CH 6 Economic History. What is Wealth?. $1 million dollar example Intrinsic vs. subjective value . Mercantilism. Mercantilism. Economic wealth translated into military power so the pursuit of favorable balances of trade ensued.
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Conflict between slaves and masters resulted in Feudalism
Evolved into present employee and employer dialectic under the free market (capitalism)
Each case (slave, serf, employee) the producers at the mercy of the owners of production.
led to slave wages and exploitation of the working class.
He advocated for the gov’t to confiscate all tools of production and then act as a benevolent employer to all people in a revolution to overthrow the have’s.
Claim to distribute nation’s products in an egalitarian manner during a transitional socialist stage
Ultimately creating a communist society where the government ceases to exist, a truly classless society based on meeting needs is created and vices like greed, power, ambition etc. are no longer active
Critics argue the state never ceases to exist and the transition is often justified (as the ends justify the means), it often accompanied by heavy government control, censorship and oppression leading to the deaths of many.