Economics - Revision history

Comwik: /* Marxist */

2025-11-12T06:11:41Z

Marxist

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	[[Karl Marx]] (1818-1883) and [[Friedrich Engels]] (1820-1895) developed classical political economy in an anti-capitalist direction. They saw political economy as being historically grounded, and dependent on class relations – aspects of the subject generally ignored by their classical predecessors. Marx deployed the classical political economists' labour theory of value to argue that workers did not recieve the full value they created with their labour, with the part they did not receive, which he called the [[Surplus-value\|surplus value]], flowing to the capitalists and being the basis of the [[exploitation]] of the working class by the capitalist class. Marx and Engels saw capitalism as tending toward ever-increasing irrationality and crisis, due to the logics of competition and of the [[Accumulation of capital\|accumulation]], centralisation and [[concentration of capital\|concentration]] of capital.		[[Karl Marx]] (1818-1883) and [[Friedrich Engels]] (1820-1895) developed classical political economy in an anti-capitalist direction. They saw political economy as being historically grounded, and dependent on class relations – aspects of the subject generally ignored by their classical predecessors. Marx deployed the classical political economists' labour theory of value to argue that workers did not recieve the full value they created with their labour, with the part they did not receive, which he called the [[Surplus-value\|surplus value]], flowing to the capitalists and being the basis of the [[exploitation]] of the working class by the capitalist class. Marx and Engels saw capitalism as tending toward ever-increasing irrationality and crisis, due to the logics of competition and of the [[Accumulation of capital\|accumulation]], centralisation and [[concentration of capital\|concentration]] of capital.

	Following Marx and Engels, Vladimir Lenin (1870-1924), Rosa Luxemburg (1871-1919) and others identified [[imperialism]] as being the ultimate development of capitalism, as early 19th century competitive capitalism developed in the direction of highly centralised [[joint-stock companies]], giving rise to [[monopoly capitalism]] and then, as competition within countries greatly ~~decreased~~, to [[state monopoly capitalism]], a situation in which capitalist competition takes the form mainly of competition between states, each acting on behalf of its respective group of capitalist corporations. Since the means of peacefully ~~adjudicting~~ competition between states are limited, this type of competition leads to warfare, WWI and WWII both being attributable to this cause, in the Marxist view.		Following Marx and Engels, Vladimir Lenin (1870-1924), Rosa Luxemburg (1871-1919) and others identified [[imperialism]] as being the ultimate development of capitalism, the process they observed having been that early 19th century competitive capitalism developed in the direction of highly centralised [[joint-stock companies]], giving rise to [[monopoly capitalism]] and then, competition within countries having been thereby greatly curtailed, to [[state monopoly capitalism]], a situation in which capitalist competition takes the form mainly of competition between states, each acting on behalf of its respective group of capitalist corporations. Since the means of peacefully adjudicating competition between states are limited, this type of competition leads to warfare, WWI and WWII both being attributable to this cause, in the Marxist view.

	Another notable feature of imperialism or late capitalism is the predominance of [[finance capital]] (banks, insurance companies, trusts, etc.) over productive capital (manufacturing, resource extraction, etc), with the capitalists in the productive industries being essentially the servants of the finance capitalists.<ref name=":0" />		Another notable feature of imperialism or late capitalism is the predominance of [[finance capital]] (banks, insurance companies, trusts, etc.) over productive capital (manufacturing, resource extraction, etc), with the capitalists in the productive industries being essentially the servants of the finance capitalists.<ref name=":0" />

Comwik: /* Vulgar (post-classical bourgeois) */ Organisation. You can't subsume all post-Marxian bourgeois economics under the term "vulgar economics" and at the same time say "vulgar economics was the dominant form of bourgeois economics in the 1830s and 1840s".

2025-11-12T06:00:32Z

Vulgar (post-classical bourgeois): Organisation. You can't subsume all post-Marxian bourgeois economics under the term "vulgar economics" and at the same time say "vulgar economics was the dominant form of bourgeois economics in the 1830s and 1840s".

