Session 5: Economic Ethics: The Battle for the World Economy Part One

Reading Assignment: Adam Smith (1776) The Wealth of Nations  p. 270-286; 307-311; 341-360; Edward Wimberley & Bradley Hobbs (2013) "Free Market Environmentalism."

Video Assignment: Free Market Environmentalism Part 1; Free Market Environmentalism Part 2; Heaven on Earth: The Rise and Fall of socialism (part 1) (part 2) (part 3)

Other Videos of Interest: Episode One The Commanding Heights, The Battle of Ideas;

Homework Assignment:

1. Briefly explain Smith's philosophical approach to economics.
2. Go to the web and research this question: Why would corporations pollute the environment? Specifically look into whether they do so due to callous disregard for environmental consequences, to increase shareholder profitiability, because they have the long-term welfare of society in mind or because they tend to see pollution as industrial residue rather than as waste.
3. Why did socialism as a concept fail in the U.S.
4. Explain from the perspective of Marx and Engle how a revoultion against the capitalist classes would occur.
5. In Russia under Lennin how did the people's revolution acutally happen and how did it differ from what Marx and Engle had in mind?
6. What are the principles of free-market capitalism?