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Industrial Revolution, the Development of Isms and the Congress System James Watt - British engineer - improvements in steam engine. Classical Economics - (Laissez-Faire Capitalism) Government should have little or no role on economy. Adam Smith - Classical economist who developed laissez-faire capitalism. Manchester School of Economics - School that practiced classical economics. Thomas Malthus - Developed “Theory on Population” that said that human population will always grow much faster than the food supply. David Ricardo - Developed the “Iron Law of Wages” which said that all workers will always be more because even if you pay them more they will just have more children and won’t be better off. He also developed “comparative advantage.” Comparable Advantage - Developed by David Ricardo stating that nations should only produce what they produce least inefficiently compared to other nations. Conservatism - Want little or no change. If there is change it should be evolutionary (natural). Edmund Burke - Wrote the “Reflections on the French Revolution,” which was a criticism that change was occurring too fast. He is the founder of modern conservatism. Reactionary - Extreme conservatives who resist ALL change. Everything should return to the past, because all change is bad. Duke of Wellington - The Prime Minister of Great Britain who was a reactionary. Classical Liberalism - They supported limited change. This was mostly supported by the middle class and provided limited voting rights. (Philosophical) Radicalism - Middle class that supported working class. Supported UMS, welfare/poverty relief, and legal reform. Refers to Great Britain. Utilitarianism - The ethical theory proposed by Jeremy Bentham and James Mill that all action should be directed toward achieving the greatest happiness for the greatest number of people.
Approximate Word count = 1114
Approximate Pages = 4.5
(250 words per page double spaced)
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