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Lecture

capitalism.pdf

2 Pages
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Department
Integrative Studies Social Sci
Course Code
ISS 225
Professor
Patricia Molloy

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III.CAPITALISMANDHUMANBEHAVIOR - Capitalismbegantodevelopin18 centuryBritainaspartof themovementof individualism. - ItsbasicprincipleswereclearlystatedbyBritishphilosophers,SMITH,DAVIDRICARDO, andTHOMASMALTHUSANDJOHNSTUARTMILL. o Theyassumedthatmansneedswereprimarilyindividualratherthancommunal. o Individualfreedomcouldbestbepromoted,theyreasoned,bygranting ownershipof themeansof production(LAND,LABORANDCAPITAL)toprivate citizensratherthantothestate. o Thiseconomicsystemwouldbebestwithdemocracybecauseitwoulddiffuse economicpower,justasdemocracyhasdiffusedpoliticalpower. - Justasgovernmentcouldbeoppressiveinapoliticalsense,soastate-directedeconomy couldcontrolothervitalaspectsof people’slives. - Economicfreedom,capitalisttheoristbelieved,wouldalsoensureeconomicand technologicalprocess.Why? o BECAUSE
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