AP Euro - Smith to Marx.pdf - SMITH TO MARX In Search of an...

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SMITH TO MARX: In Search of an Economic View of the World PEOPLE COUNTRY (IES) OF BIRTH AND WORK BOOK/ PAMPHLET TO WHAT EXISTING CONDITIONS OR THEORIES DID HE RESPOND IDEAS FOR CHANGE VIEW OF THE ROLE OF GOVERNMENT IN ECONOMY WHAT DID HIS IDEAS INFLUENCE? *Adam Smith 1723-1790 Sefia Ben Born in Scotland. Worked mainly in the United Kingdom - The Wealth of Nations → question gov policies that restrict trade - Theory of Moral Sentiments Advocated for laissez-faire economy. He responded to mercantilism (Monarchy controls the economy and exploits its colonies) Inspired by French physiocrats who were arguing mercantilism was no longer acceptable. Highlighted the importance of labor in economy along with technology. Created the concept of GDP Keep Government/Monarch s out of the economy. Promoted the idea of the “Invisible hand” of the economy naturally progresses as people buy and sell stuff. Free-market economy with individual’s own self interests. State should not impose restrictions on the individuals. The market was comprised of people. Not a machine that runs constantly. Government cannot regulate the people without it becoming a dictatorship/authoritari an rule. His ideas influenced the entire philosophy of capitalism and free market economics in countries like america who built their societies around free enterprise. Liberal Laissez faire ideas His ideas influenced Karl Marx but in a negative way since Marx disliked the idea of capitalism.
Jeremy Bentham 1748-1832 Sunil Justin February, 1748: Houndsditc h, London, England Introduction to the Principles of Morals and Legislation -- 1789 -- England Theory of Legislation -- 1802 -- France Introduction to the Principles of Morals and Legislation Theory of legalization Advocated for liberalism Economic freedoms Utilitarianism- - best policy is the the one that produces the greatest good for the greatest number Railed against parliamentary injustice and sought for social inclusion for all classes Reforms for prison and penal code Elaborate schemes for improving the poor’s condition Bentham attacks many traditions in law Advocated for rational revision of the legal system Restructure how responsibility and punishment were determined Promoted more representation in the gov Believed in modern capitalist institutions Promoted economic liberalism Law should protect one's economic and personal goals Had minor influence during his lifetime Later,his ideas were carried out by his followers John Stuart Mill John austin Greatly influenced future Consequentia lists
Thomas Malthus 1766-1834 Luis Athanasi -Born in Westcott, UK (1766-1834) -Attended Cambridge University -Royal Society of Literature and Statistical Society -Demographer & Economist -Worked for the East India Company College in Hertfordshire, UK -”An Essay on the Principle of Population” (1826 & 1798) -”Principles of Political Economy” (1830) -”An Inquiry into the Progress of Nature and Rent” -Malthusian Model of economic growth

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