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7978346055Adam Smith (1723-1790)Wealth of Nations- advocated free trade and "the Invisible Hand of competition" laissez faire capitalism- competition beneficial- supply and demand problem: no solution for monopolies0
7978346056David RicardoIron Law of Wages wages determined by employer not government laissez faire capitalism1
7978346057Thomas MalthusPopulation growth could outpace food supply, laissez faire, checks on population: famine, war, disease -capitalism2
7978346058Karl Marx and Friedrich EngelsMiddle Class family The Communist Manifesto- workers are exploited as owners become wealthy- all means of production collectively owned, no more classes economic equality problems: no society ever successful, underestimates motivation and greed Scientific Socialist3
7978346059Robert Owenutopian socialist who believed in the natural goodness of people- campaigned for child labor laws and labor unions socialism4
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