Philosophies in the Industrial World

Capitalism, Socialism And Communism

Philosophers Laissez-faire

Owners of industry and business et working conditions without interference

Adam Smith favor of laissez-faire Wealth of Nations

Capitalism Economic system with private ownership

Thomas Malthus, An Essay on the Principle of Population

Population tended to increase more rapidly than the food supply War and disease was necessary

Capitalism David Ricardo, Principles of Political Economy

and Taxation

Underclass will always be poor Abundant workers/ resources =

cheap labor/resources Few workers/resources =

expensive labor/resources Ricardo, Malthus ,and Smith

were all laissez-faire thinkers

Socialism

Government intervention Utilitarianism- founder Jeremy

Bentham People should judge ideas, institutions

and actions based on their usefulness Government should promote the

greatest good for the greatest number of people

John Stuart Mill led movement

Marxism: Radical Socialism The Communist Manifesto,

Marx and Friedrich Engels Haves (employers) vs have nots

(workers) Working Class = the Proletariat Communism = a complete form

of socialism in which all means of production – all land, mines, factories, railroads, businesses would be owned by the people. All goods would be shared equally.