JOHN STUART MILL: HIS LIFE AND VIEWS ON CAPITALISM AND SOCIALISM
John Stuart Mill was a great thinker whose works have been under-appreciated by many economists. Mill’s ideas on laissez faire doctrine, private property ownerships and labor have been a subject of controversy for many years. This paper is aimed to help readers to understand Mill’s controversial ideas by looking more deeply into his personal life, which would give a better explanation about his ways of thinking. The debate whether Mill was in favor of either capitalism or socialism is also discussed, which lead to the conclusion that his views on this concept is inconclusive. Mill actually proposed an alternative economic system where both capitalism and socialism doctrines were accommodated without any radical changes.