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Capitalism Is Moral
Questioning the Morality of Capitalism: Moral, Immoral, or Amoral?
"To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except by the voluntary choice of the man who willing to trade you his effort in return. Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except to those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss -- the recognition that they are not beasts of burden, born…
Fourcade, M. & K. Healy. (2007) Moral Views of Market Society. Annual Review of Sociology, Available from
Griffiths, B., R.A. Sirico, N. Barry, & F. Field. (2001) Capitalism, Morality, and Markets. The Institute of Economic Affairs, Profile Books, London.
Gwartney, J., R. Lawson, & J. Hall. (2011). Chapter 1: Economic Freedom of the World, 2011. Fraser Institute, Canada. Available from:
Ikerd, J. (2008) Sustainable Capitalism: A Matter of Ethics and Morality. Problems of Sustainable Development, 3(1), 13 -- 22.
Capitalism and the Global Environment
A framework has been formed by capitalism according to which the world is not responding to the environmental changes. Capitalism produces (or is formed by) a number of environmental changes and lays down the foundation for the social relations and for all the political institutions. This thus demonstrates our potential to respond to the changing environment very efficiently. But still the learners of global environmental change do not frequently pass on to capitalism directly (Newell, 2011).
Capitalism, although unrevealed mostly, dominates in almost all academic discussions related to global environmental change. However, in spite of all this development of rhetoric and policy considerations concerning new green deal known as the 'greening' of capitalism, the need is of a variant capitalism which has the potential of handling the climate change specially (Porritt, 2007). At the same time, the one which is less susceptible to instability and…
Al Gore, A.A. (2006). An Inconvenient Truth. Rodale, Pennsylvania.
Bakker, K., 2004. An Uncooperative Commodity: Privatizing Water in England and Wales. OUP, Oxford.
Beder, S. (2004). The Changing Face of Conservation: Commodification, Privatization and the Free Market. Chapter 5. In Lavingne, DM (ed), Gaining Ground: In Pursuit of Ecological Sustainability, International Fund for Animal Welfare, Guelph, Canada & University of Limerick, Ireland, 83-97.
Bunch, C. (2008). Final Paper: An Inconvenient Truth. Available at: http://cabunch.public.iastate.edu/Revised%20Paper%20An%20Inconvenient%20Truth.pdf
Capitalism and Socialism
Capitalism Socialism Social Institutions
The debate over Capitalism and Socialism is one of the most important debates in the modern era. It has caused countless wars and political movements, which still drives political debate today. However, both models arise from common shifts in the our society's dominant social institutions. Thesis: Capitalism was aided by the decline of religious institutions, replacing those institutions with economic institutions. However, economic institutions, though dominant, demonstrate the serious void in ethics and compassion left by the decline of religious institutions.
Key Tenets of Capitalism
Karl Marx, the icon of Socialist economic theory, believed that society evolved through a progression of discrete stages, where the level inequality and exploitation diminishes until the economic organization of the society makes exploitation unnecessary. (Singer, 10) This exploitation was considered by Marx to be rooted in the ownership of property and the means of production, which encouraged…
Merton, R.K. (1968). Social theory and social structure. New York, Free Press.
Singer, P. (2000). Marx: A very short introduction. Oxford: Oxford University Press.
Author Unknown (2008). Introduction to Sociology. Wikibooks. Retrieved May 26, 2011, from: http://en.wikibooks.org/wiki/Introduction_to_Sociology
Fitzgerald, N., Cormack, M., (2006). The role of business in society; An agenda for action. The Conference Board. Publication number CSR-06-Citizen. Retrieved on May 29, 2011 from: http://www.hks.harvard.edu/m-rcbg/CSRI/publications/report_12_CGI%20Role%20of%20Business%20in%20Society%20Report%20FINAL%2010-03-06.pdf
Capitalism and the Corporation:
The contemporary business corporation is an initial creation of the United States imagination that was originally designed to expand local markets. The initial design soon became an essential means to develop a national market. As a result, the American industrialization and capitalism were critically dependent on the corporate form of organization. However, the corporation was not an intangible original initiative since it spread in reaction to tangible economic challenges. Moreover, the corporation had first to become a legal technique before it developed into anything else. Therefore, corporate law is not a division of higher mathematics whose cogency needs a series of more elementary operations since external forces like economic pressures helped to create the corporation. The problem under investigation is the history of the corporation in light of its origin and development. The other issues examined in the article include the different definitions of stakeholder, differences…
"Corporation." (n.d.). Capitalism. Retrieved April 27, 2013, from http://capitalism.org/category/corporation/
Hassan, M.A. (2012, December 13). Michael Novak: Capitalism and the Corporation. Retrieved April 27, 2013, from http://www.netarco.com/notes/2012/12/13/michael-novak-capitalism-and-the-corporation/
Jennings, M. (2012). Business ethics: case studies and selected readings (7th ed.). Mason, OH:
South-Western Cengage Learning.
Can the Current Unprecedented Global Expansion of Capitalism
The global expansion of capitalism is an ongoing and uneven process. Discuss the similarities and differences between capitalism's historical expansion and current forms of expansion, and whether or not capitalism's expansion can be sustained. What limits are there to its continued expansion and what implications does this have for its, and our, future?
Many societies in the recent past have tried to deny the power of capitalism to their detriment. Communist economic theory may work in a perfect world, but humans will never be perfect. It is not in human nature to work as hard as possible so that someone else can benefit from that work. Of course, people will work hard for their family's benefit, but they often quail at having to work hard and then provide to the community larder. Capitalism, and trade, have worked…
Bauman, Zygmunt. (2007). Consuming life. Cambridge, UK: Polity.
Gibson-Graham, J.K.. (2006). A post-capitalist politics. Minneapolis & London: University of Minnesota Press.
Perelman, Michael. (2000). The invention of capitalism: Classical political economy and the secret history of primitive accumulation. Durham & London: Duke University Press.
He deliberated that domestic investment generates higher income and jobs compared to investment made in foreign trade. Through choosing the backing of domestic to foreign investment, the capitalist planned exclusive his independent security and through propelling that industry in such a way so as to yield what might be of the maximum worth, he plans solely his self advantage, and hence in this manner as also in other problems, spearheaded by an invisible hand to foster an end that was never any constituent of his plans.
In his writings regarding policy matters in Wealth of Nations, Smith puts forth the appropriate contribution for the function of the state. He upholds that three aspects of valid governmental activity present in a society are: safeguard against external and internal security risks, the establishment of regulations which avert people from subjugating one another and the supply of public goods which the market would…
Allaboutphilosophy. What is Communism. 2007, accessed 21 November 2007; available at http://www.allaboutphilosophy.org/what-is-communism-faq.htm
Alvey, James E. "Adam Smith's Higher Vision of Capitalism" Journal of Economic Issues
32, no. 1 (1998): 65-71.
Brown, Sherrod. Myths of Free Trade: Why American Trade Policy Has Failed. The New
Hochschild certainly has excellent examples for the needs of such a realization in people, particularly Americans, especially when one considers how much more time at work people spend in this country compared to others, as well as how much money they think they need to have "everything they want." The fact of the matter remains, that when one gains an awareness of the perception that capitalism is, as Henry Cox put it, "the religion" that largely escapes the notice of those who practice it, its prevalence, its intensity, and its non-stop demands would more than likely be questioned. The most intelligent of examiners would likely pause to consider the context for all of the labor and the material trophies it provides within their lives and that of those closest to them. In some respects, this examination of labor and its fruits does take place already, albeit in different terms than…
What people have to understand is that it is impossible to reach a compromise through supporting capitalism and environmentalism concomitantly. Capitalism presently dominates the political landscape and this makes it almost impossible for nature's health to be preserved (Seis 123).
