Population growing EXPONENTIAL rate food growing at LINEAR rate Checks wars

Population growing exponential rate food growing at

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- Population growing EXPONENTIAL rate, food growing at LINEAR rate - Checks: wars, diseases, famines - Urged families to have less children WENT WRONG BECAUSE…. - Didn’t consider the improved agricultural technology - Didn’t consider impact of British colonization - Didn’t consider impact of Columbian exchange David Ricardo - 1817- published “Principles of Political Economy and Taxation” - Agreed with Malthus that the poor were having too many children - When wages were high, families had more children - More children led to increased supply of labor- which led to lower wages and higher unemployment - Both Ricardo and Malthus were opposed to any government help for the poor - Rely on the laws of the free market - Economics became known as the “dismal science” because of these two men Roles the government has in regulating the economy 1. Enact laws - Workers - Business - Consumers 2. Taxation The Utilitarians - In the late 1700s, Jeremy Bentham preached Utilitarianism - Government should try to promote the greatest good for the greatest number of people - Laws or actions should be judged by their utility or usefulness - John Stuart Mill - Actions are right if they caused happiness and wrong if they cause pain - Unrestricted competition in the workforce often favor the strong over the weak - Wanted govt. To improve the lives of the working class, pushed for child labor reform Socialism - Introduced as a reaction to the effects of industrialization - Based on the idea that the factors of production are owned by the people and operate to serve the welfare of all
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- It is out of this philosophy that Marxism emerged SOCIALISM VS. CAPITALISM - Socialism is focused upon benefiting the people.. All people equal economy - Capitalism is focused on individual growth and control of economy, for profit Karl Marx - German philosopher, despised capitalism - Put forth a theory of “scientific socialism” forced to leave his home, ended up settling in london - 1848- Marx Marxism - The course of history is a constant struggle between the “haves” and “have-nots” - The “haves” are the bourgeoisie or the middle class, the “have-nots” are the proletariat - Or working class -
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