Economic Theories of the Industrial Revolution

Economics of the Industrial Revolution

By Meghan Harrington

Multiple Select

What 2 things did economic thinkers focus on during the Industrial Revolution?

• improvements to tenements

• benefits of capitalism

• benefits of labor unions

• conditions faced by workers

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The idea that natural laws should govern the world of business and economics was known as

Fill in the Blanks

One economic thinker who supported Laissez-faire was

Open Ended

Why did Thomas Malthus think that poverty was unavoidable?

Multiple Select

What, according to Malthus, needed to happen to deal with poverty? (check as many as apply)

• have fewer children

• famine

• illness

• war

Multiple Select

What 3 pieces of advice did Ricardo give the poor?

• have fewer children

• spend wisely

• buy crypto

• work hard

Open Ended

Submit a summary of the principle behind utilitarianism

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John Stuart Mill believed that capitalists _______________ workers and the way to prevent that is to allow workers to ______________.

Open Ended

Based on your understanding of the previous 2 slides, explain who made the profit in a capitalist venture versus a socialist venture.

Multiple Choice

How did Karl Marx feel about Utopians?

• He was all in - they are brilliant!

• He felt it was unrealistic and unsustainable

Multiple Choice

Marx and Engels felt eventually ---- would hold the power in society - which would eliminate social classes.

• nobility

• conservatives

• workers

• liberals

Multiple Choice

Marx categorized society into the "bourgeoisie" and the "proletariat" otherwise known as

• The Jets and The Sharks

• The Haves and the Have-nots

• The Zombies and The Cheerleaders

• The Uppers and the Lowers

Multiple Choice

According to Marx's ideas, eventually workers would overthrow the business owners and move from

• capitalism to communism

• communism to socialism

• capitalism to socialism

• socialism to communism

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Although attempted by multiple revolutionary groups thoughout history, Marx's ideas were repeatedly proved to be