R EFORMING THE I NDUSTRIAL W ORLD Section 4 Ch. 25.
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Transcript of R EFORMING THE I NDUSTRIAL W ORLD Section 4 Ch. 25.
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REFORMING THE INDUSTRIAL WORLD
Section 4Ch. 25
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CAPITALISM
• Laissez faire refers to the economic policy of letting owners of industry and business set working conditions without interference
• Adam Smith wrote in his book The Wealth of Nations that economic liberty guaranteed economic progress
• Smith’s three laws of economics were• the law of self-interest• the law of competition• the law of supply and demand
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CAPITALISM
• Smith’s ideas supported capitalism- the economic system in which the factors of production are privately owned and money is invested in business ventures to make profit
• Smith and other laissez-faire thinkers opposed government efforts to help poor workers
• They believed that a minimum wage and better working conditions would upset the free market system
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UTILITARIANISM
• Utilitarianism was a philosophy that supported government intervention.
• The main idea of this philosophy was that people should judge ideas, institutions, and actions based on their utility, or usefulness.
• Governments should try to promote the greatest good for the greatest number of people.
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THE RISE OF SOCIALISM
• Socialism is an economic system in which the factors of production are owned by the public and operate for the welfare of all
• Karl Marx was a German journalist introduced a radical type of socialism called Marxism
• Marx believed that human society has always been divided into warring classes
• The final phase of socialism is pure communism in which private property and governments cease to exist
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UNIONIZATION
• To press for labor reforms, workers joined voluntary associations called unions
• Unions would engage in collective bargaining, negotiations between the workers and their employers
• If factory owners refused the demands, the workers would strike
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UNIONIZATION
• Unions were outlawed by the British Combinations Acts of 1799 and 1800
• Workers ignored them and by 1824 the government repealed the acts
• By 1875, British unions had about 1 million members• In the U.S. the largest labor union was the American Federation of
Labor (AFL), which was formed in 1886 by several unions
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REFORM LAWS
• In Britain, Parliament passed the Factory Act of 1833, with the following provisions
• Illegal to hire children under age 9• Children 9-12 could work no more than 8 hrs• Young adults 13-17, no more than 12 hrs
• In 1919, the U.S. Supreme Court ruled against a child labor law, arguing it would interfere with state’s rights to regulate labor
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THE ABOLITION OF SLAVERY
• From 1807 to 1833, Britain slowly worked to end its slave trade
• Some members of Parliament argued against slavery for moral reasons, others for economic reasons
• Slavery ended in the U.S. in 1865, Puerto Rico-1873, Cuba-1886, and Brazil-1888