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	Another notable feature of imperialism or late capitalism is the predominance of [[finance capital]] (banks, insurance companies, trusts, etc.) over productive capital (manufacturing, resource extraction, etc), with the capitalists in the productive industries being essentially the servants of the finance capitalists.<ref name=":0" />		Another notable feature of imperialism or late capitalism is the predominance of [[finance capital]] (banks, insurance companies, trusts, etc.) over productive capital (manufacturing, resource extraction, etc), with the capitalists in the productive industries being essentially the servants of the finance capitalists.<ref name=":0" />

	=== ~~Vulgar (post~~-classical bourgeois) ===		=== Post-classical bourgeois ===
	In reaction to the Marxist critique as well as that of the [Ricardian socialism\|Ricardian socialists]], and as the class struggle intensified, bourgeois economists dropped the labour theory of value and and de-emphasised the political and social aspects of their subject, favouring instead idealised, and abstract, if not to say [[mystification\|mystified]] and [[reification\|reified]], theory. Elaborate, but barely grounded, mathematical modelling became a major area of activity. In the post-Marx period most bourgeois economists ceased referring to the subject as ''political economy'' and adopted the "modern" term, ''economics'', thus distancing themselves from awkward political and ethical realities. (The term "political economy" still tends to be preferred, however, by those who consider the social and historical part of the subject to be indispensable.)		In reaction to the Marxist critique as well as that of the [[Ricardian socialism\|Ricardian socialists]], and as the class struggle intensified, bourgeois economists dropped the labour theory of value and and de-emphasised the political and social aspects of their subject, favouring instead idealised, and abstract, if not to say [[mystification\|mystified]] and [[reification\|reified]], theory. Elaborate, but barely grounded, mathematical modelling became a major area of activity. In the post-Marx period most bourgeois economists ceased referring to the subject as ''political economy'' and adopted the "modern" term, ''economics'', thus distancing themselves from awkward political and ethical realities. (The term "political economy" still tends to be preferred, however, by those who consider the social and historical part of the subject to be indispensable.)

	In place of the labour theory of value, which had been turned against the capitalists by Marx and others, post-Marxist political economy, or economics, adopted a [[utility theory of value]] or one based on [[supply and demand]] or on production costs.		In place of the labour theory of value, which had been turned against the capitalists by Marx and others, post-Marxist political economy, or economics, adopted a [[utility theory of value]] or one based on [[supply and demand]] or on production costs.

	While claiming to defend "freedom of labour," the vulgar economists attacked [[Trade union\|trade unions]] and [[Strike action\|strikes]]~~. Vulgar economics was the dominant form of bourgeois or "mainstream" economics during the 1830s and 1840s~~.<ref name=":0" />		====Vulgar economics====
			Vulgar economics was the dominant form of bourgeois or "mainstream" economics during the 1830s and 1840s.
			While claiming to defend "freedom of labour," the vulgar economists attacked [[Trade union\|trade unions]] and [[Strike action\|strikes]]. <ref name=":0" />

	* [[Frédéric Bastiat]]		* [[Frédéric Bastiat]]

Comwik: /* Vulgar (post-classical bourgeois) */

2025-11-12T05:54:05Z

Vulgar (post-classical bourgeois)

