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Sejarah Pemikiran Ekonomi

History Of Economic Thought

Introduction Economic Ideas Before Adam Smith Adam Smith Thomas Robert Malthus David Ricardo Rationalistic Subjectivism: The Economics of Bentham, Say, and Senior Political Economy of the Poor: The Ideas of William Thompson and Thomas Hodgskin Pure Versus Eclectic Utilitarianism: The Writings of Bastiat and Mill Karl Marx Neoclassical Theories of the Firm and Income Distribution: The Writings of Marshall, Clark, and Biihm-Bawerk Consummation, Consecration, and Destruction of the Invisible Hand: Neoclassical Welfare Economics

Why we do not include all the thought of the economies? First, social theories and social-historical processes are reciprocally interconnected. Second, social and economic change are continuous , and while today 's capitalism is, in numerous respects , substantially different from capitalism of the late eighteenth century, there are important and fundamental institutional foundations that have continuously underlain capitalism throughout all of these changes, as obvious and striking as the changes are. Third, all economists are, and always have been, vitally concerned with practical, social, political, and moral issues . Consequently, their writings have both a cognitive, scientific element and emotive, moral, or ideological element

Definisi Capatalism In capitalism, the products of human labor are valued for two distinct reasons. First, products have particular physical characteristics by virtue of which they are usable and satisfy human needs. The second defining feature of capitalism is private ownership of the means of production. The third defining feature of capitalism the existence of a large working class that has no control over the means necessary to carry out their productive activity The fourth and final defining feature of capitalism is that most people are motivated by individualistic, acquisitive, maximizing behavior

Precapitalist European Economy In order to trace the outlines of the historical evolution of capitalism, it is necessary first to say a few words about feudalism-the socioeconomic system that preceded capitalism in western Europe. The lord lived off the labor of the serfs who farmed his fields and paid taxes in kind and money according to the custom of the manor The Catholic Church was by far the largest owner of land during the MiddleAges .

The Increase in Long-Distance Trade Many historians have argued that the spread of trade and commerce was the single most important force leading to the disintegration of medieval feudalism. Creation of the Working Class But the enclosures and the increase in population were by no means the sole source of the new working class . Innumerable peasants , yeomen, and minor nobility were bankrupted by exorbitant increases in monetary rents . Mounting debts that could not be repaid ruined countless others . In the cities and towns the guilds came to be more and more concerned with the income levels of their members

Other Forces in the Transition to Capitalism The intellectual awakening of the sixteenth century, which fostered scientific progress that was promptly put to practical use in navigation During the sixteenth century, prices rose in Europe between 150 and 400 percent, depending on the country or region chosen. Prices of manufactured goods rose much more rapidly than either rents or wages

These larger profits were accumulated as capital. The term capitalism describes this system of profit seeking and accumulation very well. Ownership of capital is the source of profits and hence the source of further accumulation of capital

The Putting-Out System and the Birth of Capitalist Industry As trade and commerce thrived and expanded, the need for more manufactured goods and greater reliability of supply led to increasing control of the productive process by the merchant-capitalist. In the earliest period of the putting-out system, the merchantcapitalist would furnish an independent craftsman with raw materials and pay him a fee to work the materials into finished products . In this way the capitalist owned the product throughout all stages of production, although the work was done in independent workshops. In the later period of the putting-out system, the merchant capitalist owned the tools and machinery and often the building in which the production took place. The merchant-capitalist hired workers to use these tools, furnished them with the raw materials , and took the finished products The worker no longer sold a finished product to the merchant. Rather, the worker sold only his or her labor power. The textile industries were among the first in which the putting-out system developed

Capitalism became dominant only when the relationship that existed between capitalists and workers in the sixteenthcentury export industries was extended to most of the other industries in the economy. A capitalist textile industry existed in Flanders i n the thirteenth century. In the fourteenth century, a capitalist textile industry flourished in Florence In the fifteenth century, England dominated the world textile market. Its capitalist textile industry solved the problem of class conflict by ruralizing the industry

Decline of the Manorial System Before a complete system of capitalism could emerge, however, the force of capitalist market relations had to invade the rural manor, the bastion of feudalism. This was accomplished as a result of the vast increase of population in the new trading cities. The lords of the manors began to depend on the cities for manufactured goods and increasingly came to desire luxury goods that merchants could sell them.

Creation of the Working Class The early sixteenth century is a watershed in European history. It marks the vague dividing line between the old, decaying feudal order and the rising capitalist system. The most important of these changes were those creating a working class that was systematically stripped of any control over the production process and forced into a situation in which the sale of its labor power was its only means of survival The population of western Europe, which had been relatively stagnant for a century and a half, increased by nearly one-third in the sixteenth century and stood at about 70 million in 1600 The enclosures and the increasing population further destroyed the remaining feudal ties, creating a large new labor force-a labor force without land, without any tools or instruments of production, and with only labor power to sell.

Other Forces in the Transition to Capitalism Other sources of change were also instrumental in the transition to capitalism. Among these w as the intellectual awakening of the sixteenth century, which fostered scientific progress that was promptly put to practical use in navigation. Between 1 3 00 and 1 500, European gold and silver production had stagnated. The rapidly expanding capitalist trade and the extension of the market system into city and countryside had led to an acute shortage of money.

Mercantilism The earliest phase of mercantilism, usually called bullionism, originated in the period during which Europe was experiencing an acute shortage of gold and silver bullion, and, hence, did not have enough money to service the rapidly expanding volume of trade.
Bullionist policies were designed to attract a flow of gold and silver into a country and to keep them there by prohibiting their export

One of the most important types of policies designed to increase the value of exports and decrease that of imports was the creation of trade monopolies . It is not clear exactly how much of mercantilist thinking w as honestly motivated by the desire to increase the power of the state and how much was merely thinly disguised efforts to promote the special interests of capitalists. The distinction is rather unimportant because most mercantilists believed that the best w ay to promote the interests of the state was to promote policies that would increase the profits of the merchantcapitalists. What is of much more interest are the mercantilist views on a question that will recur throughout this book: What are the nature and origins of profit?