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19th Cen Philosophy

Adam Smith Wrote the Wealth of Nations in 1776; believed in the law of supply and demand and the law of competition and laissez-fairre; system of free enterprise (capitalism)
David Ricardo Wrote the Principles of Political Economy and Taxation in 1817; English writer who applied Smith's ideas to wages; wages are determined by supply and demand
Jeremy Bentham Utilitarianism - the greatest good for the greatest number of people; no government intervention
John Stuart Mills government should work for the well-being of all of its citizens
Robert Owens Utopian Socialist - people could live at peace with each other if they lived in small cooperative settlements (comuns) of no more than 600 where everybody shared products and owned all the means of production
Karl Marx German; wrote the Communist Manifesto with Fredrich Engels; wrote Das Kapital; advocated the overthrow of capitalist system by revolution; everyone would own everything and all be equal because all decisions would be made by everyone
Created by: r0402631