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	=== Vulgar (post-classical bourgeois) ===		=== Vulgar (post-classical bourgeois) ===
	As the [[class struggle]] intensified, bourgeois economists ~~rejected~~ the ~~scientific~~ aspects of ~~classical~~ economics ~~while upholding its flaws~~. ~~They replaced~~ the labour theory of value ~~with unscientific theories including~~ the [[utility theory of value]], [[supply and demand]], or production costs. While claiming to defend "freedom of labour," ~~they~~ attacked [[Trade union\|trade unions]] and [[Strike action\|strikes]]. Vulgar economics ~~became~~ the dominant form of mainstream economics during the 1830s and 1840s.<ref name=":0" />		In reaction to the Marxist critique as well as that of the [Ricardian socialism\|Ricardian socialists]], and as the class struggle intensified, bourgeois economists dropped the labour theory of value and and de-emphasised the political and social aspects of their subject, favouring instead idealised, and abstract, if not to say [[mystification\|mystified]] and [[reification\|reified]], theory. Elaborate, but barely grounded, mathematical modelling became a major area of activity. In the post-Marx period most bourgeois economists ceased referring to the subject as ''political economy'' and adopted the "modern" term, ''economics'', thus distancing themselves from awkward political and ethical realities. (The term "political economy" still tends to be preferred, however, by those who consider the social and historical part of the subject to be indispensable.)

			In place of the labour theory of value, which had been turned against the capitalists by Marx and others, post-Marxist political economy, or economics, adopted a [[utility theory of value]] or one based on [[supply and demand]] or on production costs.

			While claiming to defend "freedom of labour," the vulgar economists attacked [[Trade union\|trade unions]] and [[Strike action\|strikes]]. Vulgar economics was the dominant form of bourgeois or "mainstream" economics during the 1830s and 1840s.<ref name=":0" />


	* [[Frédéric Bastiat]]		* [[Frédéric Bastiat]]

Comwik: /* Marxist */

2025-11-12T05:08:05Z

Marxist

← Older revision		Revision as of 05:08, 12 November 2025
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	=== Marxist ===		=== Marxist ===
	[[Karl Marx]] and [[Friedrich Engels]] ~~turned~~ [[~~socialism]] from [[Utopian socialism~~\|~~utopianism~~]] ~~into~~ [[~~Scientific socialism\|science~~]]. ~~They applied~~ [[~~dialectical materialism~~]] and ~~improved upon the basis laid by Smith and Ricardo to turn economics into a~~ [[~~Proletariat~~\|~~proletarian~~]] ~~science~~. Marx and Engels ~~published their discoveries in [[Capital~~, ~~vol. I~~ (~~1867~~)~~\|Capital~~]], ~~which consisted~~ of ~~three volumes released between 1867 and 1894. They based their analysis on~~ [[~~Surplus~~-~~value\|surplus value~~]] and ~~exposed the fundamental~~ [[~~contradiction~~]] between ~~bourgeoisie~~ and ~~proletariat~~.<ref name=":0" />		[[Karl Marx]] (1818-1883) and [[Friedrich Engels]] (1820-1895) developed classical political economy in an anti-capitalist direction. They saw political economy as being historically grounded, and dependent on class relations – aspects of the subject generally ignored by their classical predecessors. Marx deployed the classical political economists' labour theory of value to argue that workers did not recieve the full value they created with their labour, with the part they did not receive, which he called the [[Surplus-value\|surplus value]], flowing to the capitalists and being the basis of the [[exploitation]] of the working class by the capitalist class. Marx and Engels saw capitalism as tending toward ever-increasing irrationality and crisis, due to the logics of competition and of the [[Accumulation of capital\|accumulation]], centralisation and [[concentration of capital\|concentration]] of capital.

			Following Marx and Engels, Vladimir Lenin (1870-1924), Rosa Luxemburg (1871-1919) and others identified [[imperialism]] as being the ultimate development of capitalism, as early 19th century competitive capitalism developed in the direction of highly centralised [[joint-stock companies]], giving rise to [[monopoly capitalism]] and then, as competition within countries greatly decreased, to [[state monopoly capitalism]], a situation in which capitalist competition takes the form mainly of competition between states, each acting on behalf of its respective group of capitalist corporations. Since the means of peacefully adjudicting competition between states are limited, this type of competition leads to warfare, WWI and WWII both being attributable to this cause, in the Marxist view.

