Thomas Malthus
Author of Essay on the Principle of Population (1798) who claimed that population grows at an exponential rate while food production increases arithmetically, and thereby that, eventually, population growth would outpace food production.
"Iron Law of Wages"
David Ricardo formulated the iron law of wages, which said that because of the pressure of population growth, wages would be just high enough to keep workers from starving.
John Stuart Mill
philosopher and economist who led the utilitarian movement in the 1800s; he came to question unregulated Capitalism; he said it was wrong for workers to lead deprived lives; he favored a cooperative system of agriculture and woman's rights, including the right to vote; he wanted gov't to get rid of large class divisions
Utopians
They were Early socialists. Tried to build self-sufficient communities. Equal share of work and property. No difference between rich and poor. Robert Owen
The Communist Manifesto
A socialist manifesto written by Marx and Engels (1848) describing the history of the working-class movement according to their views. Explains emergence of capitalism while predicting it's future.
Utilitarianism
the idea that the goal of society should be "the greatest happiness for the greatest number"
Communism
A political and economic system where factors of production are collectively owned and directed by the state.
(a) Which group of people supported the free market ideas of Adam Smith? (b) Why?
The Individualists supported the free market ideas of Adam Smith. Because society is an artificial device existing only for the sake of its individual.
Socialism
a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
Proletariat
A philosophy developed by the French count of Saint-Simon. Positivists believed that social and economic problems could be solved by the application of the scientific method, leading to continuous progress. Popular in France and Latin America.
How did Utopian socialists propose to end the miseries brought by the Industrial Revolution?
They proposed to end the miseries brought by the industrial revolution by controlling how much power the states had.
(a) Describe Karl Marx's view of history. (b) How have events challenged that view?
He said that history was a struggle between the classes that would end with the victory of the working class. Present day socialists and communists are not regarded as successful because the steps to the perfect economy are impossible to attain.