DID NOT FIND A JOB AND THOSE WHO DID SUFFERED MISERABLE LIVING AND WORKING CONDITIONS…
Sunday, February 24, 13
THE INDUSTRIAL REVOLUTION
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE URBANIZATION TOOK PLACE
•WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE CITY?MANY WHO CAME TO THE CITY DID NOT FIND A JOB AND THOSE WHO DID SUFFERED MISERABLE LIVING AND WORKING CONDITIONS…
•INITIALLY, HOW DID THE MIDDLE AND UPPER CLASS RESPOND TO THE PLIGHT OF THE WORKING POOR?
Sunday, February 24, 13
THE INDUSTRIAL REVOLUTION
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE URBANIZATION TOOK PLACE
•WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE CITY?MANY WHO CAME TO THE CITY DID NOT FIND A JOB AND THOSE WHO DID SUFFERED MISERABLE LIVING AND WORKING CONDITIONS…
•INITIALLY, HOW DID THE MIDDLE AND UPPER CLASS RESPOND TO THE PLIGHT OF THE WORKING POOR?
LAISSEZ-
FAIRE!
Sunday, February 24, 13
THOMAS MALTHUS AND
DAVID RICARDO
Sunday, February 24, 13
MALTHUS’ ASSUMPTIONS
Sunday, February 24, 13
• POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE ARE AVAILABLE;
MALTHUS’ ASSUMPTIONS
Sunday, February 24, 13
• POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE ARE AVAILABLE;
• HOWEVER, POPULATION INCREASES IN A GEOMETRIC RATIO WHILE FOOD ONLY INCREASES IN AN ARITHMETIC RATIO
MALTHUS’ ASSUMPTIONS
Sunday, February 24, 13
STARVATION
• POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE ARE AVAILABLE;
• HOWEVER, POPULATION INCREASES IN A GEOMETRIC RATIO WHILE FOOD ONLY INCREASES IN AN ARITHMETIC RATIO
MALTHUS’ ASSUMPTIONS
Sunday, February 24, 13
THOMAS MALTHUS’S CYCLE
Sunday, February 24, 13
THOMAS MALTHUS’S CYCLEPOPULATION INCREASE
POPULATION DECLINE
GOOD TIMES
GOOD FOOD SUPPLY
BAD TIMES
FOOD SHORTAGES
Sunday, February 24, 13
THOMAS MALTHUS’S CYCLEPOPULATION INCREASE
POPULATION DECLINE
GOOD TIMES
GOOD FOOD SUPPLY
BAD TIMES
FOOD SHORTAGES
CONCLUSION???
Sunday, February 24, 13
THOMAS MALTHUS’S CYCLEPOPULATION INCREASE
POPULATION DECLINE
GOOD TIMES
GOOD FOOD SUPPLY
BAD TIMES
FOOD SHORTAGES
CONCLUSION???
Sunday, February 24, 13
RICARDO’S IRON LAW OF WAGES
Sunday, February 24, 13
RICARDO’S IRON LAW OF WAGES
POPULATION INCREASE
POPULATION DECLINE
GOOD TIMES
HIGHER WAGES
BAD TIMES
LOWER WAGES
Sunday, February 24, 13
RICARDO’S IRON LAW OF WAGES
POPULATION INCREASE
POPULATION DECLINE
GOOD TIMES
HIGHER WAGES
BAD TIMES
LOWER WAGES
CONCLUSION???
Sunday, February 24, 13
IMPLICATIONS OF LIBERAL ECONOMIC THOUGHT?
Sunday, February 24, 13
Sunday, February 24, 13
KARL MARX1818-1883
FRIEDRICH ENGELS1820-1895
Sunday, February 24, 13
LIBERAL
VS
MARXIST ECONOMICSAT HEART, HOW WAS MARXIST ECONOMIC THEORY (MARXISM)
SIMILAR TO THE LIBERAL THEORY OF MALTHUS AND RICARDO? DIFFERENT?
Sunday, February 24, 13
HISTORY IS A SERIES OF CONFLICTS BETWEEN THOSE CLASSES WHICH CONTROL MEANS OF
PRODUCTION (“HAVES”) AND THOSE WHICH DO NOT (“HAVE-NOTS”)
VS.
MARXISM 101
Sunday, February 24, 13
HISTORY IS A SERIES OF CONFLICTS BETWEEN THOSE CLASSES WHICH CONTROL MEANS OF
PRODUCTION (“HAVES”) AND THOSE WHICH DO NOT (“HAVE-NOTS”)
VS.
