By analyzing centuries of debate by the most influential economists of human history, this article explores the central philosophical dilemma of economics: from where does exchange value derive? Contents cover the intrinsic, labor, power, exchange, monetary, and subjective theories of value.
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Considering the past three centuries of economic development, how would Enlightenment philosophers critique modern capitalism? Has the West’s economic structure developed as they hoped? Would they approve of modern state-capitalism? These questions are crucial to uncovering the current applicability of Enlightenment ideals.
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“From the development of the welfare state in America to the fascist uprisings of Europe and the communist revolutions throughout the East; nearly every inch of the globe witnessed an ideological revolution, each advancing the government’s role in a nation’s society and economy – for better or worse.”
This article briefly explores Max Weber’s famous work ‘The Protestant Work Ethic and the Spirit of Capitalism’ (1905), which describes the immense influence of rationalized religious beliefs (specifically those which arose from the Protestant Reformation) in creating the social conditions necessary for modern capitalism to develop.
Over 200 years after his birth, this article reflects on the challenges that Marx predicted would curse the future of capitalism – and why such predictions have or haven’t come true. In the process, we shall hopefully begin to understand not only the intricate mind of Karl Marx but the strengths and weaknesses of capitalism itself.
