The Beginning of the Isms

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Socialism, Capitalism, Communism Explained...

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Economic Philosophies of the Industrial Revolution: 

Economic Philosophies of the Industrial Revolution Capitalism, Socialism, Communism

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Adam Smith and Laissez-Faire Economics... Hands Off! Wrote a famous book describing his Capitalistic theory called “The Wealth of Nations.” …in his Capitalist system, the “means of production” should belong to individuals…

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Utilitarianism: The Greatest Good for the Greatest Number of People (Think of Utility meaning good/useful…hence utilitarianism—an emphasis on that which has the most utility and is therefore most useful) “It is the greatest good to the greatest number of people which is the measure of right and wrong. “ -Jeremy Bentham 1748-1842

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Left his body to Science. It was dissected and afterwards the skeleton was dressed in his clothes and was given a wax head. His embalmed real head sits at his feet. This macabre spectacle is kept in a cupboard and is only on show when he sits as “Chair” of meetings of the Council of the University College of London.

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Capitalism and Its Discontents…. As the Industrial Revolution took its course, wealth seemed to fall solely into the hands of those who owned the means of production while those who worked in the factories remained in grinding poverty…

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It appeared to many who opposed the Capitalist order of the Industrial Revolution that the world looked like so…

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Finally, what came to be known as socialism articulated the idea as so: The Industrial Revolution was one part of a historical struggle between those who possessed Capital and those who worked for capital… Andrew Carnegie…Captain of Industry One factory worker among many…

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Karl Marx articulated his position as such: All history was the ongoing struggle of classes. It was a struggle between those who owned the means of production and those that worked for the owners.

The Marxist Worldview: 

The Marxist Worldview

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To forward his ideas, Marx founded the International Working Man’s Association: or simply “The International”

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A number of people, including the man above—whom you will be seeing again in the future—advocated the establishment of communism through violent revolution.

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Modern…Democratic Socialism in its most recent manifestation. The establishment of a socialist state through Democratic elections.