Key Terms

Chapter 5
Chapter 5 Section 4

English economist who argued that increases in population would

Thomas Malthus:
outgrow increases in the means of subsistence. We produce less food and
supplies than the amount of people there are.

Jeremy Bentham: English philosopher and jurist; founder of utilitarianism

Utilitarianism is the idea that the moral worth of an action is decided

Utilitarianism:
mainly on its contribution to happiness.

Socialism: Economic system based on state ownership of capital

Combination of the means of labor--such as machines, tools,

Means of production:
and equipment--and the subject of labor used by workers to make products

Welsh industrialist and social reformer who founded cooperative

Robert Owen:
communities

Karl Marx: Was a German composer, conductor, and educator

Communism: A form of socialism that abolishes private ownership

Proletariat: A form of socialism that abolishes private ownership

Belief in a gradual change from capitalism to socialism by

Social democracy:
democratic means