1. 19th Century Economics 101
AP European History
St. Anne’s-Belfield
Sunday, February 24, 13

2. Emerging Political Spectrum
LEFT RIGHT
Republican Liberal Conservative
(Radical)
traditional political
constitutional republic limited constitutional system
monarchy (absolute monarchy)
active government
Political action/intervention
aristocracy in positions
limited male suffrage
universal manhood of leadership
suffrage
socialist economy industrial capitalism
Traditional agrarianism
Economic anti-capitalist laissez-faire
belief in equality of
classless society individuals with traditional class structure
Social privilege of wealth based on birth and
privilege
Sunday, February 24, 13

3. ADAM SMITH:
LIBERAL ECONOMICS
Sunday, February 24, 13

4. ADAM SMITH:
LIBERAL ECONOMICS
•NATURAL LAW
Sunday, February 24, 13

5. ADAM SMITH:
LIBERAL ECONOMICS
•NATURAL LAW
•LAISSEZ-FAIRE!
Sunday, February 24, 13

6. ADAM SMITH:
LIBERAL ECONOMICS
•NATURAL LAW
•LAISSEZ-FAIRE!
• FREE MARKET COMPETITION!
Sunday, February 24, 13

7. ADAM SMITH:
LIBERAL ECONOMICS
•NATURAL LAW
•LAISSEZ-FAIRE!
• FREE MARKET COMPETITION!
Sunday, February 24, 13

8. ADAM SMITH:
LIBERAL ECONOMICS
•NATURAL LAW
•LAISSEZ-FAIRE!
• FREE MARKET COMPETITION!
• GOVERNMENT HAS A LIMITED ROLE
Sunday, February 24, 13

9. THE INDUSTRIAL REVOLUTION
Sunday, February 24, 13

10. THE INDUSTRIAL REVOLUTION
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE
URBANIZATION TOOK PLACE
Sunday, February 24, 13

11. THE INDUSTRIAL REVOLUTION
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE
URBANIZATION TOOK PLACE
•WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE
CITY?
Sunday, February 24, 13

12. THE INDUSTRIAL REVOLUTION
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE
URBANIZATION TOOK PLACE
•WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE
CITY?
MANY WHO CAME TO THE CITY DID NOT FIND A JOB AND THOSE WHO DID SUFFERED
MISERABLE LIVING AND WORKING CONDITIONS…
Sunday, February 24, 13

13. THE INDUSTRIAL REVOLUTION
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE
URBANIZATION TOOK PLACE
•WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE
CITY?
MANY WHO CAME TO THE CITY DID NOT FIND A JOB AND THOSE WHO DID SUFFERED
MISERABLE LIVING AND WORKING CONDITIONS…
•INITIALLY, HOW DID THE MIDDLE AND UPPER CLASS
RESPOND TO THE PLIGHT OF THE WORKING POOR?
Sunday, February 24, 13

14. THE INDUSTRIAL REVOLUTION
Z -
E
•DURING THE INDUSTRIAL REVOLUTION, MASSIVE
S !
URBANIZATION TOOK PLACE
I S E
•WHAT DID THE WORKERS FIND WHEN THEY MOVED TO THE
CITY?
A IR
L A
MANY WHO CAME TO THE CITY DID NOT FIND A JOB AND THOSE WHO DID SUFFERED
MISERABLE LIVING AND WORKING CONDITIONS…
F
•INITIALLY, HOW DID THE MIDDLE AND UPPER CLASS
RESPOND TO THE PLIGHT OF THE WORKING POOR?
Sunday, February 24, 13

15. THOMAS MALTHUS
AND
DAVID RICARDO
Sunday, February 24, 13

16. MALTHUS’ ASSUMPTIONS
Sunday, February 24, 13

17. MALTHUS’ ASSUMPTIONS
• POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE
ARE AVAILABLE;
Sunday, February 24, 13

18. MALTHUS’ ASSUMPTIONS
• POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE
ARE AVAILABLE;
• HOWEVER, POPULATION INCREASES IN A GEOMETRIC RATIO WHILE
FOOD ONLY INCREASES IN AN ARITHMETIC RATIO
Sunday, February 24, 13