			Another notable feature of imperialism or late capitalism is the predominance of [[finance capital]] (banks, insurance companies, trusts, etc.) over productive capital (manufacturing, resource extraction, etc), with the capitalists in the productive industries being essentially the servants of the finance capitalists.<ref name=":0" />

	=== Vulgar (post-classical bourgeois) ===		=== Vulgar (post-classical bourgeois) ===

Comwik: /* Classical */

2025-11-12T03:57:00Z

Classical

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	=== Classical ===		=== Classical ===
	Classical political economics emerged during the era of [[Bourgeois revolution\|bourgeois revolutions]] and discredited the old economic ideas of the [[Feudalism\|feudal]] aristocracy. It played a progressive role against feudalism and ~~followed the~~ [[Labor theory of value\|labour theory of value]] but included limitations due to its lack of [[historical materialism]]. The classical political economists never questioned the historical origin of [[money]], [[capital]], and [[Commodity\|commodities]].<ref name=":0">{{Citation\|year=1954\|title=Political Economy\|chapter=Economic Doctrines of the Capitalist Epoch\|chapter-url=https://www.marxists.org/subject/economy/authors/pe/pe-ch22.htm\|section=\|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref>		Classical political economics emerged during the era of [[Bourgeois revolution\|bourgeois revolutions]] and discredited the old economic ideas of the [[Feudalism\|feudal]] aristocracy. It played a progressive role against feudalism and held a [[Labor theory of value\|labour theory of value]] but included limitations due to its lack of [[historical materialism]]. The classical political economists never questioned the historical origin of [[money]], [[capital]], and [[Commodity\|commodities]].<ref name=":0">{{Citation\|year=1954\|title=Political Economy\|chapter=Economic Doctrines of the Capitalist Epoch\|chapter-url=https://www.marxists.org/subject/economy/authors/pe/pe-ch22.htm\|section=\|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref>

	* [[David Ricardo]]		* [[David Ricardo]]

Comwik: Seems to me Marxist economics is best discussed after classical and before the bourgeois reactions to Marxist economics

2025-11-12T03:54:14Z

Seems to me Marxist economics is best discussed after classical and before the bourgeois reactions to Marxist economics

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	* [[David Ricardo]]		* [[David Ricardo]]
	* [[Adam Smith]]		* [[Adam Smith]]

			=== Marxist ===
			[[Karl Marx]] and [[Friedrich Engels]] turned [[socialism]] from [[Utopian socialism\|utopianism]] into [[Scientific socialism\|science]]. They applied [[dialectical materialism]] and improved upon the basis laid by Smith and Ricardo to turn economics into a [[Proletariat\|proletarian]] science. Marx and Engels published their discoveries in [[Capital, vol. I (1867)\|Capital]], which consisted of three volumes released between 1867 and 1894. They based their analysis on [[Surplus-value\|surplus value]] and exposed the fundamental [[contradiction]] between bourgeoisie and proletariat.<ref name=":0" />

	=== Vulgar (post-classical bourgeois) ===		=== Vulgar (post-classical bourgeois) ===
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	* [[Pierre-Joseph Proudhon]]		* [[Pierre-Joseph Proudhon]]
	* [[Jean Charles Léonard de Sismondi]]		* [[Jean Charles Léonard de Sismondi]]

	~~=== Marxist ===~~
	[[Karl Marx]] and [[Friedrich Engels]] turned [[socialism]] from [[Utopian socialism\|utopianism]] into [[Scientific socialism\|science]]. They applied [[dialectical materialism]] and improved upon the basis laid by Smith and Ricardo to turn economics into a [[Proletariat\|proletarian]] science. Marx and Engels published their discoveries in [[Capital, vol. I (1867)\|Capital]], which consisted of three volumes released between 1867 and 1894. They based their analysis on [[Surplus-value\|surplus value]] and exposed the fundamental [[contradiction]] between bourgeoisie and proletariat.<ref name=":0" />

	== References ==		== References ==
	[[Category:Economics]]		[[Category:Economics]]
	[[Category:Science]]		[[Category:Science]]

