13. TA M15 L4: Reforming the Industrial World

What period do you have this class?

• 1
• 2
• 3
• 4
• 5

Which of the following is NOT one of Adam Smith's Laws of Economics?

• Law of Self-interest
• Law of Supply & Demand
• Law of Equality

According to Adam Smith, a free market economy works best when it is driven by this natural law of economics

• government rules
• large corporations
• competition

According to Karl Marx, the final stage of human history will be a society without government or social class, which he called

• communism
• the dictatorship of the wealthy
• utilitarianism

Thomas Malthus, who was alarmed about rapid population growth, predicted which of the following?

• resources and food would become scarce, causing terrible living conditions and conflicts.
• cities would adapt to growing populations by improving sanitary conditions.
• the government would regulate child labor.

According to socialists, the solution to poverty and injustice was

• armed revolution to overthrow the proletariat.
• shared ownership by the people of the means of production.
• the charity and good works of the religious community.

Jeremy Bentham, a Utilitarian (Utilitarian Philosophy) reformer, believed that

• government should play no role in the economy.
• laws should be judged by their usefulness and benefit to the greatest number of people.
• the government should make all decisions for the economy.

Karl Marx argued that history was advanced by the conflict between

• religions
• social classes
• nations

Which group of people, inspired by Robert Owen, established communities where all work is shared and all property is owned in common, in the hopes of creating the perfect society?

• Utopians
• Luddites
• Capitalists

Karl Marx despised capitalism (the Free Market) because he believed that it

• discouraged labor unions.
• limited the individual freedoms of the people.
• created prosperity for a few and poverty for many.