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Published byJasmin Stanley Modified over 9 years ago
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TMC
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C -------- C ----------- S ------------ C --------- M
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Who owns the production resources? Who makes the decisions?
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Who was a founding thinker? What book(s) did he write?
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Wrote The Wealth of Nations Introduced the idea of “ the invisible hand ” Laissez-faire economics
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David Ricardo Called capitalism “The Dismal Science” “The Iron Law of Wages” – raising wages would only cover cost of necessities
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Predicted population increase would grow faster than food production (he was wrong… at that time) Urged population control: fewer children, no handouts, no vaccinations
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You sell one and buy a bull!
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Jeremy Bentham Utilitarianism : The greatest happiness for the greatest number
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“The only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others.”
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Who owns the production resources? Who makes the decisions?
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Bourgeoisie (aka: the “haves”) Proletariat (aka: the “have-nots”)
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The government takes them and gives you the milk.
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Who makes the decisions? Who owns the resources? › Some things are owned by the government (examples?) › Some things are owned by individuals (examples?)
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The government takes one and gives it to your neighbor.
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