Industrial Revolution Continued Flashcards
What did Adam Smith believe in?
Laissez-faire economics
What is the free market or capitalism?
The unregulated exchange of goods and
services, no government regulation)
What is supply and demand?
The more goods that get produced, the lower the price, making goods affordable to everyone.
Where does capitalism continue?
In Europe and America.
What is the capitalism saying about capitalism?
Trickle-down economics.
Who was Thomas Malthus?
An economist, thinker, and writer.
What does Thomas Malthus predict?
population (exponential) will outpace food supply (linear)
What did nature do?
kept the population in check via war, disease, and famine.
What is carrying capacity?
how much food the earth can supply the human
population.
What is socialism?
A way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies.
Socialists believed that industrialization and Laissez-faire economics had created a gap
between the rich and the poor. THEREFORE.
The means of production should be owned by all the government.
What do democratic socialist believe?
that both the economy and society should be run
democratically—to meet public needs, not
to make profits for a few.
Who is Karl Marx?
A german philosopher.
What did Karl Marx write?
The Communist Manifesto.
Who was the first person to suggest the idea of Communism?
Karl Marx.