Comwik: /* Historical */

2025-11-12T03:51:57Z

Historical

← Older revision		Revision as of 03:51, 12 November 2025
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	==== Historical ====		==== Historical ====
	The historical school of economics ~~completely~~ denies the existence of economic laws and instead focuses on separate historical facts ~~and~~ often ~~supports~~ reactionary policies. Many of its followers praised the [[German Empire (1871–1918)\|German monarchy]].<ref name=":0" />		The historical school of economics denies the existence of economic laws and instead focuses on separate historical facts. It has often supported reactionary policies. Many of its followers praised the [[German Empire (1871–1918)\|German monarchy]].<ref name=":0" />

	* [[Bruno Hildebrand]]		* [[Bruno Hildebrand]]

Ledlecreeper27: Feudalism

2024-07-17T16:24:52Z

Feudalism

← Older revision		Revision as of 16:24, 17 July 2024
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	Ancient philosophers such as [[Plato]] and [[Aristotle]] considered [[slavery]] a necessity for society, and Plato included slaves in his [[Idealism\|ideal]] [[Utopia\|utopian]] society. Aristotle coined the term ''oikonomía'' (οἰκονομία), the basis of the modern word economics, to refer to the science of managing resources. He promoted a primarily [[Natural economy\|natural (subsistence) economy]] combined with trade when necessary. He condemned profit-oriented trade and [[usury]], viewing them as sources of unlimited wealth in contrast to agriculture and manufacturing.<ref name=":2">{{Citation\|year=1954\|title=Political Economy\|title-url=https://en.prolewiki.org/wiki/Library:Political_Economy\|chapter=The Slave-Owning Mode of Production\|chapter-url=https://en.prolewiki.org/wiki/Library:Political_Economy#Economic_Views_of_the_Slave-Owning_Period\|section=Economic Views of the Slave-Owning Period\|pdf=https://revolutionarydemocracy.org/archive/PoliticalEconomy.pdf\|city=Moscow\|publisher=USSR Academy of Sciences\|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref>		Ancient philosophers such as [[Plato]] and [[Aristotle]] considered [[slavery]] a necessity for society, and Plato included slaves in his [[Idealism\|ideal]] [[Utopia\|utopian]] society. Aristotle coined the term ''oikonomía'' (οἰκονομία), the basis of the modern word economics, to refer to the science of managing resources. He promoted a primarily [[Natural economy\|natural (subsistence) economy]] combined with trade when necessary. He condemned profit-oriented trade and [[usury]], viewing them as sources of unlimited wealth in contrast to agriculture and manufacturing.<ref name=":2">{{Citation\|year=1954\|title=Political Economy\|title-url=https://en.prolewiki.org/wiki/Library:Political_Economy\|chapter=The Slave-Owning Mode of Production\|chapter-url=https://en.prolewiki.org/wiki/Library:Political_Economy#Economic_Views_of_the_Slave-Owning_Period\|section=Economic Views of the Slave-Owning Period\|pdf=https://revolutionarydemocracy.org/archive/PoliticalEconomy.pdf\|city=Moscow\|publisher=USSR Academy of Sciences\|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref>

	In [[Maurya Empire (322–184 BCE)\|India]], [[Buddhism]] promoted non-resistance to the [[ruling class]] and was used to defend slavery.<ref name=":2" /> In [[Zhou dynasty (1046–256 BCE)\|China]], Confucius viewed merchants as parasites that did not produce anything. He considered [[Peasantry\|peasants]] and manufacturing workers to be necessary to society but believed they should be under the rule of scholar-officials.<ref>{{Citation\|author=Kenneth J. Hammond\|year=2004\|title=From Yao to Mao\|chapter=Economy and Society in Southern Song\|page=19\|pdf=https://cloudflare-ipfs.com/ipfs/bafykbzaceb23hyrkqoj556y6mpuygt7hapqps6e3v7fhhwi3ll5mjjsebj6w6?filename=Kenneth%20J.%20Hammond%20-%20From%20Yao%20to%20Mao_%205000%20Years%20of%20Chinese%20History.%20part%202-Teaching%20Company%20%282004%29.pdf\|publisher=New Mexico State University}}</ref>		In [[Maurya Empire (322–184 BCE)\|India]], [[Buddhism]] promoted non-resistance to the [[ruling class]] and was used to defend slavery.<ref name=":2" />

