Foundations of the Free Market System

Course Description

This course is an exploration of the philosophy of economics, focusing on the study of the philosophical and historical foundations of the free-market system. The theories of Plato, Adam Smith, J. S. Mill, Karl Marx, and the great 20th-century economists are examined. Students explore the influences of these philosophers and economists on the development of the free-market economy, the rise of the middle class, and the concept of individual freedom. Attention is given to the origins of business organizations, the expansion of international commerce, the increasing role of technology in productivity, and the ever-increasing scale of global corporations. This course provides an example of how ideals are formed and how they change the world.

Topics and Objectives

Historical Foundations of Economic Thought: Ideas That Changed the World

  • Identify the historical events, individuals, ideas, and trends that formed the basis of economic thought.

The Industrial Revolution

  • Evaluate the social, political, and technological impacts of the Industrial Revolution.
  • Recognize the relationships of land, labor, and capital in economic models.

Economic, Social, and Political Developments in Western Society

  • Trace the emergence of market philosophies.
  • Compare and contrast the role of the worker in free market and command economies.

Global Markets

  • Identify how technological innovations accelerated the development of global markets and international corporations.
  • Describe the development of global and regional trade associations.

Economic Development Challenges and Opportunities in the 21st Century

  • Assess the current problems facing economic development throughout the world.
  • Critique possible solutions for global economic challenges.

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