Classical Economics vs. The Exploitation Theory - George Reisman For more than a century, one of the most popular economic doctrines in the world has been the exploitation theory. According to this theory, capitalism is a system of virtual slavery, serving the narrow interests of a comparative handful of businessmen and capitalists, who, driven by insatiable greed and power lust, exist as parasites upon the labor of the masses. This view of capitalism has not been the least bit shaken by the steady rise in the average standard of living that has taken place in the capitalist countries since the beginning of the Industrial Revolution. By the same token, they tremble at the thought of unions not existing, of a society without minimum wage laws, maximum hours legislation, and child labor laws—at the thought of a society in which no legal obstacles stood in the way of employers pursuing their self-interest. The Exploitation Theory and the Overthrow of Classical Economics The Conceptual Framework of the Exploitation Theory Smith and Marx are wrong.
Economics Revision Notes for AS, A2 & IB Economics AS, A2 & IB Economics Revision Notes This is a new, comprehensive collection of free revision notes to support core topics on your AS, A2 or International Baccaleaurate Economics courses. Click on the relevant tab to find suitable notes. Click here for a comprehensive range of economics revision presentations Digital Magazines Business Cafe econoMAX First Past the Post Teacher Services Subject Newsletters Inset Courses Student Workshops Blogs Economics Business Studies Politics History IB Diploma Sociology Law Religious Studies Revision Presentations Business Strategy Accounting & Finance Economics External Environment Marketing Politics Revision Notes Accounting & Finance Economics (AS/A2) Economics (GCSE) External Environment Business Studies (GCSE) Marketing People / Organisations Politics Production & Ops Religious Studies (AS/A2) Sociology (GCSE) Strategy Quizzes The Biz Quiz (Business) Accounting & Finance Economics (AS/A2) Marketing People & Organisations Politics Production & Operations Other Resources Applying to University