Through analyzing a series of trade agreements, it appears that the international public is more concerned about the well-being of transnational corporations than about that of the environment, thus putting the interests of capitalism before those of people. In spite of its detriments, capitalism in nonetheless a profitable system when concerning short-term benefits. It makes it possible for society to advance rapidly and effectively. However, this is done at the expense of the environment, which has its health ignored by the general public (Seis 123).
People have to understand that basic human rights should be considered more important than property and profits. Although globalization improved the lives of many, the…
Hood, John "How Green Was My Balance Sheet: The Environmental Benefits of Capitalism," Policy Review
Seis, Mark "Confronting the Contradiction: Global Capitalism and Environmental Health [*]," International Journal of Comparative Sociology: 123
Capitalism and Socialism
The two dominant economic systems we have in the world today are socialism and capitalism. In this text, I will in addition to comparing and contrasting socialism and capitalism also discuss the shortcomings of these two economic systems. Further, amongst other things, I will highlight the overlaps between the two.
Capitalism vs. Socialism
In seeking to highlight the key differences between socialism and capitalism, it would be prudent to first offer a concise definition of the two terms. Capitalism in the words of Brinkerhoff, White, Ortega, and Weitz (2007) "is the economic system in which most wealth (land, capital, and labor) is private property, to be used by its owners to maximize their own gain." As the authors in this case further point out, this particular economic system is largely founded on competition. Socialism on the other hand is defined as "an economic structure in which productive…
Andresen, M.L. & Taylor, H.F. (2007). Sociology: Understanding a Diverse Society (4th ed.). Belmont, CA: Thomas Higher Education.
Brinkerhoff, D.B., White, L.K., Ortega, S.T. & Weitz, R. (2007). Essentials of Sociology (7th ed.). Belmont, CA: Thomas Higher Education.
Ensign, R.L. & Patsouas, L.M. (Eds.). (1993). Challenging Social Injustice: Essays on Socialism and the Devaluation of the Human Spirit. New York, NY: Edwin Mellen Press.
Furze, B., Savy, P., Brym, R.J. & Lie, J. (Eds.). (2012). Sociology in Today's World (2nd ed.). Mason, OH: Cengage Learning.
Capitalism is "an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market"
As we can see from this definition, according to the Webster definition, there are two main characteristics for capitalism, both economic: a private ownership of capital goods and the role of the free market.
From the same source, Communism is seen as "a system in which goods are owned in common and are available to all as needed," but also "a totalitarian system of government in which a single authoritarian party controls state-owned means of production" and "a final stage of society in Marxist theory in which the state has withered away and economic goods are distributed equitably." In this sense, Communism also combines political and historical elements with…
1. Pipes, Richard. Communism -- A History. Modern Library Chronicles. 2001.
2. Merriam-Webster Online Dictionary. On the Internet at http://www.webster.com/cgi-bin/dictionary?book=Dictionary& va=Capitalism
3. Carew, Edna. The Language of Money. On the Internet at http://www.anz.com/edna/dictionary.asp?action=content& ; content=mixed_economy
4. History of Socialism. Wikipedia. On the Internet at http://www.answers.com/topic/history-of-socialism
Capitalism: A Love Story
Michael Moore's Capitalism: A Love Story
Michael Moore is an expert at tugging on viewer's heart strings, and never passes up an opportunity to do so in Capitalism: A Love Story -- even though the docu-tragi-comedy would have been better without so much bathos. Moore's main problem lies where it always does: with him focusing the camera on humanity's tragedies and milking them for all their worth. It is not to his advantage. His strong points have always been his ability to mock modern culture by splicing together hilarious shots of bumbling corporate goons, or satirically reminding us of our (once great) nation's serious decline into the grifter paradise it has now become. Capitalism does all this, but with a mixture of failure and success. This paper will show where Moore fails and where Moore succeeds with his latest attempt to win over the American public…
The Heritage Foundation's chart of "Global Distribution of Economic Freedom" stresses that nationalization leads to unemployment and a poor quality of life in the developing world, but some might counter that healthcare, government assistance, educational loans, and other state programs are needed to restrain the excesses of capitalism -- as are government bailouts. Without government intervention unemployment may increase and an economic downturn will cycle into a depression, as a result of consumer fears of purchasing goods and fears of businesses of stimulating their productive capacity, generating new inventory and hiring new workers.
Others resist the idea of taxing innocent citizens to pay for businesses in need and see taxes as a drain on the economy, purely and simply. Ours is a nation founded upon the concept of no taxation without representation, and John Locke's ideal of government protecting property as well as the right to life and liberty might…
In terms of unemployment, a new program was introduced which aimed at reducing the number of people without jobs. The Civilian Conservation Corps represented an initiative with two aims. On the one hand, it offered young people in particular new jobs, and on the other hand it fought against erosion of the soil, as the plan had initially been. More precisely "Accepting the Presidential nomination on July 1, 1932, New York Governor Roosevelt planned a fight against soil erosion and declining timber resources, utilizing the unemployed of large urban areas" (Civilian Conservation Corps Alumni, n.d). This was a useful endeavor as it helped the unemployment rate and the environment at the same time because it offered the possibility of the plantation of over 3 billion trees in less than ten years (Civilian Conservation Corps Alumni, n.d).
Another important measure taken during this period was in the agricultural sector. This was…
Civilian Conservation Corps Alumni. Roosevelt's Tree Army. A Brief History of the Civilian Conservation Corps. N.d. 22 May 2008 http://www.cccalumni.org/history1.html
Jenkins, P. A history of the United States. New York: Palgrave, 1997.
Modern American Poetry. About the Great Depression. N.d. 22 May 2008. http://www.english.uiuc.edu/maps/depression/about.htm
The Library of Congress. Great Depression and World War II, 1929-1945. 2004. 22 May 2008. http://lcweb2.loc.gov/learn/features/timeline/depwwii/newdeal/newdeal.html
52). Furthermore, Marx felt that money had "deprived the whole world, both the human world and nature, of their own proper value. Money is the alienated essence of man's work and existence; this essence dominates him and he worships it..." (Strathern, 2001, p. 52). From Marx's point-of-view, owners or holders of capital were in a position to exploit workers because of their "systematically privileged position within the market" (Pierson, 1995, p. 94). The system was structured in favor of the owners of private property. If private ownership were abolished, the opportunity to exploit workers would disappear. A cornerstone of Marxism, then, was the prevention of large scale capital holdings.
Labor as a Commodity
Marx also thought that labor had become a commodity in and of itself, and that this concept further dehumanized the worker. Capitalists had no feeling for laborers as human beings but saw them merely as something to…
Ellens, S. (2007). Relationship of philanthropy to the Industrial Revolution. Center on Philanthropy at Indiana University. Retrieved on 9 November 2007 at http://www.learningtogive.org .
Gregory, J. (2005). The southern diaspora. The University of North Carolina
Grossman, J. (2002) the great migration: James Grossman lecture. The Digital Library: Social Studies. Retrieved on 12 November 2007 at http://ecuip.lib.uchicago.edu/diglib/social/greatmigration/lecture.html
Her confession was then the pivotal point for the start of one of the most painful events in the history of the United States.
