Back to Adam Smith Laissez-faire capitalism Competition
Self-interest Private Ownership Division of Labor
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Supply and Demand: The Free Market
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Thomas Malthus (1766-1834) An Essay on the Principle of
Population (1798) laissez-faire
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David Ricardo (1772-1823) The Iron Law of Wages
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The Dismal Science
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The Utilitarians Jeremy Bentham The Greatest Good for the
Greatest Number John Stuart Mill Government SHOULD be involved
Advocated giving the vote to women and workers
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What is socialism? Capitalism Self-Interest Laissez-Faire
Private Ownership Competition Socialism Collective interest
Government involvement Public ownership Cooperation
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Robert Owen (1771-1858) and Utopian Socialism New Harmony,
Indiana
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Karl Marx (1818-1883) and Friedrich Engels (1820-1893) and
Scientific Socialism
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The Condition of the Working Class in England (Engels, 1844) I
charge the English middle class with mass murder, wholesale
robbery, and all the other crimes in the calendar. Engels,
1844
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The Communist Manifesto (1848) Das Kapital (1867)
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Main Ideas Class conflict Impact of Industrialization
Alienation Labor Theory of Value Dialectical Materialism Hegel s
dialectic turned on its head An inevitable historical process
(hence scientific socialism )
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Dialectical Materialism Marx framed this in economics CLASS
CONFLICT Stages of history (these are scientific) 1.Primitive
communism 2.Slavery 3.Feudalism 4.Capitalism 5.Communism