Exam 1 Flashcards
(39 cards)
Adam Smith
thought of as the father of capitalism, believes that individuals will collectively aggregate into a social fabric mediated by market exchanges, big proponent of division of labor
Alienation
a theory by Karl Marx that states that under a capitalist system, workers feel detached from the products of their labor, the process of their labor, themselves, and others.
artisan republicanism
Emphasis on the 1700s to early 1800s individual small-scale craftsmen who owned their tools and workshops. The beauty of these people is that they were their own bosses and had full freedom and independence as they weren’t reliant on anyone for wages. These people were against the market revolution as while people moved to work in big factories, it put the artisans in danger. Artisan republicanism was the fight for independent small-business owners fighting against the larger industrial model of the nation.
Augusto Pinochet
a Chilean officer who with the backing of the US government overthrew the democratically elected Chilean socialist president in a coup. He would end up instituting radically free markets suggested by the Chicago boys.
bourgeois revolution
a movement where the middle class, which contained merchants, industrialists, and doctors would overthrow the current order to create a new society that favors capitalist ideals. Marx believed that they would eventually be overthrown by the proletariat in a socialist revolution
capitalist morality
the belief that capitalism is the best system because it is associated with positive values such as freedom and democracy. Alternatives are viewed with the idea that they are possible but against certain values.
capitalist realism
the belief that capitalism is the only system and is discovered in nature and not man-made. Rejects all alternatives as unreasonable or impossible. Because it is natural law, it is immune to any evaluation.
chattel principle
refers to the treatment of slaves like property. The idea that slaves were no different than livestock and could be bought, sold, or traded and they were at complete disposal of their owners.
class consciousness
Workers have an objective condition of powerlessness and poverty and workers are aware of this. Marx believes that when workers are aware of this and realize they are a part of a group with similar interests. Leads them to all act together collectively.
classical liberalism
The idea that was prominent during the enlightenment period that emphasized free markets, low government, and individual freedom. Believed that the rules of law should be created through a democratic process and be equal to all citizens.
commodity fetish
when people become obsessed with the economic value of objections and ignore the human side of the labor that it took to produce the object. Where what is being bought and sold are treated as things and the social aspect goes unnoticed.
cotton boom
when cotton became super important in the south because of the high demand for textiles. The cotton was often produced by slave labor and this was increased with the invention of the cotton gin.
exchange value
the value of a product based on trade on the marketplace NOT what it can do for you.
market degradation
the belief that by putting certain items on the market, they lose some of their intrinsic value
democratic socialism
the plan to have a socialist economy where everything is collectively owned and controlled, while having a democratic political system although these two are often seen as contradictory.
division of labor
a concept that by giving everyone in a society different roles, it will increase the productivity, efficiency, and prosperity of the society altogether by allowing people to specialize in certain fields.
double movement
when society pushes back to defend itself as it believes that capitalism has gone too far and society moves to a much more socialist environment. Initially theorized by Karl Polanyi.
embeddedness
the system of accumulating capital relies on a set of institutions and social structures that are not inherently capitalist, but are necessary for accumulation to continue. Government is the #1 example of this.
fellow feeling
a concept from Adam Smith about how humans naturally tend towards sympathy and understanding towards one another. This human nature to care about not only oneself but also others in a society will help ensure justice and fairness in a society.
Frederik Hayek
a British theorist who was massively in favor of capitalism and believed that tampering with markets is unnatural and more regulation inherently led to less freedom. Government should only exist to protect rights and not a government that redistributes wealth because that is totalitarianism. Wrote The Road to Serfdom
internal improvements
the term used to describe the massive creation of infrastructure in the United States in the 1800s that created roads, turnpikes, and harbors which massively bolstered the US economy
internal slave trade
when slaves were traded within the United States. This brought economic benefits to the entire south
Karl Marx
A german theorist and anti-capitalist who believed that capitalism would inevitably overthrow itself and that capitalist is inherently leading to exploitation
Karl Polanyi
Wants socialism by democratic means because he believes that capitalism is an unstable system and believes that the idea of an unregulated market is a myth. Embeddedness is one of his core ideas. Wrote the Great Transformation
