Thomas Malthus

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"Essay on the Principle of Population" Population
grows faster than the food supply Without wars-
people would suffer (too many people)
Capitalism economic system in which money is
invested in business ventures with the goal of
making a profit.
Thomas Malthus
Principles of Political Economy and
Taxation -permanent underclass would always be
poor -if there are many workers and abundant
resources then labor and resources are cheap
David Ricardo
Min. Wage Better Working Conditions would upset
free market system, lower profits, undermine the
production of wealth
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Charles Fourier
Socialism The factors of production are owned by
the public and operate for the welfare of
all. focus on SOCIETY -The Govt should actively
plan economy Industrial capitalism has created a
large gap between rich poor
Saint Simon
France
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Introduced Marxism -more radical form of
socialism Wrote Communist Manifesto (with
Friedrich Engels) History was a class
struggle Wealthy Capitalist vs Working
Class Proletariat 1. Proletariat
would eventually rise up and overthrow
rich -create own society 2. Proletariat take
control of means of production 3. Establishes a
classless, communist society (wealth
power equally shared)
Karl Marx
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Friedrich Engels
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"THE PROLETARIANS HAVE NOTHING TO LOSE BUT THEIR
CHAINS. THEY HAVE A WORLD TO WIN"
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Adam Smith
Wealth of Nations
The Belief in the Invisible Hand that guides the
Economy
Free Enterprise Profit Motive
Monopoly
Self -Interest
Laissez Faire-- no government intervention allo
w trade with no regulations
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Capitalism
labor of workers creates profit for employers
Self-Intrest
we need to have the rich/poor gap
businesses should compete with one another
Government should not interfere
consumers compete with one another
Workers are exploited
need to eliminate the rich/poor gap
we need a classless society
Marxism