19. STARVATION
MALTHUS’ ASSUMPTIONS
• POPULATION INVARIABLY INCREASES WHEN MEANS OF SUBSISTENCE
ARE AVAILABLE;
• HOWEVER, POPULATION INCREASES IN A GEOMETRIC RATIO WHILE
FOOD ONLY INCREASES IN AN ARITHMETIC RATIO
Sunday, February 24, 13

20. THOMAS MALTHUS’S CYCLE
Sunday, February 24, 13

21. THOMAS MALTHUS’S CYCLE
GOOD TIMES
POPULATION INCREASE
GOOD FOOD SUPPLY
BAD TIMES
POPULATION DECLINE
FOOD SHORTAGES
Sunday, February 24, 13

22. THOMAS MALTHUS’S CYCLE
GOOD TIMES
POPULATION INCREASE
GOOD FOOD SUPPLY
CONCLUSION???
BAD TIMES
POPULATION DECLINE
FOOD SHORTAGES
Sunday, February 24, 13

23. THOMAS MALTHUS’S CYCLE
GOOD TIMES
POPULATION INCREASE
GOOD FOOD SUPPLY
CONCLUSION???
BAD TIMES
POPULATION DECLINE
FOOD SHORTAGES
Sunday, February 24, 13

24. RICARDO’S IRON LAW OF
WAGES
Sunday, February 24, 13

25. RICARDO’S IRON LAW OF
WAGES
GOOD TIMES POPULATION INCREASE
HIGHER WAGES
BAD TIMES
POPULATION DECLINE
LOWER WAGES
Sunday, February 24, 13

26. RICARDO’S IRON LAW OF
WAGES
GOOD TIMES POPULATION INCREASE
HIGHER WAGES
CONCLUSION???
BAD TIMES
POPULATION DECLINE
LOWER WAGES
Sunday, February 24, 13

27. IMPLICATIONS OF LIBERAL
ECONOMIC THOUGHT?
Sunday, February 24, 13

28. Sunday, February 24, 13

29. KARL MARX FRIEDRICH ENGELS
1818-1883 1820-1895
Sunday, February 24, 13

30. LIBERAL
VS
MARXIST ECONOMICS
AT HEART, HOW WAS MARXIST
ECONOMIC THEORY (MARXISM)
SIMILAR TO THE LIBERAL THEORY OF
MALTHUS AND RICARDO? DIFFERENT?
Sunday, February 24, 13

31. MARXISM 101
HISTORY IS A SERIES OF CONFLICTS BETWEEN
THOSE CLASSES WHICH CONTROL MEANS OF
PRODUCTION (“HAVES”) AND THOSE WHICH DO
NOT (“HAVE-NOTS”)
VS.
Sunday, February 24, 13

32. MARXISM 101
HISTORY IS A SERIES OF CONFLICTS BETWEEN
THOSE CLASSES WHICH CONTROL MEANS OF
PRODUCTION (“HAVES”) AND THOSE WHICH DO
NOT (“HAVE-NOTS”)
VS.
Sunday, February 24, 13

33. MARXISM 101
HISTORY IS A SERIES OF CONFLICTS BETWEEN
THOSE CLASSES WHICH CONTROL MEANS OF
PRODUCTION (“HAVES”) AND THOSE WHICH DO
NOT (“HAVE-NOTS”)
VS.
Sunday, February 24, 13

34. MARXISM 101
SOCIETY’S INSTITUTIONS (GOVERNMENT, LAWS,
RELIGION, PHILOSOPHY, MORAL VALUES) ARE
DESIGNED TO SUPPORT THE INTERESTS OF THE
DOMINANT ECONOMIC CLASS.
Sunday, February 24, 13

35. MARXISM 101
THE ENGLISH CIVIL WAR AND THE FRENCH
REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
Sunday, February 24, 13

36. MARXISM 101
THE ENGLISH CIVIL WAR AND THE FRENCH
REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
Sunday, February 24, 13

37. MARXISM 101
THE ENGLISH CIVIL WAR AND THE FRENCH
REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
OLD FEUDAL ARISTOCRACY
(1ST AND 2ND ESTATES)
Sunday, February 24, 13

