History 1807 Lecture Notes - Lecture 20: John Stuart Mill, Thomas Robert Malthus, Shareholder Rights Plan
3 Feb 2016
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Adam smith challenges: poverty, poverty is growing during the 19th century. Rather than serve to eradicate poverty, the market merely perpetuates the problem of poverty. An essay on the price of population as it affects the. John stuart mill (1806-73: upheld his father"s ideas on utilitarianism and individualism; would embrace state power to promote opportunity and equality for individuals; eventually would come to embrace socialism, principles of political economy (1848) Challenged adam smith"s claims about economic law; suggested that economics can explain production but cannot explain distribution; production might fall under economics, but distribution is determined by societies. Challenges fatalism of political economy, suggesting that poverty is caused by the failures of distribution not the failures of production. Society thus chooses to tolerate poverty and the uneven distribution of wealth. Mill suggests that poverty is not inevitable, as some political economists had suggested. Capitalism will collapse under the weight of its internal.