	==== Feudalism ====		==== Feudalism ====
			In [[Zhou dynasty (1046–256 BCE)\|China]], [[Confucius]] viewed merchants as parasites that did not produce anything. He considered [[Peasantry\|peasants]] and manufacturing workers to be necessary to society but believed they should be under the rule of [[Intelligentsia\|scholar-officials]].<ref>{{Citation\|author=Kenneth J. Hammond\|year=2004\|title=From Yao to Mao\|chapter=Economy and Society in Southern Song\|page=19\|pdf=https://cloudflare-ipfs.com/ipfs/bafykbzaceb23hyrkqoj556y6mpuygt7hapqps6e3v7fhhwi3ll5mjjsebj6w6?filename=Kenneth%20J.%20Hammond%20-%20From%20Yao%20to%20Mao_%205000%20Years%20of%20Chinese%20History.%20part%202-Teaching%20Company%20%282004%29.pdf\|publisher=New Mexico State University}}</ref>

			One of the most influential philosophers of [[Feudalism\|feudal]] Europe was [[Thomas Aquinas]], who believed that feudalism was [[Divine mandate\|mandated by God]] and that everyone should stay in their proper position in the feudal hierarchy. He believed that [[Commodity\|commodities]] should be sold at "just" prices based on the labor used to produce them and the estate of the producer. Unlike ancient slave owners, he believed masters should not kill their serfs. Medieval theologians condemned usury at first until the [[Catholic Church]] began to benefit from it. Rebellious [[Serf\|serfs]] were also deeply influenced by religion and quoted the [[Bible]] to justify their demands.<ref>{{Citation\|year=1954\|title=Political Economy\|title-url=https://en.prolewiki.org/wiki/Library:Political_Economy\|chapter=The Feudal Mode of Production\|chapter-url=https://en.prolewiki.org/wiki/Library:Political_Economy#Economic_Views_of_the_Feudal_Period\|section=Economic Views of the Feudal Period\|pdf=https://revolutionarydemocracy.org/archive/PoliticalEconomy.pdf\|city=Moscow\|publisher=USSR Academy of Sciences\|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref>

	=== Mercantilist ===		=== Mercantilist ===

Ledlecreeper27: Slavery

2024-07-17T16:07:35Z

Slavery

← Older revision		Revision as of 16:07, 17 July 2024
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	== Schools ==		== Schools ==

			=== Pre-capitalist economic views ===

			==== Slavery ====
			Ancient philosophers such as [[Plato]] and [[Aristotle]] considered [[slavery]] a necessity for society, and Plato included slaves in his [[Idealism\|ideal]] [[Utopia\|utopian]] society. Aristotle coined the term ''oikonomía'' (οἰκονομία), the basis of the modern word economics, to refer to the science of managing resources. He promoted a primarily [[Natural economy\|natural (subsistence) economy]] combined with trade when necessary. He condemned profit-oriented trade and [[usury]], viewing them as sources of unlimited wealth in contrast to agriculture and manufacturing.<ref name=":2">{{Citation\|year=1954\|title=Political Economy\|title-url=https://en.prolewiki.org/wiki/Library:Political_Economy\|chapter=The Slave-Owning Mode of Production\|chapter-url=https://en.prolewiki.org/wiki/Library:Political_Economy#Economic_Views_of_the_Slave-Owning_Period\|section=Economic Views of the Slave-Owning Period\|pdf=https://revolutionarydemocracy.org/archive/PoliticalEconomy.pdf\|city=Moscow\|publisher=USSR Academy of Sciences\|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref>

