Responses to Industrial Revolution

Flashcards covering key concepts, terms, and figures related to responses to the Industrial Revolution.

Classical Liberalism

A political and economic philosophy advocating for individual freedoms and minimal government interference in the economy.

Laissez Faire

An economic principle that opposes government intervention in the market.

The Invisible Hand

A concept by Adam Smith describing the self-regulating nature of the marketplace.

Malthusian Theory

Thomas Malthus's assertion that population grows geometrically while food supply grows arithmetically, leading to inevitable misery.

Iron Law of Wages

David Ricardo's theory stating that wages tend to settle at the subsistence level due to supply and demand.

Utilitarianism

Jeremy Bentham's doctrine that advocates for actions that promote the greatest happiness for the greatest number.

Socialism

A political and economic ideology advocating for state ownership of production and distribution to promote mutual well-being.

Utopian Socialists

Socialists who envisioned ideal communities based on cooperative labor and shared ownership.

Christian Socialism

An ideology calling for reforms based on Christian values, promoting equitable wealth sharing and charitable efforts.

Anarchism

A political ideology advocating for the abolition of all forms of government and private property.

Proletariat

The working-class people who are seen as the architects of change in socialist and anarchist theories.

Collectivism

A political or economic system that emphasizes group goals over individual goals, often associated with socialism.