{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

24.1_Notes - 24.1 New Ideas I Introduction A The Western...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
24.1 New Ideas I. Introduction A. The Western world did not appear to be turning upside down, as society underwent a transformation. a. In a little over 100 years, the Industrial Revolution converted Europe from rural to urban. B. Industry in short term brought great wealth to a few and imposed hardships on many. a. It provided material benefits to all. b. The social gap created unrest in many societies. II. Capitalist Ideas A. During the Industrial Revolution, European thinkers for the first time studied and explained how capitalism worked. a. Rejecting government control of mercantilism, many supported laissez-faire , allowing business to operate without government interference. b. Laissez-faire, French for “let them alone,” was developed in France during the 1700s by the Physiocrats.. c. They valued land as a primary source of income. They believed fewer taxes and regulations would allow for more produce. Around the 1800s, middle-class owners of railroads, factories, and mines began supporting laissez-faire. d. They believed that freedom from government control meant growing economies. 1. Adam Smith A. Industrial leaders relied on the ideas of Adam Smith , a Scottish economist who set down the workings of a laissez-faire economy. . a. The Wealth of Nations (1776), Smith stated that economy operates alone more efficiently without government interference. In a free market, individuals act on self-interest. b. Businesses compete to produce goods inexpensively, and consumers buy the best goods at low prices. Efficient workers make more money, hire more work, and expand constantly.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern