SOSC 1510 Midterm: midterm note
8 Jan 2018
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Wrote the wealth of nations in 1776. Supported capitalism and called for less government intervention in the economy. He celebrated self interest and pursuit of profit. He believed competition among individuals and enterprises leads to growth and creation of wealth. Appreciated how capitalism could generate wealth if people had to compete for scarce resources they will work hard. Also warned of poor wages and working conditions. Adam smith identified the division of labor as a key to capitalism success. Meaning greater productivity came from the increased dexterity a worker could master in repeating a single task over and over again. Pin factory assigning workers specific task such as stretching wire, cutting and rewiring it: karl marx. Spent his life examining the industrial capitalism and published capital: a critique of political economy in 1867. Class conflict was central to marx"s theory of social change.
