Viil Contents 
Mercantilism: Feudal Paternalism in Early Capitalism 21 
Summary 23 
3 THE CONFLICT IN MERCANTILIST THOUGHT 
The Medieval Origins of Mercantilist Policies 
The Secularization of Church Funcetions 26 
The Rise of Individualism 29 
Protestantism and the Individualist Ethic 30 
The Economic Policies of Individualism 32 
Summary 33 
26 
4 CLASSICAL LIBERALISM 
AND THE TRIUMPH OF 
INDUSTRIAL CAPITALISM 
25 
25 
The Industrial Revolution 35 
The Rise of Classical Liberalism 38 
The Psychological Creed 38 The Economic Creed 40 
The Theory of Population 43 The Political Creed 44 
Classical Liberalism and Industrialization 46 
Summary 47 
5 SOCIALIST PROTEST AMID 
THE INDUSTRIAL REVOLUTION 
48 
The Social Costs of the Industrial Revolution 48 
Liberal Social Legislation 52 
Socialism Within the Classical Liberal Tradition 53 
William Thompson and The Rejection of Classical 
Liberalism 55 
The Paternalistic Socialism of Robert Owen 57 
Other Important Pre-Marxist Socialists 60 
Babeuf 60 Godwin 61 Saint-Sımon 62 
Fourier 63 Proudhon 64 
Summary 65 
6 MARX’S CONCEPTION OF CAPITALISM 
Historical Materialism 67 
The Market 70 
The Class Structure of Capitalism 73 
Marx’s View of Private Property 76 
Marx’s View of Capital 80 
Summary 84 
57