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Classical Economists

Classical Economists. Mathus, Ricardo, Nassau Senior, and James Mill—classical economists Emphasis on thrift, competition, and personal industriousness

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Classical Economists

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  1. Classical Economists Mathus, Ricardo, Nassau Senior, and James Mill—classical economists Emphasis on thrift, competition, and personal industriousness Thomas Malthus –Essay on the Principle of Population (1798) – insisted population would outstrip food supply making famine & misery inevitable—very pessimistic outlook
  2. Classical Economists cont’d David Ricardo – Principles of Political Economy (1817) – “iron law of wages” contended that increasing wages would lead workers to have more childrenas # of workers increased, their wages would decline—pessimisticno room for a better future His ideas supported employers reluctance to raise wages
  3. Classical Economists cont’d Jeremy Bentham – believed in utilitarianism – greatest happiness for the greatest amount of people Poor Law – set out to make poverty the least desirable of all social situations –gov’t relief given only from workhouses. Workhouse life intentionally unpleasant Corn Laws repealed 1846 – tariffs on corn abolished—led to lower food prices and wages at no real cost to the worker Meant to feed the starving Irish
  4. Utopian Socialists Utopian Socialists – advocated creation of ideal communities based on cooperation rather than competition, questioned capitalism Term “utopian socialist” coined by Marx to ridicule them and distinguish his “scientific” socialism
  5. Utopian Socialists con’t Count Claude Henri de Saint-Simon –didn’t want to redistribute wealth, but have it managed by experts – large group of directors organizing and coordinating activity of individuals & groups to achieve social harmony Not the redistribution of wealth, but its management by experts, would alleviate the poverty and social dislocation of the age.
  6. Utopian Socialist Robert Owen – saw no incompatibility between a humane industrial environment and a good profit envisioned communities where people factory and farm workers lived together and shared their resources New Harmony, Indiana – fails due to quarrels amongst workers
  7. Utopian Socialism Charles Fourier – focused on the idea of boredom—thought you should do different tasks Louis Blanc —Frenchman who did not want competition, called for the vote for the working class
  8. Anarchists Anarchists – rejected both industry and the dominance of government Auguste Blanqui – called for violent overthrow of capitalism & the state Pierre-Joseph Proudhon – peacefully advocated for mutualism – a system of small businesses would have a cooperation and exchange of goods based on mutual recognition of the labor
  9. Karl Marx and Marxism Karl Marx – believed class conflict will eventually lead to the triumph of the industrial proletariat over the bourgeoisie and the abolition of private property and social class – becomes to be known as Marxism Karl Marx’s socialist philosophy eventually triumphed over most alternative versions of socialism in Europe, but his monumental work became subject to varying interpretations, criticisms, and revisions that continue to this day. Bildarchiv Preussischer Kulturbesitz
  10. Friedrich Engels published The Condition of the Working Class in England – devastating picture of conditions in industrial life He & Marx wrote Communist Manifesto – more radical change then socialism – outright abolition of private property, not just redistribution
  11. Marxist Philosophy 19th c society split into 2 great classes: bourgeoisie and proletariat” (as owners of means of production the bourgeoisie=the thesis; the proletariat=the antithesis) Believed the class struggle between bourgeoisie and proletariat would lead “to the dictatorship of the proletariat” This “dictatorship of the proletariat:” would be the transitional phase leading to “a classless society”
  12. 1848—Year of Revolutions liberal and nationalistic revolutions occur because across the Continent… crop failures/food shortages/rising prices unemployment poor working conditions Political liberals pushing for their program of more representative gov’t, civil liberty, and economic freedom All revolutions failed to establish genuinely liberal or national states—conservative order proved too strong Revolutions occur in France, Austria, Italian and German states Nationalism a common factor outside of France
  13. Revolution in France—1848 liberal revolution – led to the abdication of corrupt Louis Philippe June Days—Conservative property owners dominate Louis Napoleon – “Little Napoleon” elected president of the Second French Republic –promising to restore order at home and glory abroad. leads to a dictatorship in which Louis is crowned Emperor Napoleon III. Frenchwomen (1848) – feminists demand full domestic equality, right to serve in the military and voting rights, but are defeated,
  14. The Hapsburg Empire Vienna Uprising – abolished serfdom quells Hungarian independence movement Magyar Revolt—led by Louis Kossuth Magyars wanted separate Hungarian state fails as Romanians, Croatians and Serbs prefer stay with Hapsburgs to preserve their national identity Czech Nationalism –wanted unified Slavic state, but nationalistic efforts repressed by Germans and middle class Northern Italy – revolt against Hapsburg domination leads to war in 1848-1849—crushed August 1849 with Russian help
  15. Italy: Republicanism Defeated Nationalists want united Italian state under Pope Pius IX radicals wanted a republic; radicals led by Giuseppe Mazzini Giuseppe Garibaldi radicals defeated by nationalists and French forces Pope Pius IX – renounces his liberalism and becomes arch conservative
  16. Germany: Liberalism Defeated Revolution in Prussia Frederick William IV – announces Prussia will help unify Germany, ending Prussian monarchy Frederick and his conservative supporters ignore the liberals and put in three class voting – based on tax classes - only 5% of the population elected one-third of the Prussian Parliament Frankfurt Parliament –failed to unify the nation Encouraged growth of authoritarianism and militarism in Germany Prussia’s military & autocratic tradition led unification movement William IV of Prussia rejects the crown offered by the assembly the Parliament dissolves
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