Economic and Social Philosophies in Industrial Revolution Quiz

Adam Smith is considered the father of capitalism.

Capitalism advocates for minimal government intervention in the economy.

Socialism advocates for a planned economy with centralized control.

Adam Smith is known for the idea of 'invisible hand' in economics.

Socialism advocates for the collective ownership of the means of production.

Adam Smith wrote the book 'The Wealth of Nations'.

Adam Smith advocated for the concept of the 'invisible hand' in economics.

Keynesian economics suggests that government spending should be increased during economic downturns.

John Rawls is associated with the concept of the 'veil of ignorance'.

Anarchism emphasizes the importance of worker ownership of the means of production.

Herbert Spencer is known for the idea of 'survival of the fittest' in the context of social philosophy.

Joseph Schumpeter is known for the concept of 'creative destruction' in economics.

Jeremy Bentham is known for the concept of 'utility maximization' in economics.