Chapter 9 sec. 4 quiz

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laissez faire economics
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hands off approach to government; the government should not interfere in the economy
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Adam Smith
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professor at the University of Glasgow who defended the idea of a free economy
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Adam Smith
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wrote, \"The wealth of nations\"
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Three natural Laws of economics
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self-interest, competition, supply and demand
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argued that economic liberty guaranteed economic progress, so government should not interfere
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Adam Smith
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Men who supported Adam Smith's basic ideas
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David Ricardo and Thomas Malthus
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Capitalism
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an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.
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Wrote \" An EssAY ON The PRinciple of Population\"
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Thomas Malthus
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Argued that population tended to increase more rapidly than the food supply
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Thomas Malthus, AN Essay on the Principle of Population
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Argued that without wars and epidemics, most were destined to be poor and miserable
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Thomas Malthus
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Took \"An Essay on the Principle of Population\" one step further in, \"Principles of Political Economy and Taxation\"
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David Ricardo
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Argued that a permanent underclass would always be poor
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David Ricardo, \"Principles of Political Economy and Taxation\"
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Believed that as population increased wages would be forced down
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David Ricardo
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Laaissez-faire thinkers
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Thomas Malthus, David Ricardo, Adam SMith
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Socialism
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a political theory advocating state ownership of industry
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Warned that society would change drastically
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Alexis de Tocqueville
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Introduced the IDeas of utilitarianism
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Jeremy Bentham
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Argued that people should judge ideas institutions, and actions based on their utility and usefulness
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Jeremy Bentham
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Argued that government should try to promote the greatest good to the greatest amount of poeple
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Jeremy Bentham
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A philosopher and economist who led the utilitarianism movement in the 1800s.
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John Stuart Mill
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Believed it was wrong that workers should lead deprived lives that sometimes bordered on starvation
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John Stuart Mill
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Pushed for reforms in legal and prison systems and in education
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utilitarians
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Provided free schooling, banned children under ten from working, rented houses for low rates at his cotton mill in scotland
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Robert Owen
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Founded New Harmony Indiana, the first utopian society
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Robert Owen
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Sought to demolish the ill effects of the IR
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Charles Fourier, Saint-SImon
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Grew out of an optimistic view of human nature
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Socialism
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advocated change through the extension of the right to vote
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Louis Blanc
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wrote The Communist Manifesto
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Karl Marx and Freidrich Engles
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Founded Marxism
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Karl Marxs
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Upper Class
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Bourgeoisie/haves
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Lower class
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Proletariat/Have-nots
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Argued a class war has always existed and will escalate
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Karl Marx, Freidrich Engels
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Communism
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An economic system which said that all means of production would be owned by the people
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Banned strikes and unions
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Combination Acts
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Made it illegal for children under 9 to work, reduced working hours for 9-12 year olds to <8 hours, and reduced the working hours of children 13-17 to <12 hours
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Factory Act
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Prevented women and children from working underground
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Mines ACt
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member of parliament who led the fight for abolishing slavery n Britain
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WIlliam Wilberforce
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First to abolish slavery
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Britain
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women made -------- amount of the money men made in factories
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1/3
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Favored free public education, a Mass native, said \"if we do not enrich their minds with knowledge, then our republic must go down to destruction.\"
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Horace Mann
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