What is interesting to me personally is that Breslaw provides a much more global view of the witch trials and its influences than is generally available in books and documents regarding the trial. In my own view, the witch trials were the result of the mindset of the Crusades and the Spanish Inquisition; the subversion of certain sectors of society by Christian leaders by means of fear. However, I never realized that, for the witch trials, there was a much wider perspective. Indeed, Tituba's young life was informed by a religion that was as far removed from Christianity at the time as it was possible to be. According to the book, Tituba's confession was the result of the meeting of the two religious paradigms; Tituba's occult…
Capitalism is structured as a means of obtaining economic benefit through investment in various assets. By foregoing current consumption of goods and services, and instead investing excess capital, the investor intends to consume more goods and services in the future. These investments should compensate the investor for the risk associated with the security relative to the market, the time value of money, and finally inflation. In order to attract capital from investors, individual companies indirectly signal their underlying financial health by engaging in various activities. These activities include share buybacks, dividend increases, and stock splits. In the subsequent sections, we will be discussing the merits of each
Stock buyback is one method used to signal the financial health of the underlying company. Share buybacks are used primarily to limit the amount of shares available to the public by purchasing a particular quantity of the company's own shares. By purchasing its…
Polk's War." At the beginning, Haynes thus takes a fairly straightforward biographical approach, although he strives to use Polk's life not merely as a curiosity in and of itself, but as emblematic of an era, when America had redefined itself as a regional power. This sense of power was based in racial terms and in democratic terms. Men had been newly given the right to vote who did not own land, and the displacement of the Indians and the colonizing of the West excited new interest in the potential of the territory to generate growth, often at the expense of nonwhite people. One of the most interesting and perhaps controversial aspects of the book is the way that Haynes casts virtually Polk's entire career as a lead-up to the presidency and the Mexican War. On some level, this is understandable -- this is Polk's most famous effort as President. However,…
Freedom and Capitalism
Economists look at the state of the world economy and invariably come to different conclusions; the nature of a market economy is to be unpredictable. In today's economic environment, the battle is still waging between the various forms of capitalism, and the very definition of what it means to be free is being challenged from two viewpoints. First, we have the view that economic freedom, without government restraint, is the most important aspect of a forever strong and growing economy. This view is promoted by individuals such as Milton Friedman, an economic and social theorist first made famous in the 1960s with the publishing of Capitalism and Freedom. (Friedman, 1962) The second view is that of pursuing the social good, through government means and the control of corporate interests, in order to bring a stable and equal society while still pursuing free market principles. The…
Dhamee, Y. (2005, April 15). Adam smith and the division of labor. Retrieved from http://www.victorianweb.org/economics/division.html
Friedman, M. (1962). Capitalism and freedom. Chicago: University Of Chicago Press.
Le Guin, U. (2011). The dispossessed. (5th ed.). New York: HARPER Voyager.
McNally, D. (2006). Another world is possible. (Revised Expanded ed.). Winnipeg: Arbeiter Ring
Bells dismissed the 1960s counterculture as merely children at play. He felt that it was an attempt to blur the line between fantasy and reality, a type of escapism for the misfits. However, the counterculture gave rise to creativity that sparked the ideas that drove capitalism to new heights. The children of the 1960s counter culture gave rise to personal computers and Ben & Jerry's ice cream. The counterculture played an important role in the development of new products and technologies that were the driving force behind the growth of capitalism.
Bells' work comes across as a doomsday prediction of things to come. Bell wrote in tumultuous times. America had recently seen atergate, and the Vietnam wars. Bells' dismissal of the counterculture echoed the predominant attitude of many conservative Americans of the time, it is easy to dismiss Bells' theories and predictions as fantasy, but when one begins to look…
Bell, D. The Cultural Contradictions of Capitalism. Contributors: Basic Books: New York.1976.
There are great differences among Americans in terms of income and the reports by the U.S. Census Bureau indicate according to a December 1997 data that in the last twenty years "incomes of the richest fifth increased by 30% or nearly $27,000 after adjusting for inflation." The average income of these people was $117,500 and that is 13 times the bottom one-fifth's income of $9,250. but, are these people still the rich of the country. Not at all, and the best that can be said id that these people are middle income. The real rich and super rich are not included n the data collected by the U.S. Census Bureau. The reports by the Bureau provide the figures about the rich, and they did not interview anybody who had incomes higher than $300,000 in a year. Even if by some chance, a person with a higher income was…
Capitalism. Retrieved at http://www.wsu.edu/~dee/GLOSSARY/CAPITAL.HTM . Accessed on 2 May, 2005
Parenti, Michael. The Super Rich Are Out of Sight. Common Dreams. December 27, 2002. Retrieved at http://www.globalpolicy.org/socecon/inequal/2002/1227superrich.htm . Accessed on 2 May, 2005
Robins, Richard. Global Problems and the Culture of Capitalism. Retrieved at http://progressiveliving.org/gpcc_samples.htm. Accessed on 2 May, 2005 Richard
United States District Court for the District of Columbia. Retrieved at http://usvms.gpo.gov/findfact.html. Accessed on 2 May, 2005
There is no specific criterion to determine the nature and level of age discrimination because it is in fact illegal according to the legislative laws of all states of America. However the is age discrimination in the united state especially when it comes to employment, the situation has never been amplified by anything because the rate of unemployment at old age has been low for as long as we can recall. Population explosion all over the world can blame of the hyped figures of unemployed aging people. A few years back almost all elderly citizens were pensioners, but currently there are elderly people in the U.S. who have never held permanent jobs, this is aggravating the situation as more and more aging people flocking into the streets everyday in search for employment.
Most people that have surpassed the 'hiring age' find solace in non-professional jobs like security guards, construction employees…
Lahey, Joanna N. "Do Older Workers Face Discrimination?" Issues in Brief. Chestnut Hill, MA:
Center for Retirement Research, 2005. 2 May 2010.
Linda, Sunkle. Discrimination against older workers in the workplace. 2 April 2008. 2 May
2010. < http://www.helium.com/items/989207-discrimination-against-older-workers-in-the-workplace >.
Lesbian and Gay Studies Reade
The gay and lesbian subcultue in the second half of the twentieth centuy expeienced significant pogess and made it possible fo society as a whole to acknowledge its existence. Though getting actively involved in a seies of movements thoughout the ea, these communities managed to aise public awaeness and to influence the masses to peceive them as being an impotant pat of the social ode.
How did society came to acknowledge the existence of the homosexual community in the second half of the twentieth centuy?
Although they eceived limited suppot fom the outside wold, gay and lesbian communities pimaily used thei own esouces in fist undestanding thei ole and in then addessing a seies of popula topics in the context of this espective ole.
What pesonal esouces did gay and lesbian communities use with the pupose to get involved in popula mattes?
Capitalism intoduced the…
references. Concepts like the one caricaturizing Osama bin Laden as a gay man only shows the way that the masses perceive homosexuality -- while it is a relatively acceptable thing in the western world, it appears to be used as a form of ridicule in the situation involving terrorists.
Why do the masses perceive homosexuality as a ridicule idea when it is present a the context that they are not supportive of?
Society can progress in the context of equality for homosexual men and women if it refrains from using the very idea of homosexuality as an idea of otherness. By influencing the masses to accept this concept as one that is part of their world, the world as a whole can progress significantly.
Is acknowledging homosexuality as being part of society likely to put an end to people perceiving gay and lesbian people as 'others'?
Certainly, one wonders if this was just another example of the "new" Soviet regime using leftovers from the time of the Czar. Hammer's uncle Alexander Gomberg had held a Ford agency prior to the evolution in Southern ussia and facilitated his nephew's meetings with Henry Ford to renew the business under the new Soviet regime (Hammer 1987, 167). There was a new regime and new faces on both sides of the trading table, but the old networks were in use. However, there were now differences, developments that would become a feature of U.S.-Soviet trade throughout the Cold War. In December, 1921, the first shipment of U.S. grain made its way to ussia to Leningrad in barter exchange for ussian furs, hides and caviar (ibid, 164). Anyone old enough to remember the Cold War will remember the very common grain deliveries to Soviet Union in exchange for goods. It seems as…
Brzezinski, Zbiegniew. Between Two Ages America's Role in the Technotronic Era.
