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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Who is worthy of governing? When should authority be questioned and obeyed? Is concentrated power destined to be corrupted? This article utilizes Thomas Hobbes’ Leviathan (1651) to explore these questions and more.
Among the first debates of the new republic was how to balance democracy and authority; a challenge that continues to shape American politics today. James Madison, fearing an “excess of democracy”, proposed a system of modest popular participation alongside a clearly defined ruling class.
“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.”
