Share Reforming the Industrial World
Save to Folder
What does the term laissez faire mean?
Let people do as they please with no intervention of the government.
Who is considered the father of Capitalism?
Adam Smith, a professor at the University of Glasgow, Scotland
What were Smith arguments about economy?
The three natural laws of economics
What were the three natural laws of economics about Adam Smith?
The law of self-interest, the law of competition and law of supply and demand
Who else supported Adam Smith's ideas?
Thomas Malthus and David Ricardo
Who believed that there were most people destined to be always poor and miserable?
Thomas Malthus
Which economist of capitalism secretly donated large sums of his income to charities?
Adam Smith
In what way do Capitalism and Socialism differ?
Socialism believes that governments should interfere in the economy.
Mention at least one representative of utilitarianism philosophy
Jeremy Bentham and John Stuart Mill
What is utopia?
a perfect living place
Where did Socialism start?
In France
Why were there more philosophers thinking about economy improvements?
Because of the negative effects of the Industrial Revolution.
What is Marxism?
Extreme Socialism or Communism
Which writing showed the ideas of Marxism?
The Communist Manifesto
What was the bourgeoisie?
The middle class
Who were the "have-nots" or proletarians?
Workers