New York: Viking Press, 1970.
Gerschenkron, Alexander. Economic Backwardness in Historical Perspective. New York,
NY: Praeger Publishers, 1962.
Crossroads at Tenderloin
The author of this report has been asked to offer a one-page reflection paper as it relates to the two treatises that were offered in relation to the Tenderloin area of San Francisco. One of the offerings is a YouTube video that details the addition of a mural to the area as a way to spark community involvement and to bring good vibes to an area that sorely needs it. There is also a web article by Jonah Raskin that also helps paint the picture of how the residents of the Tenderloin area are very much people that have become victim to or at least have fallen through the cracks when it comes to capitalism. hile the dynamics and factors that lead to people being relegated to areas like the Tenderloin district are many and complex, there are certainly some crossroads and experiences that can be discussed…
Raskin, Jonah. "In Darkest San Francisco: A Day in The Tenderloin." Culture Counter
Magazine. n.p., 2016. Web. 28 Apr. 2016.
YouTube. "A Brush with The Tenderloin -- KQED Truly CA." YouTube. n.p., 2016. Web. 28
Also, strategies that require entire replacements of the old technology, despite initial consumer resistance can be effective, as the new system, like a new computer system becomes locked into previously existing business standard operating procedures and the routines of modern home and family life.
Provide an example of how a disruptive 'threat' has been/is being turned into an opportunity. Use your experience or observation. Do not reveal any proprietary information.
A disruptive threat in the form of Amazon's online retailing of books has been turned into an opportunity by some book retailers who use the new venue to dispense information about their authors, and who use Amazon rankings to encourage sales, as in the case of the Harry Potter books, where buying the first copies off of Amazon becomes a kind of status.
Analyze using this week's readings. (Compare this to Table 2.2 in Chapter 2 of Bateman and Snell.)…
The crises and contradictions of capitalism originate from the need for more and more expansion at cheaper and cheaper costs that arises in the capitalist system. As Piketty (2014) points out, “there is a tendency for the rate of return of capital to exceed the economy’s growth rate, and this tends to lead to high concentration of wealth”—i.e., the rich get richer while the poor either stay the same or get poorer.
According to Elwell (2013) in Chapter 6, “Capital,” the lack of central planning in a capitalist system is what leads to crises like inflation and depression. Yet, ironically, inflation occurs when a money supply is rapidly increased over a short amount of time—which is something the central bank is good at doing as part of its monetary policy (like quantitative easing). One can notice that the price of virtually everything from housing to stocks has increased since 2008. This is…
DeLong, B. (2014). Dialogue. Retrieved from http://equitablegrowth.org/equitablog/dialogue-ten-so-far-worthwhile-reviews-of-and-reflections-on-thomas-pikettys-capital-in-the-twenty-first-century-wednesday-focus-march-26-2014/
Elwell, F. (2003). Sociocultural Systems: Principles of Structure and Change.
Piketty, T. (2014). New thoughts on capital in the twenty-first century. Retrieved from https://www.ted.com/talks/thomas_piketty_new_thoughts_on_capital_in_the_twenty_first_century/transcript?language=en#t-107341
In the world today, information societies, all referred to as digital or postindustrial societies, are among the latest developments and are mainly founded on the generation of services and information. Information societies are powered by digital technology, and high-tech organizations like Microsoft, RIM, and Apple are its version of steel and railroad production companies. Given that the information societies’ economy is steered by knowledge, great power lies among those in control of the production, storage, and distribution of information (Steiner and Stewart, 527). Social classes are subdivided by peoples’ access to an education, because without any communication and technical skills, individuals part of an information society do not have any means to succeed.
Theoretical perspectives on modern society
Whereas several sociologists have conducted various research on social and society interactions, Max Weber and Karl Max established different theoretical strategies to assist us in understanding the development and growth of…
Although economic, political, and social structures had been changing for at least a century prior, the Industrial Revolution did have a tremendous and far-reaching impact on reconfiguring socioeconomic classes. Industrial capitalism shifted the centers of economic power to the private sector, and economic systems became far more decentralized than ever before due to the emergence of market capitalism. The new economic regime necessitated new political institutions, which in turn transformed social structures. Nineteenth century social formations included a leisure class known as the bourgeoisie and the working class, known as the proletariat, while the new political ideologies that supported capitalism included liberalism and socialism.
Prior to the Enlightenment, European social, economic and political institutions were dependent on Church authority (Burke, n.d.). The French Revolution was a harbinger of the new social and political institutions like liberalism and socialism. Monarchic rule was a thing of the past; once the seeds of…
The general topic that will be covered in this brief essay will be economic surpluses in the capitalistic context. To be sure, the way in which the surplus and largesse of society is managed varies widely based on the form of government in question. However, capitalism has its own way of such a thing evolving and shaping. Perhaps the best example of this would be the United States and what happens with its surplus. While there is little argument that the surplus of society should be used to benefit people who cannot help themselves, there should perhaps be a proper definition and enforcement of who truly is deserving of help and who is not.
Before getting to the more personal observations about this topic that the author has, the author would first point to some facets of the two YouTube videos that were to be watched as…
Capitalism and Culture
The works of Smith, Marx, Freud and Wolf center around the history of capitalism and its meanings as it has emerged from the west: first from western Europe and subsequently from the United States of America. However, this is not the only light in which world economy might be seen. There are various economic systems that are viable in various cultures. These will be considered in terms of the above-mentioned authors, together with authors who write from a different perspective, including Sahlins and Appadurai.
The main characteristic of the capitalist system is that those who produce actual goods are employees. They do not own and cannot buy their own equipment and materials. Through this system, and especially through the advent of the machine, workers have been separated form the production process. Such displacement has occurred through coercion, especially during the early stages of the system,…
Kilcullen, R.J. "Marx on Capitalism." 1996. http://www.humanities.mq.edu.au/Ockham/y64l06.html
Sahlins, M. "The Original Affluent Society," 1998. http://www.hrc.wmin.ac.uk/campaigns/ef/dt/affluent.html.
Szeman, I. Review: Modernity at Large: Cultural Dimensions of Globalization by Arjun Appadurai. Public Worlds Volume 1. Minneapolis: University of Minnesota Press, 1996.
Wolf, Eric R. Europe and the People Without History. Berkeley: University of California Press, 1982.
Capitalism and industrialization are two concepts that have been talked about and documented over a number of decades with details and examples borrowed from across the globe. These two concepts still have connections with each other in an intimate manner such that they appear to be influencing and infirming the direction of the other.
According to Corbridge S., (2018) capitalism is a political system where the industries and the trade of the country are controlled by private entrepreneurs in pursuit of profit and not by the state. Under capitalism, the prices, the production levels as well as the distribution of the goods is determined by the competition in a free market. On the other hand, industrialization is defined as the process of transformation of the economy from basic industrial one to one that is based on the manufacturing of goods.
Capitalism and industrialization are concepts that are intimately…
Nature of Capitalism
Susan Strange's theories of capitalism
Giovanni Arrighi's theories of capitalism
Capitalism, an economic which has dominated the Western world after the catastrophic failure of feudalism (Encyclopedia Britannica,2006). No consensus exists for an accurate definition of the term as well as how the term has been employed as a historical category (owman & Littlefield, 1999, p.1). . In this paper however, we analyze and define the capitalism while also comparing as well as contrasting the theories of Susan Strange, Karl Polanyi and Giovanni Arrighi on capitalism. We also explain how the three of them handled the issues of capitalism.
