AP Flashcards
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| 7978346055 | Adam 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 monopolies | 0 | |
| 7978346056 | David Ricardo | Iron Law of Wages wages determined by employer not government laissez faire capitalism | 1 | |
| 7978346057 | Thomas Malthus | Population growth could outpace food supply, laissez faire, checks on population: famine, war, disease -capitalism | 2 | |
| 7978346058 | Karl Marx and Friedrich Engels | Middle 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 Socialist | 3 | |
| 7978346059 | Robert Owen | utopian socialist who believed in the natural goodness of people- campaigned for child labor laws and labor unions socialism | 4 |