Chapter 3: Problem 17

The strongest indictment of the capitalist system was written by (LO7) a) Adam Smith c) Rose D. Cohen b) John Maynard Keynes d) Karl Marx

Short Answer

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d) Karl Marx

Step by step solution

Option a) Adam Smith

Adam Smith was a Scottish economist and philosopher who is considered the "father of modern economics." He is best known for his book "The Wealth of Nations," where he introduced the idea of the "invisible hand" guiding the capitalist market. However, he did not write an indictment of the capitalist system, so option a) is not correct.

Option b) John Maynard Keynes

John Maynard Keynes was an English economist who is best known for his development of Keynsian economics, which emphasizes the use of government policies to reduce unemployment and stabilize economies. While he critiqued some aspects of capitalism, he mostly advocated for reforms within the capitalist system rather than a strong indictment of it. Option b) is not correct.

Option c) Rose D. Cohen

Rose D. Cohen was an American author, who wrote a memoir "Out of the Shadow" detailing her life as a Russian immigrant in the United States. While her work does critique the harsh living and working conditions experienced by immigrants, it is not specifically an indictment of the capitalist system. Option c) is not correct.

Option d) Karl Marx

Karl Marx was a German philosopher, economist, and revolutionary socialist. He is best known for writing "The Communist Manifesto" and "Das Kapital," both of which contain strong criticisms and an indictment of the capitalist system. Marx argued that capitalism leads to exploitation, alienation, and ultimately, class struggle. His works form the basis of Marxism and have greatly influenced political and economic thought. Option d) is the correct answer. To recap, the strongest indictment of the capitalist system was written by:

Answer: d) Karl Marx

Karl Marx wrote the strongest indictment of the capitalist system in his works "The Communist Manifesto" and "Das Kapital," which detail the negative consequences and inherent injustices within capitalism.