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Industrial Revolution Philosophers
Transcript of Industrial Revolution Philosophers
In 1748, he began delivering public speeches. The led him to begin his career as a teacher, which after he soon became a tutor. In 1776, he published "The Wealth of Nations", which was an instant success.
After a painful illness, Smith died on July 17, 1790. Before he died, he had wished he had accomplished more in his life. Thomas Malthus 1766-1834 David Ricardo was born on April 18, 1772, in London, England. He was the third of seventeen children, and his father was a successful stock broker. He eloped with a Quaker, consequently, he was disowned due to his Jewish heritage. With out support, he started his own business as a stockbroker, which quickly became a source of great wealth for him.
After reading Adam Smith's " The Wealth of Nations", he first became interested
with economics. Nearly 20 years later, Ricardo took a seat on the House of
David Ricardo died relatively early, just at the age of 60, on
September 11, 1823. 1748-1832 John Stuart Mill was born on May 20, 1806, in London, England. He was the eldest son of James Mill, a Scottish philosopher, historian, and economist, who strongly advocated utilitarianism. As a boy, he was allowed little contact with children his own age, and he was educated my his father, with the assistance of the fellow utilitarian Jeremy Bentham. His father wished that his son would become a strong advocate for utilitarianism, in order to keep the philosophy
alive after he and Bentham died.
He continued endless and intensive studying of subject of broad variety, and due to this, he
suffered a nervous breakdown, and he suffered with depression. This eventually wore itself out, and
he returned to his extensive studying.
Mill continued to follow in his father's footsteps, and he later attended college at the
University College, London. In 1851, he married Harriet Taylor, which affected
many of his beliefs, especially women's rights.
John Stuart Mill died on May 8, 1873, in Avignon, France. Robert Owen 1771-1858 1818-1883 Adam Smith
John Stuart Mill
Karl Marx 1723-1790 Laissez-Faire "Leave us alone!" This was Adam Smith's Basis philosophy, and it basically means to have the government stay on the sidelines in regard to the markets and trade.
Laissez-Faire economists believed that nations did NOT grow wealthy from high tariffs; rather they believed that the government regulations did not help the market, and it was even detrimental to the overall success of their market.
These philosophers believed that the economy would prosper
under their concept of free trade. Free Trade This is the flow of commerce in a world market without any government interference.
This was a main concept for the Laissez-Faire economists. The Wealth of Nations Free Economy Published in 1776 Economic liberty Economic progress The Three Natural Laws The Three Natural Laws Law 1 Law 3 Law 2 Of Economics Smith's arguments were based on the following laws of economics: 1. The Law of Self-Interest
2. The Law of Competition
3. The Law of Supply and Demand Self-Interest Smith believed that all people worked for their best interests. Why work? Competition Smith thought that competition among businesses forced the creation of a better product. vs. Better products Supply and Demand Smith believed that enough goods would be produced at the lowest price possible, in order to stay up to the demands of the market Demand=Low
Supply=Low Price stays constant, and not many are made. Demand=High
Supply=Low Costs to make, and very expensive Demand=Low
Supply=High Costs little to make, and not expensive Demand=High
Supply=High Makes the factory MONEY Adam Smith's legacy has truly never died. His ideas are still in use today, and his thoughts have been adapted to create many other political and economic philosophies. Thomas Malthus was born in February 1766, in Great Britain. He was educated by his father at home, which shaped many of his beliefs. Later, he went on to Cambridge University, where he got his master's degree in 1791. He became a professor of history and political economy at the East India Company's college.
He joined the Political Economy club, whose fellow members included David Ricardo
and James Mill.
His most famous work was "An Essay on the Principle of Population"; however,
he had written several other pamphlets. Unfortunately, he died on
December 23, 1834. Philosophies Like Smith, Malthus thought that natural laws determined the ways of economic life. Malthus was considered a laissez-faire capitalist.
In "An Essay on the Principle of Population", he argued that the population will increase faster than our food supply will. Without World Wars or major epidemic, he believed that the majority of the population is destined to live a poor and miserable life. "An Essay on the Principle
of Population" Written in 1798 Population is increasing RAPIDLY People are destined to be poor 1772-1832 "Principles of Political Economy and Taxation" Written in 1817 Permanent underclass = ALWAYS poor Population increased Wages forced down Philosophies Ricardo took Smith's and specifically Malthus's ideas a few steps further. He also believed in free markets, and he was considered a laissez-faire economist.
In his book, "Principles of Political Economy and Taxation", he stated that he underclass would always be poor. He also thought that if there is an abundance of workers and materials, then labor is cheap, and if there was a low of workers and resources, then labor is expensive. He believed that wages should be continuous ly shaped based on the populated of that time. Utilitarians Jeremy Bentham was born on February 15, 1748, in London, England. As a young child, he was somewhat like a child prodigy. At just a toddler, he would read multi-volume history textbook, and at just the age of 3, he began to study Latin.
