ACCTG 1 Lecture Notes - Lecture 10: James Mill, Natural Religion, Fourth Estate
Document Summary
Liberalism: argues that the people are sovereign, they have to decide, rationally, but only those who are educated and rich; the active citizens who can find the general will. Positing the idea that the people were sovereign -> led to people asking for their sovereignty, their vote thus -> this led to democracy. Possession of the people: tool for protection of property (glorious revolution in. The expression of the will of the people (rousseau, french revolution: = population became an entity with a will, sovereignty protected, the private sphere of the family, the market economy where private property was produced. John locke -> the state should be subordinated to the principles of reason that govern the private conscience. Right to accumulate: wealth: supported the capitalist market society. Adam smith, invisible hand, rational individuals would act in their self-interest. Law of supply and demand: would create prosperity: liberal state as minimal state: little control of the state, individual freedom, 2.
