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Adam Smith Wealth of Nations; Father of capitalism Capitalism Individual or private firms own the business in the economic; no government interference; supply and demand; competition Laissez faire Economy will regulate itself- doesn't need government; Government of hands off the economy Jeremy Bentham believed in utilitarianism Utilitarianism Your able to judge how good something is and how right something is; Applies to laws, political institutions, actions John Stuart Mills Government needs to get involved to even the playing field; Goes against laissez faire; Monopolies; When one person or a group of people control the entire industry Thomas Malthus Uses population statistics to look at the economy; Population doubles every 20, so we will run out of resources; Natural disasters and diseases naturally decrease the population Socialism the belief that the wealth of a country should be shared equally. Controlled by community/government Robert Owen Regulator of Utopian Socialism; Transformed his factory to make it perfect- Abolish child labor, Build schools to educate the children, Increase wages, Lowering working hours, Pay women the same as men, Improves factory conditions, Decreasing his profit to do this, Failure Friedrich Engels Money behind Karl Marx; Supports Marx's family; First wealthy person to write about the ills of the factories and working class; Father owned Factory in Manchester; From the wealthy class; Wrote: The Condition of the Working Class Karl Marx steps toward a socialist society; Exiled in numerous countries for his political beliefs- end up in London; Friends with Engels- collaborate; Leader in socialism- revolutionary socialism; Economic forces drives history; Class struggle- "haves" "have nots" Communist Manifesto Document that lays out the steps for socialist society