Capitalism, an economic which has dominated the Western world after the catastrophic failure of feudalism (Encyclopedia Britannica,2006). No consensus exists for an accurate definition of the term as well as how the term has been employed as a historical category (owman & Littlefield, 1999, p.1).However, a general agreement exists…
Arrighi, G (1978). Towards a Theory of Capitalist Crisis
Encyclopaedia Britannica,(2009)"Economic systems." Encyclopaedia Britannica 2007 Ultimate Reference Suite. (Chicago:)
Encyclopaedia Britannica (2006)Capitalism.
Heilbroner, R.L. (2008).Capitalism. New Palgrave Dictionary of Economics, Second Edition (2008)
Shareholder Capitalism as a Model for Economic Development
The idea that shareholder capitalism may serve as a powerful type of economic progression model has been made practical with the growth of credit along with a large marginal tax that delivers a security net for Americans, but additionally has its own limits.
Shareholder capitalism, and also the American structure of corporate governance which can serve as its main-operating-system, continues to be held out like a replica of economic growth and development for up and coming markets within the last era. This document reveals the roots of the model inside the U.S. And argues that this model has already established, in the best scenario, mixed success beyond the U.S. borders. Furthermore, the after-effects in the two financial bubbles in the early Twenty-first century shows that shareholder capitalism might not function as publicized even inside the U.S. During the economic crisis, sensible policymakers…
Armijo, L.E. (1999), 'Introduction and Overview', in L.E. Armijo (ed.), Financial Globalization and Democracy in Emerging Markets, pp. 10 -- 14. New York: St. Martin's Press.
Bekaert, G., C.R. Harvey and C. Lundblad (2005), 'Does Financial Liberalization Spur Growth?', Journal of Financial Economics, 77: 3 -- 55.
Berle, A.A. And G.C. Means (1932), The Modern Corporation and Private Property, Modern Reprint, 1991 edition. New Brunswick, NJ: Transaction.
Brandeis, Louis (1914), Other Peoples' Money: and How the Bankers Use It. New York: Frederick A. Stokes.
In the 20th century, both of these tactics were utilized to successfully gain independence for a number of countries. (Conrad 83 -- 149) (Hochschild 101 -- 164) (Gainty)
However, Africans also helped European efforts. This was accomplished by many individuals becoming actively involved in: the political, economic and military structure. Over the course of time, these activities divided entire nations against one another. Once this took place, is when the European powers were able to exercise greater amounts of control over its colonies. (Conrad 83 -- 149) (Hochschild 101 -- 164) (Gainty)
hat was the impact of European colonialism (overseas acquisition up to approximately the mid-1700s) and imperialism (overseas acquisition from the mid-1700s) in Africa?
The impact European colonialism was to exercise direct control over entire regions. This was a part of an effort to increase their access to natural resources. Moreover, many of these colonies were established based upon…
Conrad, Joseph. Heart of Darkness. Hamondsworth: Penguine, 1975. Print.
Duiker, William. The Essential World History. Boston: Wadsworth Learning, 2011. Print.
Engels, Frederic. The Condition of the Working Class in England. Cambridge: Cambridge University Press, 2010. Print.
Gainty, Denis. Sources of World Societies. Boston: St. Martins, 2009. Print.
Growing Gap between the ich and the Poor: Is Capitalism the Culprit?
Since Karl Marx powerfully challenged Capitalism and criticized it for being exploitative, Capitalism as a system has always come under attack. Although by the end of the twentieth century, Capitalism seems to have triumphed over Communism and the socialist system of command economy, many people renew their criticism of Capitalism in times of economic crisis. ecent protests in Wall Street, which has been expanded to the other parts of the United States and many places around the world, symbolize growing frustration with Capitalism. But is Capitalism to blame for the economic crisis and other problems such as class inequality, the erosion of many social benefits and the attacks on the remaining ones, and the domination of world economy by corporate powers? This paper argues that the problem is not with Capitalism per se, but the way it…
Batra, R. (2011) The Occupy Wall Street Movement and the Coming Demise of Crony Capitalism. TruthOut. Retrieved on 16 October 2011, from http://www.truth-out.org/occupy-wall-street-movement-and-coming-demise-crony-capitalism/1318341474
FOSTER, J, & MAGDOFF, F 2010, 'The Great Financial Crisis -- Three Years On', Monthly Review: An Independent Socialist Magazine, 62, 5, pp. 52-55, Academic Search Premier, EBSCOhost, viewed 16 October 2011.
Harvey, D. (2007) A Brief History of Neoliberalism. New York: Oxford University Press.
In fact, the misnomer 'money is the root of all evil" originates from St. Paul (Johnson, 1987). In a practical sense, money can be the root of much good too. See, for instance, all the effects of philanthropy that are wrought in the world. Arguments can be ferried back and forth regarding the value of social beneficence to developing countries, but the root of the matter is that people would be far poorer, more illiterate, fewer in number, and less happy without the aid that wealthy individuals and countries supply it. There have been numerous stories of wealthy, scrupulous, extremely religious individuals who benefited the world without distracting one bit from their religiosity. Abraham, founder of the Christian religion (via the O.T), is an example in kind. He was extremely wealthy. And although capitalism in its technical sense did not then exist, capitalism in Adam Smith's sense of the world…
Foner, E: Freedom, Capitalism and Morality. YouTube.
Johnson P. Enemies of Society. Athaneum, New York, 1977
financial crisis a "crisis of capitalism?
Compare and contrast the theories of Susan Strange, Karl Polanyi and Giovanni Arrighi. Explain how three of them accessed issues of Financial crisis and its relationship with capitalism
Starting from 2008 onwards, we are currently experiencing an unremitting state of economic recession. Each of the three theorists stated in this essay have different perspectives of whether or not the recession indicates crises of capitalism. Whilst Susan Strange and Karl Polanyi have a more optimist perspective on the subject and indicate that rather than crisis, the recession may, in effect, be, in the first case, a misplaced paradigm (or different, tortured perspective) and in the second case, only a slight wrench that necessitates government intervention for amending a temporary situation, Arrighiri sees the situation as indeed manifesting something that is intrinsically, irremediably, and inherently wrong in the structure of capitalism itself. Each of these views…
Giovanni Arrighi (2000) Workers North and South) in C. Leys and L. Panich, eds., The Socialist Register. London: The Merlin Press
Giovanni Arrighi (1996). Capitalism and the Modern World-System: Rethinking the Non-Debates of the 1970s"
Giovanni Arrighi (2001) Braudel, Capitalism and the New Economic Sociology, Review, XXIV, 1
" (Raines and Leather, 2007) This goal was achievable through wealth acquisition derived from "monopoly profits from successful innovations."(Raines and Leather, 2007) Schumpeter held that the ability of these businessmen is that which determines how far they will rise "because in that schema rising to a position and doing well in it is one and the same thing." (1950: as cited in Raines and Leather, 2007) Schumpeter also discussed the 'human element' in the political democratic decision-making in his work "Capitalism, Socialism and Democracy" and in one section which he entitled 'Human Nature in Politics' he stressed that the mindset of capitalism was one of rationalism and held a view of individual rationality as "consumers and in political activities as being quite limited." (Raines and Leathers, 2007) Schumpeter rejected the "idea of the human personality that is a homogeneous unit and the idea of the definite will that is the…
Henrekson, Magnus and Jakobsson, Ulf (2003) Where Schumpeter was nearly Right - the Swedish Model and Capitalism, Socialism and Democracy 3 May 2001. Journal of Evolutionary Economics Vol. 11 No. 3, 2001.
