PHILOSOPHY OF INDUST - The Philosophy of the Industrialists...

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The Philosophy of the Industrialists 1. A. Laissez-faire capitalism/Adam Smith – The idea of Laissez-faire had the strong support of Adam Smith who felt that individuals who strived to be successful in business must follow their own self-interest. He felt that by them following their own interest, it in-turn would help the society grow. With the idea of Laissez-faire comes the view that government intervention only helps prevent business growth and should be avoided at all costs. B. Social Darwinism - This basically applies the ideas of Charles Darwin to society. Emphasizing the idea of “survival of the fittest”, Social Darwinism means that individuals who are constantly contributing to society are to receive a reward in return. Thus causing them to continue to contribute to society and aiding to growth and development. C. The Gospel of Wealth - A philosophical view of Andrew Carnegie who wanted to educate the wealthy on how to spend their money wisely. This involves trying to produce as many positive results for the community so that the man of wealth becomes the superior in the eyes of the common man. 2. Social Darwinism states that individuals who contribute to the societies’ growth and development will be rewarded, thus encouraging individuals to do so. By working
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PHILOSOPHY OF INDUST - The Philosophy of the Industrialists...

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