Karl Marx
What is the term in Marx’s theory that asserts the way goods are produced and who controls that production ultimately shapes the rest of society’s structures and relationships?
Historical Materialism
What did the Ricardian Theory of Iron Wages argue?
Wages will tend to fall to the minimum amount necessary for a worker to survive.
What is the only example of a population policy that was covered in the slides?
China’s One-Child policy
What were three main ideologies of John Stuart Mill that he strongly advocated for during his years?
Utilitarianism, Gender Equality, Individual Freedoms
Marx’s critiques of capitalism and call for worker unity helped accelerate the formation of these organizations, which collectively bargained for improved wages and safer factory conditions during the Industrial Revolution.
Labor Unions
What was promoted by the Ricardian Theory of Comparative Advantage?
Free Trade
What did Malthus argue in his famous work, “An Essay on The Principle of Population”?
Population grows exponentially but food production doesn’t increase at the same rate, which would lead to shortages.
How did John Stuart Mill’s concepts on Utilitarianism come to be so strongly embedded in all aspects of his philosophies?
His father, James Mill, was a utilitarian as well as a long-time friend of the founder of Utilitarianism, as a result, it was implemented throughout his childhood.
By highlighting the exploitation in industrial capitalism, Marx’s ideas contributed to 19th-century debates that ultimately paved the way for legislative reforms—like Britain’s Factory Acts—designed to protect employees from harsh working conditions. What broader movement do these reforms represent?
Early labor or factory reform laws
What did the Ricardian Theory of Comparative Advantage argue?
Countries should specialize in producing goods that have low opportunity costs in other countries
How did Malthusian theory influence public attitudes toward the poor and the policies aimed at limiting their support?
The public blamed the poor for their plight
In John Stuart Mill’s book about political economy, what did he imagine to be the ideal work system?
Mill’s belief that workers should have more influential choices about the management of the enterprise, and managers had the choice to hire and remove employees.