Political Science 1020E Lecture Notes - Lecture 11: Capital, Volume I, Money Changes Everything, John Stuart Mill

• School: Western University
• Department: Political Science
• Course: Political Science 1020E
• Professor: Nigmendra Narain

Document Summary

Marx on money and property: karl marx (1818-1883) Money changes everything: money transforms human relationships, mo(cid:374)e(cid:455) is the (cid:862)u(cid:374)i(cid:448)e(cid:396)sal (cid:449)ho(cid:396)e(cid:863, money talk debases our language. The true foundation of private property (cid:862)i(cid:374) a(cid:272)tual histo(cid:396)(cid:455), it is a (cid:374)oto(cid:396)ious fa(cid:272)t that (cid:272)o(cid:374)(cid:395)uest, e(cid:374)sla(cid:448)e(cid:373)e(cid:374)t, (cid:396)o(cid:271)(cid:271)e(cid:396)(cid:455), (cid:373)u(cid:396)de(cid:396), i(cid:374) sho(cid:396)t, fo(cid:396)(cid:272)e, pla(cid:455) the g(cid:396)eatest pa(cid:396)t. (cid:863) karl marx, capital, volume 1. What are property rights: owners of resources have (limited) rights to determine what to do with them, objects land, buildings, factories, cluster of rights: possess (exclude others), use, sell, give away, destroy. Some answers: promoting utility (maximize happiness, protecting natural rights, securing freedom, ensuring equality. Impartiality: equal concern: choose the distribution that maximizes happiness, well-being, or utility, diminishing marginal utility suggests that goods should be distributed equally, the incentive argument for inequality. Ro(cid:271)ert nozi(cid:272)k"s li(cid:271)ertaria(cid:374)is(cid:373: basic rights include the right to private property, entails free-market capitalism with a minimal state, forced redistribution is illegitimate.