The Triumph of CapitalismTransaction Publishers, 31 dec. 2011 - 217 pagini Today there is widespread recognition that capitalism is the socioeconomic system of choice. This volume, perhaps the best single-volume assessment of this economic model and how it emerged, contributes to the understanding of the historic role of capitalism. After reviewing the gestation of the system, it explains the emergence of full-blown capitalism in the eighteenth century, taking it into the nineteenth and its link to the industrial revolution. The primary focus, however, is on the twentieth century, in which capitalism faced and met challenges due to world wars and depression with the aid of interventionist policies, notably Keynesian economics and the welfare state. But the failure of the postwar policy consensus to cope with the twin problems of inflation and slow economic growth led to a resurgence of greater reliance on unalloyed capitalism. Capitalist values so permeate modern culture in America that to question them seems like heresy. In 1989, the economist Robert L. Heilbroner, who had been a perceptive student of capitalism and socialism for decades, proclaimed "The Triumph of Capitalism," arguing that the contest of economic systems was over and the victory of capitalism was unambiguous. Fifteen years later, C. Fred Bergsten, Director of the Institute for International Economics, reinforced this view: "The U.S. model of capitalism and globalization dominates thinking around the world." Writer Russell Baker, dismayed by perceived degrading effects of market-obsessed management on journalism, observed that "belief in the virtue of maximized profits has acquired something like sanctity in American life." An appreciation of economic and social history, and the accompanying clash of ideas, is helpful in providing a context in which ongoing challenges may be evaluated. It is important to know that what is understood to be capitalism has changed significantly over time. The purpose of this book is to provide such context. Written by an economist, but accessible to a general public, this book is a wide-ranging assessment of today's dominant economic system and its historical development. |
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administration adopted agricultural American banking became benefits Britain British capitalism capitalist commercial companies competitive confidence conflict corporations countries decades democratic deregulation developed early economic growth economic planning economist efficient employees employment Enron enterprise environmental expanded federal finance financial firms first fiscal flow forces free market funds Germany globalization income increased industrial policy inequality inflation influence influential innovations investment John Kenneth Galbraith junk bonds labor Labour Party laissez faire leaders loans major Margaret Thatcher ment million mixed economies modern movement office officials organizations output ownership party percent Physiocrats political postwar President private sector problems production profits programs public ownership Reagan reform regulation regulatory response result rise role significant social socialist society specific standards tion trade twentieth century viewed wage Wall Street Wall Street Journal welfare workers World World War II York
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Pagina 3 - The merchandise of gold, and silver, and precious stones, and of pearls, and fine linen, and purple, and silk, and scarlet, and all thine wood, and all manner vessels of ivory, and all manner vessels of most precious wood, and of brass, and iron, and marble.
Pagina 27 - The bourgeoisie, during its rule of scarce one hundred years, has created more massive and more colossal productive forces than have all preceding generations together. Subjection of Nature's forces to man, machinery, application of chemistry to industry and agriculture, steam-navigation, railways, electric telegraphs, clearing of whole continents for cultivation, canalization of rivers, whole populations conjured out of the ground— what earlier century had even a presentiment that such productive...
Pagina 23 - Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.
Pagina 23 - By preferring the support of domestic to that of foreign industry, he intends only his own security ; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain; and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.
Pagina 66 - State and local governments, to coordinate and utilize all its plans, functions, and resources for the purpose of creating and maintaining, in a manner calculated to foster and promote free competitive enterprise and the general welfare, conditions under which there will be afforded useful employment opportunities, including self-employment, for those able, willing, and seeking to work, and to promote maximum employment, production, and purchasing power.
Pagina 23 - People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
Pagina 3 - ... merchandise of gold, and silver, and precious stones, and of pearls, and fine linen, and purple, and silk, and scarlet, and all thyine wood, and all manner vessels of ivory, and all manner vessels of most precious wood, and of brass, and iron, and marble, and cinnamon, and odours, and ointments, and frankincense, and wine, and oil, and fine flour, and wheat, and beasts, and sheep, and horses, and chariots, and bodies and souls of men.
Pagina 30 - Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.
Pagina 18 - Has commerce hitherto done any thing more than change the objects of war? Is not the love of wealth as domineering and enterprising a passion as that of power or glory? Have there not been as many wars founded upon commercial motives, since that has become the prevailing system of nations, as were before occasioned by the cupidity of territory or dominion?
Pagina 60 - Trade (GATT) ; the International Monetary Fund (IMF) ; the International Bank for Reconstruction and Development (IBRD) ; the International Finance Corporation (IFC) ; and the various other United Nations agencies including the Economic Commission for Europe.