Overview
Response Question:
What is Smith's understanding of markets? In what important ways does his conception of society differ from that of the theorists from last class (de tocqueville)?
Write your answer in a 3-4 paragraph reflection on the reading question. The reflection should summarize the main points of the reading for the week (Smith) and compare it to previous readings (De Tocqueville).
Discussion Question:
You should also raise a possible discussion question. You should put some real thought into these.
This question wouldn’t get you any credit: I wonder how this reading relates to other things we have read?
This would get you some: Marx argues that society will increasingly split into two classes, the bourgeoise and the proletariat. Why didn’t he foresee the growth of the middle class?
Better still: Marx argues that ownership of the means of production is the primary source of inequality in capitalism. The Weber readings from this week suggest that other forms of ownership and control over scarce resources remain equally, if not, more important than one’s relationship to the means of production. How would each explain the tremendous economic power generated by Silicon Valley firms in recent years?