Raines, J. Patrick and Leathers, Charles G. (2007) Behavioral Influences of Bureaucratic Organizations and the Schumpeterian Hypothesis Controversy. Online available at http://www.aabss.org/journal2000/f07Raines.jmm.html
Schumpeter, Joseph a. (1934). The Theory of Economic Development. Cambridge: Harvard University Press (1911).
Schumpeter, Joseph a. (1928). "The Instability of Capitalism," Economic Journal, September: 361-386.
Growth of Tourism
Capitalism, as an economic system, is doing much of what democracy, as a political system could not. China has long been known as a communist country, but this truly applies to both political and economic policy, although the Marxist idea was originally economic. However, during the reign of Mao and the communists, the country sank deeper into poverty, and instead of being a world leader as it had been for centuries, it became a third world country. For the past three decades, the government in China has been slowly implementing economic reforms and these have been paying immense dividends. One of the most lucrative decisions made was that to allow tourism to begin again within the country. China has become a good example of what tourism can do for a failing economy, and how it can stabilize one that is emerging and volatile. The example China provided…
Bunten, A.C. (2010). More like ourselves: Indigenous capitalism through tourism. American Indian Quarterly, 34(3), 285-311.
Diaz-Guerra, B.B. (2008). New networks for the old paradise. Theoretical and Empirical Researches in Urban Management, 9, 43-50.
Henken, T. (2000). Islands of capitalism in a sea of socialism: Cuban tourism and workers in the second economy. Retrieved from http://lasa.international.pitt.edu/Lasa2000/Henken.PDF
Ketter, W.B. (2008, Sept 17). Vietnam today: Capitalism, tourism and technology draw country out of past. Cumberland Times-News. Retrieved from http://times- news.com/archive/x1540433642
Consumer Society or Capitalism
Consumer society which evolves out of capitalism has its advantages as well as its disadvantages. But even with its disadvantages, consumer society has now become an accepted from of modern society.
Under the pressure of corporate politics, the commercialization of culture and the influence of mass media, the conventional literary values of Western society are deteriorating. For the public in general, the mixing and transformative experiences of culture have been restored by the joint viewing experience and by contribution in consumer trends. (Cronk, Consumerism and the New Capitalism) George Orwell described consumer society as the air we breathe. High worker output and high general levels of consumption typify efficiently improved societies of late 20th century. Though this prosperity is endorsed with making benefits like raised education and health care, it is also linked with much extended work hours, raised lose-lose social rivalry, uneven communities, economic disparity,…
Cronk, R. "Consumerism and the New Capitalism" Retrieved from http://www.westland.net/venice/art/cronk/consumer.htm Accessed on 20 April, 2005
"False atheism or the new-sacred ideologies - Page 5 / 7" Retrieved from http://atheisme.free.fr/Atheisme/Fae5_capitalism.htm Accessed on 20 April, 2005
"Features of a Consumer Society" Retrieved fromhttp://www.consultmcgregor.com/PDFs/features%20of%20consumer%20society.pdf Accessed on 20 April, 2005
'"Global Capitalism Has Developed A Planetary Consumer Culture Based Upon Exploitation And Exclusion: Discuss" Retrieved from http://www.jakeg.co.uk/essays/consumer_exploitation.htm Accessed on 20 April, 2005
Flax was a major industry because of the ease of production. The prosaic nature of the homespun ideal led it to be the symbol of the revolution. It also induced progress. enjamin Franklin referred to it as the "first Ages of the world." ut this was linked to European finery, historically made from the animal skins of the Indians, who did not have a cloth-making industry. In his 1787 Notes on the State of Virginia, Thomas Jefferson declared all forms of manufacturing, including household, as a mortal threat to American virtue. As the American president in 1806, he drew the attention of Cherokee chiefs on the civilizing effect of spinning and weaving their own cotton cloths. In 1812, Jefferson and John Adams agreed to a common homespun vision of commercial progress (Zakim).
The overall view is that capitalism threatens or hinders democracy (Muller 2007). Capitalism involves an inequality of reward,…
Anderson, Kim. Liberal Capitalism: the Will to Happiness. Policy: the Centre for Independent Studies, Summer 2007
Lowell National Historical Park. Early American Manufacturing. National Park Services:
US Department of the Interior, 2002. Retrieved on October 8, 2008 at http://www.nps.gov/archive/lowe/loweweb/Lowell_History/earlyam.htm
Muller, Jerry Z. The Democratic Threat to Capitalism. Daedalus: MIT Press Summer,
One of the failures of the current system is that it often does not account for cultural and resource differences between nations - instead a one-size fits all economic system is imposed universally. Over time, each society will find its own path. Some societies will fail to adapt and ultimately disappear. That is part of the evolutionary process. The key is that right now all societies are not given the same opportunity to succeed whereas the fundamental principles of capitalism suggest they should be.
As more people realize that happiness is more important than money, we will see profound shifts towards knowledge and culture, and the pursuit of wealth will be taken up by other cultures. As they too achieve the type of sustained comfort experienced today in many estern societies, they too will shift towards the pursuit of happiness over money. There will be a major obstacle to overcome…
Saul, John Ralston. (2000). LaFontane-Baldwin Symposium, Inaugural Lecture. Speech online. Accessed April 3, 2008 at http://www.operation-dialogue.com/lafontaine-baldwin/e/2000_speech.html
Saul, John Ralston.(2005). The Collapse of Globalism and the Re-Invention of the World. Toronto: Penguin Canada.
Saul, John Ralston (1995). The Unconscious Civilian. Toronto: Anansi, Massey College.
Sahtouris, Elisabet. Globalization as a Natural Evolutionary Process. Retrieved April 5, 2008 at http://www.pcdf.org/Living_Economies/Supporting_Essays/globalization.htm
Essentially, parenting styles changed dramatically and began to allow children for relative independence vs. relative inter-dependence that was seen before the implementation of industrial capitalism. This move far from traditional agricultural-based family structures lessened the degree of inter-dependence within the family and more towards individual independence within the larger family structure. Mothers and fathers were off working in the factories, leaving them as much less a part of every element of their children's lives. This left children home alone more often, forcing them to find their own relative independence outside the realm of their parents' supervision. Additionally, when children, when required to work, would work outside the context of the home in factories, where there was less supervision from parents. Thus, there was a greater focus on individual needs and individual lives, rather than the more familial unit thinking that was so prevalent before the Industrial Revolution took place.
.. "answers in his autobiography with a quotation from the ible: "Seest thou a man diligent in his business? He shall stand before kings. (Proverbs 22:29)."
