Chapter 7 Section 4 WHS – Flashcards
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means of production
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The farms, factories, railways, and other large businesses that produced and distributed goods.
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Robert Owen
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Put his own ideas of Utopia into practice.
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Karl Marx
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German philosopher, that condemned the ideas of the Utopians as unrealistic idealism.
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Communism
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Later came to refer to a system in which governments led by a small elite controlled all economic and political life.
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Proletariat
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The working class
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Social Democracy
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A political ideology in which there is a gradual transition from capitalism to socialism.
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What new ideas about economics and society were fostered as a result of the Industrial Revolution?
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Communism and Socialism were created.
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What were the views of laissez-faire economists (A) Adam Smith, (B) Thomas Malthus, and (C) David Ricardo?
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Adam Smith was known as the father of economics. One theory said society benefited from economic growth, driven by free market. Thomas Malthus was an economist who who disagreed. David Ricardo had the same view as Thomas Malthus that the poor were having too much children.
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Contrast the approaches of utilitarians and socialists to solving economic problems.
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Utilitarians believed the government should help the poorest members, the utopian socialists believed people as whole should own and operate the means of production in a separate community. They were saying that all work and property should be shared.
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How might workplace reforms have altered Marx-oar predictions of world revolution?
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Karl Marx lived where the most part of employees were unskilled and they worked in the factory.
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