MHI-02: MODERN WORLD
Course Code: MHI-02
Assignment Code: MHI-02/AST/TMA/2016-17
Total Marks: 100
Q2:- Analyze the
major views criticizing capitalism.
A
number of prominent thinkers in Europe evolved a socialist critique of
capitalism that has been important to how Europeans (and others) thought about
industrialization.
The critique decried
capitalism as exploitative and unjust, and sought alternative means of economic
and social organization for future industrial development. The heavy stress on
the exploitative nature of capitalist industrialization and the quest for
different models distinguished the socialist critique from classical political
economists who found weaknesses in capitalism. David Ricardo for instance,
showed that tension and conflict were inherent aspects of capitalism: the
result of increases in rent which followed naturally from initial increases in
production, labour and population.
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