Economic Systems that develop during the Victorian Era

(Industrial Revolution)

	Philosopher	Characteristic
Laissez-Faire Capitalism	Adam Smith David Ricardo	Private ownership of the means of production with no government intervention
Democratic Socialism*	Modified Marxism	people vote for socialism government owns a large segment of the means of production but private ownership with govern- mental regulation is accepted
Utopian Socialism*	Robert Owen John Stuart Mill	government should work for its people share work & profit
Authoritarian Socialism Communism Scientific Socialism*	Karl Marx	government owns the means of production and controls all economic planning and most other aspects of peoples lives goes through stages beginning with capitalism then ends with "From each according to his abilities, To each according to his needs"achieved by violent overthrow of government
Modified Market Capitalism	Smith Ricardo Malthus	private ownership of the means of production with government regulation

Orthodox Marxists vs. Revisionist Socialist

Revisionists felt change could come peacefully

Elements impact systems of change other than just economics.

Government works for both workers and capitalists.

Who owns the means of production?

What is the role of the individual/government?