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Industrial Revolution Economics, Created by Scottish economist Adam Smith…
Industrial
Revolution Economics
Communism
Form of socialism
Government controlled market
All social classes merge into one
Command economy took of in certain countries
Socialism
People and government share buisnesses
Emerged as a response to Industrial Revolution Capitalism
Opposite of capitalism
Limits the exploitation of workers and benefits the working class
Developed by Karl Marx who also supported communism
Wrote the Communist Manufesto
Capitalism
Trade market free from government control
Lead to the creation of a working class, urban expansion and population growth
A direct result of the Industrial revolution because industrialism lead to new businesses and a market uncontrolled by the government
Cons of Capitalism were that it lead to the exploitation of workers and divided social classes
Social Darwinism
Social theory that used Charles Darwin’s theories of natural selection to justify political, economic and social views.
Charles Darwin was a British scientist who wrote the book On the Origin of species and discovered the theory of Matural Selection
Herbert Spencer took the theories of Charles Darwin to explain how a certain races are better in wars, economics, society and wealth
Social Darwinism supports Capitalism
Believed people of European descent where superior
“Survival of the Fittest”
Hitler and Nazi German used the theories of Social Darwinism to genocide Jewish people
The Jewish people were the “unfit” and helping them would delay the process of natural selection
Created by Scottish economist Adam Smith, known as the “father of capitalism”
