Industrial Revolution

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Laissez-Faire Economics

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The free market (also called the market economy or capitalism) was an economic system where people could buy or sell goods or services however they want.

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Adam Smith

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wrote the Wealth of Nations. He believed the free market would help everyone, not just the rich; that goods would be sold at prices everyone could afford.

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Laissez-faire idea

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government should not interfere with the free market economy

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Thomas Malthus

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was an economist who predicted that population would outgrow the food supply. He urged families to have fewer children.

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Socialist believed

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To end poverty and injustice, socialism was a system in which the people as a whole, not just private individuals, would own the “means of production” (farms, factories, railroads, large businesses).

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Karl Marx

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was a German philosopher and a German socialist, wrote The Communist Manifesto.
He believed in Communism which was aradical form of socialism

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Proletariat

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the working class

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The bourgeoisie

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the wealthy owners of the businesses

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Comminism believed

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there should be a centrally planned economy. That means that the government makes the important economic decisions. (In a free market, like we have, the people make the economic decisions.)

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Social democracy

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In Germany in the 1860’s, German socialists created a system where capitalism (the free market) gradually shifted to socialism

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free market economy

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also called the market economy or capitalism) was an economic system where people could buy or sell goods or services however they want.

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centrally planned economy

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Under communism, there is a centrally planned economy. That means that the government makes the important economic decisions. (In a free market, like we have, the people make the economic decisions.