5.4 New Ways of Thinking.ppt

5.4 New Ways 5.4 New Ways of Thinkingof Thinking

5.4 New Ways of Thinking

I. Laissez-Faire Economics

FREE MARKET

NO GOVERNMENT

Thomas Malthus & David RicardoPopulation increase would lead to

shortage of food.Encouraged people to have less kids

as a solution.Best cure for poverty was not govt.

Adam Smith The Wealth of

Nations

Government should not

interfere in the free operation

of the economy.

CAPITALISM – system where private owners

control industry for their own profits.

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.

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

III. Socialist Thought Emerges

• 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.

Share work and property.

Utopians believed that if there were no rich or poor, fighting would

end.

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

5.4 New Ways of Thinking

II. Utilitarians For Limited Government

III. Socialist Thought Emerges

• 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.

• 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.

Communism– form of socialism where all means of production belongs to the community.

Bourgeoisie (fancypants) “haves”Proletariat (working class) “have nots”Marx LegaciesoAcceptance of his ideas led to revolutions around the worldoOver 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 LegaciesoAcceptance of his ideas led to revolutions around the worldoOver time his ideas proved to be a failure. Nationalism won over communism.