Philosophers Of History Flashcards
Adam smith was a
British 18th century philosopher
Philosophers of history are known as?
Economic philosophers
Adam smith wrote
The Wealth of Nations
The wealth of nations is
Celebration on unregulated capitalism
Belief is capitalism fixes virtually any social problem (provided there are two conditions)
1st condition of capitalism
Laissez faire “hands off”
No government regulation of business “free market”
2nd condition of capitalism
Presence of the “invisible hand”
The “invisible hand” is
Serve the public good with out presenting a clear profit motive
Karl Marx was a
19th (1800’s) century philosopher
Karl Marx was a critic of what
Capitalism
Karl Marx defines what two social groups
Ruling class
Working class
The ruling class
Control the means of production
All aspects of things are made or produced
The working class
Has only it’s labor to sell - lives by the sweat of their brow
The ruling class uses what to divide the working class
Wedge issues - divides the working class against itself
Define class confusion
Member of one economic group, mainly working class, mistaking,y identifies with the beliefs and values of the other economic class
They will vote and support policies that are against their own interests
Adam smith summary in two words
“Free markets”