			In [[Maurya Empire (322–184 BCE)\|India]], [[Buddhism]] promoted non-resistance to the [[ruling class]] and was used to defend slavery.<ref name=":2" /> In [[Zhou dynasty (1046–256 BCE)\|China]], Confucius viewed merchants as parasites that did not produce anything. He considered [[Peasantry\|peasants]] and manufacturing workers to be necessary to society but believed they should be under the rule of scholar-officials.<ref>{{Citation\|author=Kenneth J. Hammond\|year=2004\|title=From Yao to Mao\|chapter=Economy and Society in Southern Song\|page=19\|pdf=https://cloudflare-ipfs.com/ipfs/bafykbzaceb23hyrkqoj556y6mpuygt7hapqps6e3v7fhhwi3ll5mjjsebj6w6?filename=Kenneth%20J.%20Hammond%20-%20From%20Yao%20to%20Mao_%205000%20Years%20of%20Chinese%20History.%20part%202-Teaching%20Company%20%282004%29.pdf\|publisher=New Mexico State University}}</ref>

			==== Feudalism ====

	=== Mercantilist ===		=== Mercantilist ===
	[[Mercantilism]] was an early stage of bourgeois political economy and of the economic policy of the states in the era of the [[Primitive accumulation of capital\|original accumulation of capital]] (~~15th-18th~~ centuries); it reflected the interests of commercial capital when the latter was still linked to industrial capital.		[[Mercantilism]] was an early stage of bourgeois political economy and of the economic policy of the states in the era of the [[Primitive accumulation of capital\|original accumulation of capital]] (15th–18th centuries); it reflected the interests of commercial capital when the latter was still linked to industrial capital.

	The mercantilists considered that profit is created in the sphere of circulation and that the wealth of nations is based on money. Hence, the mercantilist policy tended to attract the country as much gold and silver as possible. Mercantilism considered that the source of wealth lies in foreign trade, and since it was the artisans who supplied the goods that were exported, the conclusion was reached that it was essential to promote artisan production. Capitalist production was in its beginnings and the ideas of the mercantilists were conditioned by the level of economic development of that time.		The mercantilists considered that profit is created in the sphere of circulation and that the wealth of nations is based on money. Hence, the mercantilist policy tended to attract the country as much gold and silver as possible. Mercantilism considered that the source of wealth lies in foreign trade, and since it was the artisans who supplied the goods that were exported, the conclusion was reached that it was essential to promote artisan production. Capitalist production was in its beginnings and the ideas of the mercantilists were conditioned by the level of economic development of that time.
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	* [[Thomas Mun]]		* [[Thomas Mun]]

	In his time, the policy of mercantilism was progressive, it contributed to the development of the first large capitalist companies: manufacturing; it facilitated the progress of the productive forces, the victory of capitalism over feudalism. Mercantilism as a current of economic thought of the bourgeoisie is followed by the theory of the physiocrats.		In his time, the policy of mercantilism was progressive as it contributed to the development of the first large capitalist companies: manufacturing; it facilitated the progress of the productive forces, the victory of capitalism over feudalism. Mercantilism as a current of economic thought of the bourgeoisie is followed by the theory of the physiocrats.

	=== Physiocracy ===		=== Physiocracy ===
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	* [[Adam Smith]]		* [[Adam Smith]]

	=== Vulgar ===		=== Vulgar (post-classical bourgeois) ===
	As the [[class struggle]] intensified, bourgeois economists rejected the scientific aspects of classical economics while upholding its flaws. They replaced the labour theory of value with unscientific theories including the [[utility theory of value]], [[supply and demand]], or production costs. While claiming to defend "freedom of labour," they attacked [[Trade union\|trade unions]] and [[Strike action\|strikes]]. Vulgar economics became the dominant form of mainstream economics during the 1830s and 1840s.<ref name=":0" />		As the [[class struggle]] intensified, bourgeois economists rejected the scientific aspects of classical economics while upholding its flaws. They replaced the labour theory of value with unscientific theories including the [[utility theory of value]], [[supply and demand]], or production costs. While claiming to defend "freedom of labour," they attacked [[Trade union\|trade unions]] and [[Strike action\|strikes]]. Vulgar economics became the dominant form of mainstream economics during the 1830s and 1840s.<ref name=":0" />

