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In session three, Winters talks about the reactions to, for, and against Classical Capitalism. He looks at the work of Malthus, Locke, Ricardo, Bentham, and Hobbes and shows how the beginnings of the Industrial Revolution changed the nature of work and led to the critique of Capitalism by Karl Marx. He discusses that critique and talks about the difficulty faced by Marxists when they try to replace Capitalism without understanding the enduring power of markets. Winters also discusses, briefly, the development of economic thought in the “Eastern World,” where social principles dominated economic policies.