At age 12, he was sent off by his father to Queen's College Oxford. His father, being a successful lawyer, hoped that Jeremy would follow his footsteps, and study law as well.
Eventually, Bentham became troubled by the law. Instead of practicing the law, he wrote
about it - nearly 10 to 20 pages a day up until his late eighties.
He is credited with the production of the philosophy called utilitarianism. He
wrote his most influential work in the late 1700s.
On June 6, 1832, Jeremy Bentham died in London,
England. Utilitarianism "It is the greatest happiness of the greatest number that is the measure of right and wrong." Philosophies In the late 1700s, Bentham borrowed and altered the philosophies of Adam Smith, to create his own philosophy of utilitarianism. He believed that everyone should judge ideas, institutions, and actions based on their usefulness that they possess. He also thought that the government should work to what will be the most beneficial to the largest amount of people. He thought that it was better to provide the best for the majority, and the government was solely useful if it promoted this philosophy.
Generally, he believed that a person should be free to follow one's
goals at heir own advantage, as long as it did not interfere with the
state, and the state did not interfere with that person. 1806-1873 "Considerations on Representative Government" Published around 1868 Proportional representation Suffrage Philosophies Mill led the utilitarian movement in the
1800s, as he began to criticize the wrongs in the capitalist system. He thought that something needed to change, due to the fact that the poor lived in miserable lives, close to starvation. Mill hoped to separate profits evenly, as he wanted to help the ordinary person. He advocated a cooperative system of agriculture, and he strongly supported women's rights. He wished for political, prison, and education
reforms, and he also wanted the government to
abolish the gaps of wealth distribution, to
make every citizen financially equal. Utopians Robert Owen was born on May 14, 1771, in Montgomeryshire, Wales. He was the sixth out of seven children of a small business owner and a farmer. His formal school education ended at the age of ten, and he began to work at a draper's shop, and he eventually settled in London. In Manchester, Owen became a mill manager, at just the age of 21.
A combination of his entrepreneurship, management skills, and his
moral and ethic views on life allowed him to prosper philosopher,
and also as a successful and well-known reformer.
Robert Owen died on November 17, 1858, in
Montgomeryshire, Wales. Utopian Ideas After being disgusted by the terrible conditions of the poor, Robert Owen, a factory owner himself, improved the working conditions for all of his workers. He built houses, which he rented out for low rates, he excluded all children under the age of ten to work in
his factory, and he also provided free
schooling. New Harmony The perfect world After traveling to the United States, he created a so-called perfect living space called New Harmony. This utopian community only
lasted for three years, but it had inspired many new communities
and towns that were made at this time. Socialists Karl Marx was born on May 5, 1818, in The Kingdom of Prussia. He was the third of seven children, and he was born to a relatively wealthy middle-class family. He was privately educated until age twelve, and then he attended Trier High School.
At age 17, he attended the University of Bonn; however, he studied law, due to his
father's wishes, instead of studying philosophy and literature as he wanted to.
After getting taken out of school by his father when his grades dropped after
the first semester, his father enrolled him at the more serious and
educational University of Berlin.Marx wrote both fiction and
nonfiction, which included many short novels, dramas, and
Marx died on March 14, 1883. Happiness for majority Unhappiness for minority "The Communist Manifesto" Published in 1848 Problems with capitalism Society has always been in social classes Poor suffering Conflict and revolts Social Classes According to Marx Marx thought that social classes are permanent. workers bourgeoisie wealthy workers bourgeoisie GAP wealthy After the Industrial Revolution, Marx thought that the gap between the
wealthy and the rest of society would grow. He thought that the
wealthy would grow wealthier, and the poor would grow even
poorer. The Future According to Marx Karl Marx thought that the capitalist system would destroy
itself. He thought that the factories would be forced to compete with local business, and the factories would end up forcing the small businesses out of business. Artisans would no longer have business, so the wealth of the community would rest in the factories and manufacturers. Marx believed that at this point people would revolt. They wanted their money, power, and equality back. Marx then thought that at
this point everything would be shared, even your profits.
The government would be completely in the hands of
the people. The society would be social class free,
resulting in a state of communism. Pure Communism Marx called this the last phase into making the society completely socialist. At this point EVERYTHING would be owned by the people - land, factories, mines, railroads, and
businesses. Foods and goods would
all be shared equally. The Effect of Marx Marx's ideas of communism affected countries all over the world.
-China's Mao Zedong
-Cuba's Fidel Castro