Introduction
The Economic Revolution
And
TheWonderful World of Adam Smith
1. What element found in primitive societies but lacking in advanced communities is necessary for
the survival of the human animal? p.19
2. List three ways civilizations have found to guard against the breakdown of the community.
p. 19, 20, 21
3. What “sin” was it to seek riches for riches’ sake? p.23
4. Early capitalists were often ________________________.
5. Why did it take so long for the idea of personal gain in business dealings to develop as a
desirable end? p. 25
6. When did the idea of making a living develop? p. 26
7. What is the market system really? p. 27
8. When did the idea of land, labor, and capital in the abstract emerge? p. 28, 29, 30
9. What effect did enclosure have upon England? p.32
10. What were the processes of internal growth that brought about the economic revolution?
p. 34, 35, 36
11. What are some general characteristics and achievements of Adam Smith?
12. What problems absorbed Adam Smith’s attention? p. 53, 54
13. What is the driving force to guide men to work, according to Adam Smith? p. 55
14. What regulated competition in the marketplace? p. 56
15. List those things which propel the marketplace. p. 64, 65
16. What is the sole and end purpose of all production, according to Smith? p. 68
17. To what was Adam Smith strongly opposed? p. 69
Malthus, Ricardo, and the Utopian Socialists
1. What were the effects of enclosure, as discussed in Ch.2?
2. According to Ricardo,
a. why were landlords villains?
b. to whom were the capitalists at the mercy of?
c. what was the plight of workers?
d. what were capitalists seeking?
3. According to Ricardo,
a. what effect did progress have on society?
b. why were industrialists and land owners divided over the price of food?
4. What two important ideas did the Rev. Robert Thomas Malthus’ anonymously published An Essay on
the Principles of Population as it Affects the Future Improvement of Society promote?
5. According to Malthus,
a. the number of people on the earth would eventually do what?
b. what should be done about population control?
6. What is Malthusian Doctrine? Explain it.
7. Who was the first economic statistician?
8. Whom did Malthus praise?
9. What did Malthus believe about charity to the poor?
10. What did Malthus say in regard to general gluts?
11. What have statistics shown about Ricardo and Malthus?
12. Why has Malthusian Doctrine not come to pass?
13. Who were the utopian socialists?
14. What characteristic did the utopian socialists share?
15. Look at each utopian socialist.
a. From what country did each originate?
b. Which country did each influence?
c. What were each man’s ideas?
16. Which of the utopian socialists legitimized the utopian socialist movement?
Marx and the Victorian Underworld
1. What was “the spectre that haunted Europe” in 1848?
2. Marx
a. who were his parents
b. where was he born
c. what kind of upbringing did he have
d. what ideas did his father discuss or pursue
e. his new philosophy and what it was based upon
f. new task?
3. What were the fears of the ruling class?
4. Engels:
a. who was he
b. where did he live
c. how did he make a living
d. how did he become entangled with Marx
e. his philosophy
5. Henry George:
a. who was he
b. where did he live
c. books he wrote
d. philosophy (social extortion, true cause of poverty, solutions to)
6. John Hobson:
a. who was he
b. where did he live
c. ideas on savings
d. who or what was the focus of his studies
e. causes of imperialism
f. major economic problem of the day
g. who embraced Hobson’s ideas
7. Why did people gravitate to the economic underworld during the Victorian Era?
8. Who was Bastrait? What were his “talents”?
9. What kind of imperialism is present in today’s society regarding capitalism?
10. What is a new aspect of today’s imperialism?
11. What are two changes that have come about as the result of multinational
corporations?
12. What was the Victorian vision of economics?
13. Alfred Marshall insisted on the importance of ____________ as the quintessential
element in working out the ___________________ process.
Veblen and Keynes
1. What were the differences for a person who acquired wealth in Europe as opposed to
the American who acquired wealth?
2. What are the main ideas and/or emphasis of The Theory of the Leisure Class?
3. What are the main ideas and/or emphasis of The Theory of Business Enterprise?
4. Which process of change overlooked by contemporary economists was Veblen able
to identify?
5. What are Keynes ideas on:
a. how wealth is measured?
b. savings and investments?
c. patterns of investments?
d. economic depression?
e. a cure for economic depression (and what is it called)?
6. What are the major ideas and conclusions of The General Theory of Employment,
Interest, and Money?
7. What are Veblen’s characteristics?
Keynes’ characteristics?
8. Why didn’t Marx theories work, according to Veblen?
9. What are Veblen’s ideas of what would happen to society if social and economic
change did not come about?
10. Know about conspicuous consumption.
11. How were Veblen’s ideas on what held society together different from traditional
views?
12. Know about Keynes, pump priming, the Stock Market Crash, why it crashed, etc.
Schumpter and Beyond
Ch. 10 and 11
Using the outline below as a guide, construct and outline of these two chapters.
Schumpter
I. Personal Background
II. Published Works (premise; summary)
A. Major Works
B. Other Works
III. Major Ideas on Capitalism
IV. As Compared to Other Philosophers
V. Implications
Beyond the Worldly Philosophy
I. Defining the Worldly Philosophy
II. Adolph Lowe
III. Visionary Aspect of the Worldly Philosophy
IV. Worldly Philosophers Today