Weber's explanation of the rise of capitalism through the rise of Protestantism in Western Europe and in the United States is also a criticism of another sociologist and economist's theories, Karl Marx. The latter also use religion to find explanation for overwhelmingly numerous human activities, before the humankind freed itself from the magic of religion, but it was the other way around. Marx found religion as the product of human activities, while Weber contradicts his theories by putting religion at the core of capitalism. Weber studies the role of religion not as a generally attribute of the humankind, no matter where and when. In our case, Weber relates economic growth in the modern western world to the Protestantism based on the reformism. The only…
1.Engerman, Staley. Economic History Services. Project 2001: Significant Works in Twentieth-Century Economic History. The Protestant Ethic and the Spirit of Capitalism. Review Essay. 2000 by EH.NET. Retrieved: Jul 15, 2006 http:/ / the.net/bookreviews/library/engerman.shtml
2. Weber, Max. The Protestant Ethic and the Spirit of Capitalism
Retrieved: Jul 15, 2006. http://xroads.virginia.edu/~HYPER/WEBER/cover.html
3. The Protestant Ethic and the Spirit of Capitalism. Wikipedia, The Free Encyclopedia. Jul 12, 2006.Wikimedia Foundation, Inc. Retreived: Jul 15, 2006. http://en.wikipedia.org/wiki/The_Protestant_Ethic_and_the_Spirit_of_Capitalism
Statement: Capitalism has great productive potential, but because in it, production is for the purpose of making a profit, it often does not meet human needs
The production stage in a capitalist society, according to Carl Marx comprises of the proletariat and the bourgeoisie. While the latter is used in reference to the owners of the production means, the former refers to the working class. The relevance of capitalism cannot be overstated especially when it comes to the efficient utilization of resources. This is more so the case given on this front, innovation and individualism is promoted; hence further optimizing the economic system. Producers in this case also seek to further enhance their returns by increasing output and investing more in innovative initiatives - hence effectively improving the quality of goods and services offered for sale. In the ideal capitalist economy, inefficiencies are eliminated through the inherent operation of supply…
Tariffs, like labor unions, are set up to benefit a select few workers according to Murphy. Just as labor union unfairly penalize those who are not a part of them, tariffs build an imaginary economy world of high wages and great benefits for products that are no better than something any other untaxed, un-tariff corporation could provide. It is in this way that Murphy argues that tariffs unfairly burden the American economy and create both distrust and anger in the economic powers that trade with America. If unfair tariffs are allowed to exist, those countries that now import American goods at high prices will begin to import them from elsewhere, or could even decide to produce the goods more cheaply in their own land. This does nothing to benefit American workers and corporations, and is not a behavior associated with free market capitalism.
Racism and the Environment
Murphy's take on…
The slaveholder was the "father" who needed to take care of his slaves spiritual and material needs, and to protect him or her.
Early in the nineteenth century, slaveholders began to view their slaves as property that needed protecting. Conditions improved slightly and slaves were given better food, clothing and housing. This was not done out of kindness, but because of a need to protect their property. Eventually laws were passed in southern states that limited the physical punishment that slaveholders could inflict upon slaves, and set the age at which slaves could be separated from their mothers.
Slavery needed to be protected from capitalism and democracy because these forces were inherently in opposition to slavery. Democracy declared all men equal before the law, but Paternalism provided the basis for a justification by saying these were not men, but some inferior being that needed to be ruled by whites. Slavery…
White northerners of all classes were opposed to slavery, but were overwhelmingly not abolitionists. Only about one percent of the white population would have called for an end to slavery by 1850. In the 1840s, the term anti-slavery came to mean opposition to expansion of slavery, but not abolition in states where it already existed.
White northern workers viewed slaves as a threat. How could they sell their services for wages when slaves worked for free? Equating them with slaves also diminished their social standing. White capitalists were opposed to slavery because they saw that the capital resources devoted to slavery could be better used elsewhere. Northerners of all classes wanted the western states to be Free because they needed the support of the west in expanding the power of the federal government, something that would not happen if the western states became Slave states.
Most northerners realized that the South would never give up slavery willingly. They knew that unless the South would accept an arrangement to pay for slaves (which would have been very costly), it would take armed conflict to remove slavery, and they were unwilling to resort to that. They just did not want to pay the costs necessary to end slavery. The North also had a vested interest in continuing slavery in the South. The cotton plantations provided ample amounts of cheap cotton for northern mills. Without slavery, this might not have been available, and northern industrialists would have had to look elsewhere for more costly alternatives. Northern wage earners also feared that the end of slavery in the South would mean a large influx of southern blacks to northern cities (which did eventually happen), providing competition for jobs and lowering wages. Farmers also were opposed to ending slavery. They did not want to compete with blacks for free land. So, while northerners did not want to see slavery expanded any further, they also did not want it to go away.
Vatican II, officially known as the Second Vatican Council, was a meeting of many leaders of the Catholic Church to discuss both theological and social issues pertaining to the Church in the modern era. Convened by Pope John XXIII in the 1960s and continued by his successor Paul VI, the main goal of the Second Vatican Council was to establish the Church's role and meaning in the modern world, which it recognized as fundamentally changed from the role of the Church in previous eras. Many different topics of concern were examined during the many phases of Vatican II, and the Council produced a number of documents on these varying subjects that help to define Church doctrine and perspectives on the modern world. When it comes to the social thought and action of the Catholic Church following Vatican II, one of the most important documents produced by the Council…
" (Capital, p. 915)
Ecological damage is grounded in resource depletion and density of population. You can have 10,000 over a 1000 acre land and this might not hurt the ecological balance but when you have the same number of people on 10 acre land, the balance is seriously disturbed as water, minerals, and other resources of a very small area are constantly being used up. This is what happened during the colonization process. Only some nations were constantly being robbed of their natural resources while nothing was coming from European countries. It must always be a two-way flow of resources because when its one-way, it leads to multifarious environmental and ecological problems. It is for this reason that Accion Ecologica argues "it's time to shut off the tap" to stem the "unjust flow of energy, natural resources, food, cheap labour and financial resources from the South to the North."…
Karl Marx, Capital, volume 1 (New York: Vintage, 1976), p. 896; Malthus to Ricardo, August 17, 1817, in David Ricardo, Works and Correspondence (Cambridge: Cambridge University Press, 1952), vol. 7
Alfred W. Crosby, Ecological Imperialism: The Biological Expansion of Europe (Cambridge: Cambridge University Press, 1986).
Karl Marx, the Poverty of Philosophy (New York: International Publishers, 1963)
Acci n Ecol gica, "No More Plunder, They Owe Us the Ecological Debt!" (Retrieved October 10, 2007 from www.cosmovisiones.com/DeudaEcologica/a_averde78in.html,1999).
Happy customers, for example, mean that the business can continue benefiting from their patronage. According to Mackey, team members are required to ensure that customers are happy. This can only occur when the happiness of team members is also ensured. For this reason, Mackey's company takes various measures to ensure that team members experience the highest possible level of job satisfaction. Value can be created for investors when customers continue to spend money at the establishment, which creates a type of cycle; happy customers are ensured by happy team members; which in turn leads to high profits and value. Suppliers ensure the survival of the business by providing high quality goods. The community and environment provide the structure within which the business functions and should therefore be treated in a sustainable and ethical manner.
One major benefit that Mackey believes will result from Conscious Capitalism is a decrease in the…
This is one, alternative explanation for the Neoclassical Revolution -- even without Marxism, to help understand the way that producers maximized value in an industrial society, a new way of understanding manufacturing was essential. Still another explanation for Neoclassical economics might follow as thus: Classical economics is fundamentally flawed, but not as Marxists might suggest. Instead, this explanation suggests that Classical theory is based upon an idealized conception of 'economic human' who moderates his or her desires solely according to price, and a producer who perfectly calculates the correct cost or value an item, based upon demand. Phenomenon such as seasonal rises in demand not based upon price or scarcity, consumer psychology, and irrational consumer whims are all not explained in Classical Theory, and even Neoclassical Theory and Marxism only began to scratch the surface of such challenges to pre-existing paradigms. Thus, just as Kuhn asserts, when a paradigm is…
By looking at the world from an individual perspective, some people actually managed to acknowledge that they were not really as inferior as some groups were inclined to believe they were and managed to surprise a whole world. By concentrating on his goals and on strategies he could use in order to achieve them, Khade practically reinforced his position in the business world and succeeded in spite of the fact that odds were against him.
Khade's story is inspirational for anyone who considers him or herself to be underprivileged as a result of coming from an obscure background. This makes it possible for people to understand that it is up to themselves to improve their general condition, as only by getting actively involved in trying to achieve their goals would they be able to truly succeed in accomplishing their dreams.