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	=== Marxist ===		=== Marxist ===
	[[Karl Marx]] and [[Friedrich Engels]] turned [[socialism]] from [[Utopian socialism\|utopianism]] into [[Scientific socialism\|science]]. They applied [[dialectical materialism]] and improved upon the basis laid by Smith and Ricardo to turn economics into a [[Proletariat\|proletarian]] science. Marx and Engels published their discoveries in [[Capital, vol. I (1867)\|Capital]], which consisted of three volumes released between 1867 and 1894. They based their analysis on [[Surplus-value\|surplus value]] and exposed the fundamental [[contradiction]] between bourgeoisie and proletariat.<ref name=":0" />		[[Karl Marx]] and [[Friedrich Engels]] turned [[socialism]] from [[Utopian socialism\|utopianism]] into [[Scientific socialism\|science]]. They applied [[dialectical materialism]] and improved upon the basis laid by Smith and Ricardo to turn economics into a [[Proletariat\|proletarian]] science. Marx and Engels published their discoveries in [[Capital, vol. I (1867)\|Capital]], which consisted of three volumes released between 1867 and 1894. They based their analysis on [[Surplus-value\|surplus value]] and exposed the fundamental [[contradiction]] between bourgeoisie and proletariat.<ref name=":0" />

	~~==== Relevance in Non-Marxists Economics ====~~
	The contributions to non-Marxist economic thought by the Marxist economic school of thought are innumerable despite the fact that it is considered and labeled by reactionary forces as "heterodox" to try to discredit it, ironically many of the concepts used today by Vulgar Bourgeois Economists have a Marxist origin and essence such as; The business cycle, capital accumulation, oligopoly theory, income distribution, and the very concept of capitalism widely used today. All these are unique and incomparable contributions of Marxism to economic thought, in addition the marxist thought inexorably led to more theoretical contributions to the economy that are used by the large capitalist multinationals and bourgeoise economists such as the Input–output model, linear programming and modern macroeconomics with also the massive use of statistics in science.

	== References ==		== References ==
	[[Category:Economics]]		[[Category:Economics]]
	[[Category:Science]]		[[Category:Science]]

General-KJ: Fixed typo

2024-06-02T21:23:29Z

Fixed typo

← Older revision		Revision as of 21:23, 2 June 2024
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	=== Marxist ===		=== Marxist ===
	[[Karl Marx]] and [[Friedrich Engels]] turned [[socialism]] from [[Utopian socialism\|utopianism]] into [[Scientific socialism\|science]]. They applied [[dialectical materialism]] and improved upon the basis laid by Smith and Ricardo to turn economics into a [[Proletariat\|proletarian]] science. Marx and ~~Engles~~ published their discoveries in [[Capital, vol. I (1867)\|Capital]], which consisted of three volumes released between 1867 and 1894. They based their analysis on [[Surplus-value\|surplus value]] and exposed the fundamental [[contradiction]] between bourgeoisie and proletariat.<ref name=":0" />		[[Karl Marx]] and [[Friedrich Engels]] turned [[socialism]] from [[Utopian socialism\|utopianism]] into [[Scientific socialism\|science]]. They applied [[dialectical materialism]] and improved upon the basis laid by Smith and Ricardo to turn economics into a [[Proletariat\|proletarian]] science. Marx and Engels published their discoveries in [[Capital, vol. I (1867)\|Capital]], which consisted of three volumes released between 1867 and 1894. They based their analysis on [[Surplus-value\|surplus value]] and exposed the fundamental [[contradiction]] between bourgeoisie and proletariat.<ref name=":0" />

	==== Relevance in Non-Marxists Economics ====		==== Relevance in Non-Marxists Economics ====