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Early Capitalism’s DiscontentsMarx, Engels, and the Communist Critique
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Today�s Class• Brief Review
• The Perils of
Markets
• Capitalism’s
Discontents
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Our Story So Far…
Smith Ricardo
CLASSICAL LIBERALISM
List
MERCANTILISM
Marx
MARXISM
Engels
MODERNIZATION
THEORIES
Weber Rustow
ANTI-COLONIALISM &
DEPENDENCY THEORY
Lenin Gunder
Frank
KEYNESIANISM
Keynes
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Our Story So Far…
Smith Ricardo
CLASSICAL LIBERALISM
List
MERCANTILISM
Marx
MARXISM
Engels
MODERNIZATION
THEORIES
Weber Rustow
ANTI-COLONIALISM &
DEPENDENCY THEORY
Lenin Gunder
Frank
KEYNESIANISM
Keynes
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Brief Review
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Medieval Political Philosophy
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Classical Mercantilism• Driven by economic
nationalism, competing states restricted imports in an attempt to generate trade surpluses to enhance state wealth and power, and protect domestic constituencies.
Philip III of Spain
Philip IV of Spain
George IIICharles II
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Theorists of Nationalism
Alexander Hamilton, USA, 1755-1804
Friedrich List, Prussia, 1789-1846
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ProtectionismMercantilism relies on “protectionist” policies that seek to guard national economic interests (e.g. producers) against outside competition.
• Tax laws (e.g., tariffs or duties
on imported goods)
• Regulatory laws (e.g. public
health laws, environmental
protections)
• Quota laws (limits on
quantities of certain imported
goods)
• Anti-dumping laws (laws
prohibiting selling below
production cost)
• Subsidies (e.g., Government-
supported monopolies)
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What are the benefits?Why would a country close itself off from competition?
U.S. President Donald Trump (2016-
???)
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The Hazards of SpecializationA. National security
concernsB. Implications for
vulnerable domestic producers
C. Protection of national customs and traditions
The original Dukes of Hazzard bought
only American-made products,
preferring protectionism over gains
from trade. At least, I think so.
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A. National Security Concerns
lLosing complete self-sufficiency in the production of weapons or food (e.g., rice) may present a national security concern.
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B. Domestic Effects of Trade
When a country does not have a comparative advantage in a given factor, imports of that good tend to lower domestic prices of that good.
The Stopler-Samuelson Theorem posits
that trade lowers the price of a scarce
factor of production (e.g., labor), while
protection raises its price.
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C. Loss of Traditional Way of Life
lWork is not just about making money, it is a way of life and a part of our identity.
lLosing a job and losing an industry can destroy people’s way of life, and sense of self.
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The Perils of Markets
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The Industrial Revolution
• The 18th and 19th centuries brought technological innovations in energy(coal to steam), production (machinery), transportation(railroads), and communications.
The invention (or perfection) of the steam engine by Thomas
Newcomen (1712) made it possible to harness the power of
combustion to increase productivity and speed up the transportation of goods in the
economy.
Technological Change and Industrial Restructuring
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The Problem with Markets
• Equity
• Public goods
• Sustainability
• Stability
• Morality
Left to their own devices, markets can have
difficulty achieving:
You want a toe?
I can get you a
toe this afternoon.
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19th & 20th century
labor strikes
The May 4, 1883 Haymarket Riot in Chicago arose from growing class polarization in the late-19th
century, and is considered one of the inspirations for international May Day observances. Chavez
fought for farm worker rights in the 1960s.
Worker’s Rights
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19th & 20th century female
repression
Gender Equality
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19th & 20th century child labor
exploitation
Child Labor Laws
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19th & 20th century child labor
exploitation
Safety Standards
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Public Goods
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Public Goods
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19th & 20th century
smokestacks and pollution
members.aol.co
m/
captncandlepowe
r/portfolio2.html
Modern industrial emissionsEarly carbon emissions
Environmental Protection
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Stock Market Cycles
Market Instability
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Brief History of Financial Crises
• Panics of 1819, 1825, 1837, 1847
• Panic of 1857 (Recession)
• Panic of 1873 (Great Depression)
• Panic of 1893 (Bank Failures)
• Panic of 1907 (Recession)
• Panic of 1929 (Great Depression)
• Crisis of 1970s (Oil Crisis)
• S&L Crisis of 1989-91 (Bank Failures)
• Crash of 2001 (DotCom Bubble)
• Crisis of 2008 (Financial crisis)
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Amoral Markets
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Capitalism’s Discontents
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The Communist Manifesto• What was the goal of
the authors of The Communist Manifesto?
• What is their main argument, and against whom or what?
• What is the prescription that follows?
