BCOR 1015 Midterm: Exam 2 Cheat Sheet at CU Boulder
Document Summary
Adam smith-to many seen as one of the first capitalists. Author of the wealth of nations, a precursor to the modern academic discipline of economics. Self-interest, the invisible hand (the force which naturally-with use of price signals- places the market at equilibrium) Smith believes most capitalists will master the higher level of the civic virtue of benevolence as to avoid becoming greedy and selfish. Labor is only universal, accurate measure of value. So need to shift to capitalism and trade: Autarky, and creates ineffective management sheltered from competition. Karl marx-german political economist, famous for labor theory value and class struggle. Bourgeoise- by bourgeoisie is meant the class of modern capitalists, owners of the means of social production and employers of wage labour . Proletariat- by proletariat, the class of modern wage labourers who, having no means of production of their own, are reduced to selling their labour power in order to live .
