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Department
Political Science
Course
Political Science 2102A/B
Professor
notapp
Semester
Fall

Description
Adam Smith: - Division of labour into specialized, routine task o Increases dexterity of each worker o Saves time o Invention of machine made work capable for all - Allowed even women and children to perform tasks they became simple and easy - Purpose of trade was to exchange own surplus for surplus of others - Market economy provides universal opulence and improved standard of living for bulk of population - Wanted to remove protectionism to promote trade and to maximise competition - “wants” becoming “needs” - Welfare bad, made people only work for what is needed - “invisible hand” market forces push supply and demand to equilibrium - Government should give individual ability to purse self-interest Moser - Markets destroyer of uniqueness of individuals work o Difference natural and good - Markets destroy local culture sense of community - Division of labour creates dependency - Import create desire for things unnecessary - Economy won’t be able to support increase in population that follows a wage increase Marx - Increase in population determined by production - Development of property ownership: Tribal (means of survival for family)  state (union of tribes, communal ownership and common interest )  feudal (based on community, nobles have powers) - First premise of human existence  live to be able to make history 1) Produce to satisfy means of life 2) Satisfying original needs leads to new needs 3) Men remake other men to propagate their kind (family) - Labour now a commodity wages paid sum for labour o Sells life activity for subsistence to survive - Wages rise and fall according to supply and demand o Competition between labour buyers and sellers - Institutions operate for those in power, purse self-interest - Democracy will not operate in interest of all - Class conflict inevitable outcome of market economy, destruction of middle class - Capitalism a veil far greed - Product value is value for greed - Product value is value of labour input, doesn’t account for land capital - People identified by their class only in capitalism - Emancipation of state from all religion - Must not allow religion to prevent duties to state - Must view religion as an element of state - Give no recognition to religion, view state as purely a state expel religion from public law - Man regarded as communal being Schumpeter - Peasants assert energy in pursuit of self interest capitalist rationalize this to pursue their interest o Creating monetary unit for cost-benefit analysis o Create new class/class movement - Capitalism provides means to improve standards of living o Higher standard of living creates new wants - Stationary state occurs when production process perfected o Profits reach 0 class disappears creates socialist state - Entrepreneurs revolutionize production 1) Lies outside routine tasks 2) Environment may resist new innovations - Decline of competition through monopolization o Attacks small firms to create monopoly - Believes in elitist ability to better mankind - Democracy creates mass parties  socialism - Creativity leads to efficiency in production - Monopolies lead to profits, more efficient in production o Won’t be long lasting due to copiers - Capitalis
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