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New Ways of Thinking HWH UNIT 6 CHAPTER 7.4

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Back to Adam Smith Laissez-faire capitalism Competition Self-interest Private Ownership Division of Labor

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Supply and Demand: The Free Market

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Thomas Malthus (1766-1834) An Essay on the Principle of Population (1798) laissez-faire

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David Ricardo (1772-1823) The Iron Law of Wages

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The Dismal Science

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The Utilitarians Jeremy Bentham The Greatest Good for the Greatest Number John Stuart Mill Government SHOULD be involved Advocated giving the vote to women and workers

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What is socialism? Capitalism Self-Interest Laissez-Faire Private Ownership Competition Socialism Collective interest Government involvement Public ownership Cooperation

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Robert Owen (1771-1858) and Utopian Socialism New Harmony, Indiana

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Karl Marx (1818-1883) and Friedrich Engels (1820-1893) and Scientific Socialism

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The Condition of the Working Class in England (Engels, 1844) I charge the English middle class with mass murder, wholesale robbery, and all the other crimes in the calendar. Engels, 1844

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The Communist Manifesto (1848) Das Kapital (1867)

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Main Ideas Class conflict Impact of Industrialization Alienation Labor Theory of Value Dialectical Materialism Hegel s dialectic turned on its head An inevitable historical process (hence scientific socialism )

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Dialectical Materialism Marx framed this in economics CLASS CONFLICT Stages of history (these are scientific) 1.Primitive communism 2.Slavery 3.Feudalism 4.Capitalism 5.Communism

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