38. MARXISM 101
THE ENGLISH CIVIL WAR AND THE FRENCH
REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
OLD FEUDAL ARISTOCRACY
(1ST AND 2ND ESTATES)
Sunday, February 24, 13

39. MARXISM 101
THE ENGLISH CIVIL WAR AND THE FRENCH
REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
OLD FEUDAL ARISTOCRACY NEW BOURGEOISIE
(1ST AND 2ND ESTATES) (3RD ESTATE)
Sunday, February 24, 13

40. MARXISM 101
THE ENGLISH CIVIL WAR AND THE FRENCH
REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
OLD FEUDAL ARISTOCRACY NEW BOURGEOISIE
(1ST AND 2ND ESTATES) (3RD ESTATE)
Sunday, February 24, 13

41. MARXISM 101
THE ENGLISH CIVIL WAR AND THE FRENCH
I WIN!
REVOLUTION EVINCED AN EARLY STAGE OF
MARXIST CLASS STRUGGLES
VS.
OLD FEUDAL ARISTOCRACY NEW BOURGEOISIE
(1ST AND 2ND ESTATES) (3RD ESTATE)
Sunday, February 24, 13

42. MARXISM 101
VICTORY OF BOURGEOISIE OVER THE FEUDAL
CLASSES LED TO A NEW CONFLICT:
VS.
Sunday, February 24, 13

43. MARXISM 101
VICTORY OF BOURGEOISIE OVER THE FEUDAL
CLASSES LED TO A NEW CONFLICT:
VS.
Sunday, February 24, 13

44. MARXISM 101
VICTORY OF BOURGEOISIE OVER THE FEUDAL
CLASSES LED TO A NEW CONFLICT:
VS.
Sunday, February 24, 13

45. MARXISM 101
Sunday, February 24, 13

46. MARXISM 101
WORKERS (THE PROLETARIAT) WOULD EVENTUALLY
GAIN “CLASS CONSCIOUSNESS,” OVERTHROW
BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS
OR PRIVATE PROPERTY
Sunday, February 24, 13

47. MARXISM 101
WORKERS (THE PROLETARIAT) WOULD EVENTUALLY
GAIN “CLASS CONSCIOUSNESS,” OVERTHROW
BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS
OR PRIVATE PROPERTY
FROM EACH ACCORDING
TO HIS ABILITIES,
TO EACH ACCORDING
TO HIS NEEDS.
Sunday, February 24, 13

48. MARXISM 101
WORKERS (THE PROLETARIAT) WOULD EVENTUALLY
GAIN “CLASS CONSCIOUSNESS,” OVERTHROW
BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS
OR PRIVATE PROPERTY
FROM EACH ACCORDING
TO HIS ABILITIES,
TO EACH ACCORDING
TO HIS NEEDS.
Sunday, February 24, 13

49. WE
MARXISM 101
WORKERS (THE PROLETARIAT) WOULD EVENTUALLY
WIN!
GAIN “CLASS CONSCIOUSNESS,” OVERTHROW
BOURGEOISIE, AND CREATE A SOCIETY W/O CLASS
OR PRIVATE PROPERTY
FROM EACH ACCORDING
TO HIS ABILITIES,
TO EACH ACCORDING
TO HIS NEEDS.
Sunday, February 24, 13

50. THIS IS ALL
INEVITABLE!
Sunday, February 24, 13

51. THIS IS ALL
INEVITABLE!
ACCORDING TO MARX, THESE WERE SIMPLY THE
IMMUTABLE LAWS OF HISTORY WHICH HE AND OTHER
PHILOSOPHERS HAD IDENTIFIED AND DESCRIBED
Sunday, February 24, 13

52. LIBERAL
VS
MARXIST ECONOMICS
AT HEART, HOW WAS MARXIST
ECONOMIC THEORY (MARXISM)
SIMILAR TO THE LIBERAL THEORY OF
MALTHUS AND RICARDO? DIFFERENT?
Sunday, February 24, 13

53. COINCIDENCE?
Sunday, February 24, 13

54. COINCIDENCE?
Sunday, February 24, 13

55. COINCIDENCE?
Sunday, February 24, 13