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Unit 3 Part 2

Global 10 Nagle

TermDefinition
Adam Smith the "father" of capitalism
Capitalism investing money into business to make a profit
laissez-faire belief that the government should have no control over business (hands off)
Thomas Malthus the economist who warned that the population was increasing faster than the food supply
Socialism idea that the government should control the factors of production to help society
Karl Marx and Friedrich Engles co-authors of the Communist Manifesto
bourgeoisie middle-class employers and factory owners
proletariat poor factory workers
Communism idea that after a revolt, workers would take control of the factors of production and government would no longer exist
Created by: beth weir