Capitalism vs. Socialism

"The Wealth of Nations" by Scottish economist Adam Smith is published. The book touches on subjects such as the division of labour, productivity and free markets and sets the foundation for capitalism.

Is a political and social philosophy that promotes retaining traditional social institutions. A person who follows the philosophies of conservatism is referred to as a traditionalist or conservative. Edmund burke

The Progressive Movement began in the late 19th and early 20th centuries in cities with settlement workers and reformers who were interested in helping those facing harsh conditions at home and at work. The reformers spoke out about the need for laws regulating tenement housing and child labor. They also called for better working conditions for women. Theodore Roosevelt

A landmark federal statute on competition law passed by Congress in 1890. It prohibits certain business activities that reduce competition in the marketplace, and requires the United States federal government to investigate and pursue trusts, companies, and organizations suspected of being in violation. It was the first Federal statute to limit cartels and monopolies.

Series of economic programs enacted by President Franklin D. Roosevelt in response to the Great Depression. The New Deal focused on the three (3) R's: Relief (for the unemployed and poor), Recovery (of the economy to normal levels) and Reform (of financial system to prevent a repeat depression).

Almost all capitalist/democratic nations throughout the world, that were 1st world nations, followed a welfare capitalist style of economics that was based on Keynes economic theories.

Thatcherism claims to promote low inflation, the small state and free markets through tight control of the money supply, privatization and constraints on the labour movement. It is often compared with Reaganomics in the United States.

These policies are commonly associated with supply-side economics, or pejoratively as trickle-down economics. The four pillars of Reagan's economic policy were to reduce the growth of government spending, reduce income tax and capital gains tax, reduce government regulation of economy, and control money supply to reduce inflation.

Utopian Socialism at New Lanark

A working class movement for political reform in Britain between 1838 and 1848. It takes its name from the People's Charter of 1838. The term "Chartism" is the umbrella name for numerous loosely-coordinated local groups, often named "Working Men's Association," articulating grievances in many cities from 1837. Its peak activity came in 1839, 1842 and 1848. It began as a petition movement which tried to mobilize "moral force", but soon attracted men who advocated strikes, General strikes and physical violence. One faction issued the "People's Charter" in 1838 and it was widely adopted by the movement. The People's Charter called for six basic reforms to make the political system more democratic:

1. A vote for every man over the age of 21;
2. A secret ballot;
3. No property qualification for members of Parliament;
4. Payment for MP's (so poor men could serve);
5. Constituencies of equal size;
6. Annual elections for Parliament.