Socialism
What created social inequality?
Free Market Capitalism
What happened to the population in the Industrial Revolution?
The population increased
Who were the Bourgeoisie?
"Haves"
What does laissez Faire mean in French
Government hands off
What Natural Resources did Britain have
What is Coal and Iron Ore
What does Utilitarianism create?
The best for all people
What did hand tools shift to?
Hand tools shifted to complex machines
Who were the Proletariats
Have nots
Who is the father of modern economics
Adam Smith
Who created the Spinning Jenny?
Who is James Hargreaves.
Which Socialism was created to have self-sufficient communities?
Utopians
What was the Domestic system replaced by?
What is Factories
Who was a the main advocate for Communism?
Karl Marx
Which famous person was an advocate of comparative Advantage?
David Ricardo
From Rivers what transportation method became revolutionized to help travel?
What is Ports, bridges, and canals.
Who would not advocate for Utilitarianism?
Capitalists because they believe you have to work hard for what you get.
Which social class would try to revolt the Industrial Revolution?
What is the Peasants. Because they had to work horrible waged jobs with horrible working conditions.
What was the main economical difference between Communism and Capitalism
Capitalism had the government hands off the economy which was unlike communism who had a hands on government
Who would not advocate for Comparative Advantage
Robert Owen because he is a Utopian who believed in Socialism
Who would not want government interfering with the economy?
Capitalists because they believe in hands off economy from the government.
Why did Robert Owens promote Utopians?
Because he wanted to create a society not impacted by competition for profit and individual advantage.
What happened to the rural areas when urbanization happened?
The rich people at the farms got richer and got to keep more of the land
Who would not want to have a classless society?
Capitalists because they believe you have to work hard to get wealthy. Not just let everyone be equals.
Who would not want bad working conditions for the working class?
John Stuart Mill and Jeremy Bentham because they advocated for improving the lives of the working class.
Which Economic Philosophy wants the government to be used
Utilitarians because they want the government to help out and promote actions that are best for the greatest number of people.