Instead of being influenced by cultural values that were meant…
Polgreen, Lydia, "Scaling Caste Walls With Capitalism's Ladders in India"
There are numerous effects of corruption on MNCs. In case their competition engages in such practices, their activity is significantly influenced by this phenomenon. This is because their corrupt competitors can change rules and regulations that do not favor other companies. Therefore, they have to deal with the effects of such situations. This sometimes determines them to modify their activity.
In addition to this, there are situations where employees of certain MNCs are bribed by competitors in order to provide important information on these companies. This is extremely harmful to companies as it can lead to information leaks on strategies, price levels, and other types of investments that these companies intend to make. This means that these MNCs must increase investments in security issues.
In addition to this, MNCs are sometimes forced to become corruptors because some of their competitors do so. In other words, if certain companies provide incentives…
1. Begovic, B. (2005). Corruption: Concepts, Types, Causes, and Consequences. Center for Liberal Democratic Studies. Retrieved April 24, 2013 from http://www.cadal.org/documents/documento_26_english.pdf .
2. Country Reports on the Implementation of the OECD Anti-Bribery Convention (2012). OECD. Retrieved April 24, 2013 from http://www.oecd.org/daf/anti-bribery/countryreportsontheimplementationoftheoecdanti-briberyconvention.htm .
3. Kwok, C. & Tadesse, S. (2006). The MNC as an Agent of Change for Host Country Institutions: FDI and Corruption. The William Davidson Institute. Retrieved April 24, 2013 from http://wdi.umich.edu/files/publications/workingpapers/wp882.pdf .
One of the most interesting ethical dilemmas that continues to plague ethicists and policymakers is the struggle to reconcile the need for free enterprise with the need for social justice. Another ongoing ethical issue is related to organizational culture, shifting social norms, and whether individual actors in organizations define the tenor of the organization as a whole. Neither of these genuine ethical dilemmas can be resolved simply. The first bears itself out in what often appear to be glaring violations of every ethical principle and logical construct. Free enterprise has helped to bolster economic growth and development, as well as to empower individuals to innovate and contribute to society. Yet free enterprise has not been truly free, with access to power and resources constrained by factors like race (Kerr & Walsh, 2014), gender (Tufarolo, 2015), and class (Shin, 2014). Of these variables, race and gender remain salient barriers to achieving…
The recession of 2008-2009 and the subsequent government responses provides a good test for economic theories. There are no controlled experiments in economics, so we can only work with case studies in order to understand how economies work. A good starting point is to consider the issue through multiple different lenses, so that we can understand how the crisis occurred and what prescriptions might be best suited for response either to address the root problems or to engage in prevention. This paper will consider the works of Marx, Schumpeter and Keynes in analyzing the financial crisis. All three of these men would have been able to understand its causes, but likely would have taken very different approaches to solving the problem.
The second issue at hand is the question of the future of capitalism. We have a pretty good sense at this point of what the response of…
Cox, W. & Alm, R. (2013). Creative destruction. Library of Economics and Liberty. Retrieved December 7, 2013 from http://www.econlib.org/library/Enc/CreativeDestruction.html
Eichengreen, B. (2010). The crisis of financial innovation. University of California at Berkeley. Retrieved December 7, 2013 from http://emlab.berkeley.edu/~eichengr/crisis_finan_innov.pdf
Isfeld, G. (2012). Canada's banks shake off global sector crisis. Financial Post. Retrieved December 7, 2013 from http://business.financialpost.com/2012/10/10/canadas-banks-shake-off-global-sector-crisis/
Liu, H. (2008). Too big to fail moral hazard. Asia Times. Retrieved December 7, 2013 from http://www.atimes.com/atimes/Global_Economy/JI23Dj12.html
Future of Capitalism
Current Economic Crisis according to Schumpeter and Keynes
A justification of the economic crisis can be precisely explained by shedding light on the perspectives of famous economists. The information gained through this method will not only be informative but will also motivate further research. The two economic theorists chosen are Joseph Schumpeter and John Maynard Keynes (Blankenburg & Palma, 2009). Their thoughts appear to be most pertinent to this crisis. Keynes presents a very keen insight into the crisis through his rationalization of market psychology and concentration on cumulative demand. On the other hand, Schumpeter's thought on improvement and business cycle offers a different informative justification.
The existing economic crisis has its origin rooted in the assumption about the real estate sector. The review of the incidents that have happened, began with the permission of quite low interest rates to financial institutions for borrowing. By a small…
Audretsch, D.B., & Link, A.N. (2012). Entrepreneurship and innovation: public policy frameworks. The Journal of Technology Transfer, 37(1), 1-17.
Bezemer, D.J. (2009). "No One Saw This Coming": Understanding Financial Crisis Through Accounting Models. Routledge.
Bibow, J. (2009). Keynes on monetary policy, finance and uncertainty: Liquidity preference theory and the global financial crisis. Routledge.
Bichler, S., & Nitzan, J. (2010). Systemic fear, modern finance and the future of capitalism.
The Interaction of Capitalism and Industrialization
Capitalism is one of the oldest economic systems in the world today and is founded on the concept of private ownership: what’s mine is mine and what’s yours is yours. It is also founded on the private ownership of all aspects of production, such as investment capital, land, and labor that is employed to create profits. Many scholars view capitalism as being synonymous with the free market system. Some have argued that capitalism is the protection of individual rights and property rights.[footnoteRef:1] Industrialization is a term very closely connected with the industrial revolution. Industrialization refers to the journey/procedure via which a region or local economy metamorphosizes from one founded on the dependence of agrarian pillars (such as farming) to one that is founded on the manufacture of goods. Via industrialization, manual labor on the small scale is replaced by mass production through mechanized means,…
I agree with the authors that the main problem with capitalism is its lack of an ideological basis, and really its denial of any process by which ideology could be implemented. That is, the basic tenet of the free market concept is that enforced regulation limits profitability and growth, and that the markets themselves will correct any mistakes by rising to meet demand. This has proven already not to be the case for certain unprofitable ventures, such as public transit, which is nearly always operated at a loss. The fact that you can take a bus to work is a testament to the fact that capitalism does not answer everything. Even worse, though, are the instances where capitalism provides an incomplete answer. The issue of health care is very important in this country and around the world; under the capitalist and globalist economy, many people are unable to afford the…
stakeholder capitalism and shareholder capitalism?
Under what conditions might stakeholder capitalism be superior to shareholder capitalism? Why is this?
How do ideas about how markets economies operate influence the form of corporate governance in a country or region?
What is the primary difference between H-mode firms and J-mode firms, and which type of firm tends to perform better over the long-term?
PEPAE YOU ANSWES TO THESE QUESTIONS.
Shareholder capitalism is focuses on the interests of shareholders, a factor that is deterministically influential with respect to corporate governance, mission, and values. Stakeholder capitalism establishes forms of corporate governance and identifies corporate missions and values that engage in the pursuit of the interests of all stakeholders. When considering how capitalism is expressed in various countries, it becomes clear that the overarching difference is that firms in the U.S. And the UK are designed in a manner that enables the creation of wealth…
Allan, F. & Gale, D. (2002, December 22). A comparative theory of corporate governance. Wharton, Financial Institutions Center.
My impressions of the debate
Listening the debate one cannot fail to see that there are major differences in perception of how socialism should work and if, addressing the primary question of the debate, socialism has failed. In general, my impressions on the debate is that, while socialism has proven to be a failure, we cannot in the modern day society, avoid the incorporation of some aspects of socialism. For example, the tax scheme all over the globe is oriented to a socialism idea of wealth distribution, and with particular reference to the United States, the welfare scheme is oriented to the socialism ideology of taking from the Haves and giving to the Have-nots.
The other major impression generated from this debate is the fact that, a society cannot run entirely on each of the two ideologies; capitalism and socialism. While the general economy can run on capitalism, the social…