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Objective of the Manifesto
Published in 1848, on commission from the Communist League, the manifesto offered arguments and predictions intended to mobilize the proletariat to overthrow bourgeois (capitalist) states to generate a classless, stateless society
1861
1877 1840
1839
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A Brief History of Marxist Thought
1843—Outlines of a Critique of
Political Economy (Engels)
1846—The German Ideology (Marx
& Engels)
1848—The Communist Manifesto
(Marx & Engels)
1852—The Eighteenth Brumaire of
Louis Napoleon (Marx)
1853—Capital (Marx & Engels)
1861
1877 1840
1839
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Early Works• In his first economic
treatise, Outlines of
a Critique of
Political Economy, Engels examines the history of economic thinking and the emergence of the classical liberal approach.
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Critique of Political Economy“Political economy came
into being as a natural
result of the expansion of
trade, and with its
appearance elementary,
unscientific huckstering
was replaced by a
developed system of
licensed fraud, an entire
science of enrichment.
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Critique of Political EconomyOn Mercantilism: “The
cardinal point in the whole
Mercantile System is the
theory of the balance of
trade… When more had
been exported than
imported, it was believed
that the difference had
come into the country in
ready cash, and that the
country was richer by that
difference.
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Critique of Political Economy
“Was Smith’s system,
then, not an advance? Of
course it was... It was
necessary to overthrow
the mercantile system
with its monopolies and
hindrances to trade, so
that the true
consequences of private
property could come to
light.
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Critique of Political Economy
“The term national wealth
has only arisen as a result
of the liberal economists’
passion for generalization.
As long as private
property exists, this term
has no meaning. The
‘national wealth’ of the
English is very great and
yet they are the poorest
people under the sun. (p.
86)
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Critique of Political Economy
“The immediate
consequence of private
property is trade —
exchange of reciprocal
requirements—buying and
selling… In every
purchase and sale... Two
men with diametrically
opposed interests
confront each other...”
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Critique of Political Economy“[T]he first maxim in trade is
secretiveness… The result is
that in trade it is permitted to
take the utmost advantage of
the ignorance, the trust, of the
opposin party, and likewise to
impute qualities to one’s
commodity which it does not
possess. In a word, trade is
legalized fraud. (p. 87)
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Critique of Political EconomyThe second maxim is the
theory of value: ”What cannot
be monopolized has no value,
says the economist.”
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Critique of Political Economy“In the struggle of capital and
land against labour, the first
two elements enjoy yet
another special advantage
over labour – the assistance
of science… is directed
against labour. Almost all
mechanical inventions, for
instance, have been
occasioned by the lack of
labour-power”
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Expanding the ArgumentHISTORICAL MATERIALISM• History as class struggle• Class struggle as political
struggle & “engine of history”
• Bourgeois seeks to replicate itself, but sows the seeds of its own destruction
• Communists as the true voice of the proletariat
• Communism = end of history
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Hegelian Dialectic
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Dialectical Materialism
• Mode of production in society sets the
parameters for the political economy
• Economic structure determines social and
ethical relations of society
• Dialectical contradictions between the
forces and relations of production provoke
change
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Dialectical Materialism
From primitive communism to slavery, feudalism,
capitalism, socialism, and pure communism
“The bourgeoisie, wherever it has got the upper hand, has put
an end to all feudal, patriarchal, idyllic relations…
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The Problem of Modern Industry“Modern industry has converted the little workshop of the patriarchal master into the great factory of the industrial capitalist.” —Marx and Engels
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The Worker and the Man“Not only are they [the proletariat] slaves of the bourgeois class, and of the bourgeois state; they are daily and hourly enslaved by the machine, by the overlooker, and above all, by the individual bourgeois manufacturer himself.”
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The Re-Gendering of Work“The less the skill and exertion of strength implied in manual labor… the more modern industry becomes developed, the more the labor of men is superseded by that of women.”
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Working Poor vs. Filthy Rich“The modern labourer… sinks deeper and deeper below the conditions of existence of his own class… And here it becomes apparent that the bourgeoisie is unfit any longer to be the ruling class in society.”
Average wage:
Wallmart ($11.22)
In 2015, CEO C.
Douglas McMillon
made $19,070,249
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Civilized vs. Barbarian Nations“The bourgeoisie, by rapid improvement of all instruments of production, by the immensely facilitated means of communication, draws all, even the most barbarian, nations into civilization.
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The Sorcerer’s Apprentice“Modern bourgeois society… is like the sorcerer, who is no longer able to control the powers of the nether world whom he has called up by his spells.”
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The End Result“What the bourgeoisie therefore produces, after all, are its own grave diggers. Its fall and the victory of the proletariat are equally inevitable.”
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Later Works• To explain the failures
of Communist revolution, Marx studied French revolution in his work, the 18th Brumaire of Louis Napoleon (1952)
• Later he and Engels developed a more expansive treatment in the three volumes of Das Kapital
Men make their own history, but they do not
make it as they please; they do not make it
under self-selected circumstances, but under
circumstances existing already, given and
transmitted from the past. Marx, The 18th
Brumaire of Louis Napoleon
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Was Marx Wrong?
• Was Marx�s critique of the capitalist system, and the stranglehold of economic interests on the state ultimately valid?
• What were the problems with Marx�s historical predictions?