MARXISM 101
Sunday, February 24, 13
HISTORY IS A SERIES OF CONFLICTS BETWEEN THOSE CLASSES WHICH CONTROL MEANS OF
PRODUCTION (“HAVES”) AND THOSE WHICH DO NOT (“HAVE-NOTS”)
VS.
MARXISM 101
Sunday, February 24, 13
SOCIETY’S INSTITUTIONS (GOVERNMENT, LAWS, RELIGION, PHILOSOPHY, MORAL VALUES) ARE
DESIGNED TO SUPPORT THE INTERESTS OF THE DOMINANT ECONOMIC CLASS.
MARXISM 101
Sunday, February 24, 13
THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
MARXISM 101
Sunday, February 24, 13
THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
MARXISM 101
Sunday, February 24, 13
THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
MARXISM 101
OLD FEUDAL ARISTOCRACY
(1ST AND 2ND ESTATES)Sunday, February 24, 13
THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
MARXISM 101
OLD FEUDAL ARISTOCRACY
(1ST AND 2ND ESTATES)Sunday, February 24, 13
THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
MARXISM 101
OLD FEUDAL ARISTOCRACY
(1ST AND 2ND ESTATES)
NEW BOURGEOISIE
(3RD ESTATE)Sunday, February 24, 13
THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
MARXISM 101
OLD FEUDAL ARISTOCRACY
(1ST AND 2ND ESTATES)
NEW BOURGEOISIE
(3RD ESTATE)Sunday, February 24, 13
THE ENGLISH CIVIL WAR AND THE FRENCH REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
MARXISM 101
OLD FEUDAL ARISTOCRACY
(1ST AND 2ND ESTATES)
NEW BOURGEOISIE
(3RD ESTATE)
I WIN!
Sunday, February 24, 13
VICTORY OF BOURGEOISIE OVER THE FEUDAL CLASSES LED TO A NEW CONFLICT:
VS.
MARXISM 101
Sunday, February 24, 13
VICTORY OF BOURGEOISIE OVER THE FEUDAL CLASSES LED TO A NEW CONFLICT:
VS.
MARXISM 101
Sunday, February 24, 13
VICTORY OF BOURGEOISIE OVER THE FEUDAL CLASSES LED TO A NEW CONFLICT:
VS.
MARXISM 101
Sunday, February 24, 13
MARXISM 101
Sunday, February 24, 13
WORKERS (THE PROLETARIAT) WOULD EVENTUALLY GAIN “CLASS CONSCIOUSNESS,” OVERTHROW
BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS OR PRIVATE PROPERTY
MARXISM 101
Sunday, February 24, 13
WORKERS (THE PROLETARIAT) WOULD EVENTUALLY GAIN “CLASS CONSCIOUSNESS,” OVERTHROW
BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS OR PRIVATE PROPERTY
FROM EACH ACCORDING TO HIS ABILITIES,
TO EACH ACCORDINGTO HIS NEEDS.
MARXISM 101
Sunday, February 24, 13
WORKERS (THE PROLETARIAT) WOULD EVENTUALLY GAIN “CLASS CONSCIOUSNESS,” OVERTHROW
BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS OR PRIVATE PROPERTY
FROM EACH ACCORDING TO HIS ABILITIES,
TO EACH ACCORDINGTO HIS NEEDS.
MARXISM 101
Sunday, February 24, 13
WORKERS (THE PROLETARIAT) WOULD EVENTUALLY GAIN “CLASS CONSCIOUSNESS,” OVERTHROW
BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS OR PRIVATE PROPERTY
FROM EACH ACCORDING TO HIS ABILITIES,
TO EACH ACCORDINGTO HIS NEEDS.
MARXISM 101WE WIN!
Sunday, February 24, 13
THIS IS ALL INEVITABLE!
Sunday, February 24, 13
THIS IS ALL INEVITABLE!
ACCORDING TO MARX, THESE WERE SIMPLY THE IMMUTABLE LAWS OF HISTORY WHICH HE AND OTHER
PHILOSOPHERS HAD IDENTIFIED AND DESCRIBED
Sunday, February 24, 13
LIBERAL
VS
MARXIST ECONOMICSAT HEART, HOW WAS MARXIST ECONOMIC THEORY (MARXISM)
SIMILAR TO THE LIBERAL THEORY OF MALTHUS AND RICARDO? DIFFERENT?
Sunday, February 24, 13
COINCIDENCE?
Sunday, February 24, 13
COINCIDENCE?
Sunday, February 24, 13
COINCIDENCE?
Sunday, February 24, 13
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