...………………………………………………………………capitalism history 1.3.…….………………………………………..….. Merchant capitalism and mercantilism 1:4……………………………………………….. Transition from 'feudalism' to capitalism 1:5……………………………………………………. Industrial capitalism and laissez-faire 1:6…………………………………………… Finance capitalism and monopoly capitalism 1:7……………………………………………… Capitalism following the Great Depression 1:8……………………………...………………………………………………... Globalization 1:9………………………..………………………………………………………… conclusion 1:10……………………………………………………………………….…………. References The History of capitalism 1; 1 Introduction | Capitalism as we all know is an economic system of producing wealth in which the wealth is privately owned. in capitalism, the land, labor, and capital are owned and operated by private individuals who are trading for one purpose that is, the generation of more income or profits in a legitimate way without force or fraud, by singly or jointly, and investments, distribution, income, production, pricing and supply of goods, commodities and services are determined by voluntary private decision in a market economy. A distinguishing feature of capitalism is that each person is entitled to his or her own labor and therefore is allowed to sell the use of it to any employee. In a "capitalist state", private rights and property relations are protected by the rule of law of a limited regulatory framework. In the modern capitalist state, legislative action is confined to defining and enforcing the basic rules of the market, though the state may...
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...Adam Smith’s, The Wealth of Nations; a Current Synopsis Kenneth D Neat, CPA, CFE, MSA, MST (PhD Candidate) Florida Atlantic University Dr. Carl Pacini June 24, 2010 Adam Smith Wealth of Nations Book I: Of the Causes of Improvement... Of the Division of Labour: Smith states that "the greatest improvement in the productive powers of labour, and the greater part of the skill, dexterity, and judgment with which it is anywhere directed, or applied, seem to have been the effects of the division of labour." To illustrate this, he describes the extensive division of labour within the "trifling" industry of pin manufacture, along with the astounding resultant productivity, and labourers' dexterity; then levers this as an introductory microcosm of the greater, yet less obvious division of labour in the broader economy. The advantages of this division were likely the driving force behind diversification of the trades and industry, and this diversification was greatest for nations with more industry and improvement. Agriculture is differentiated from industry for its comparative lack of division of labour, and the attendant lack of improved productivity; hence, while poor nations could not compete with rich nations in manufactures, they could compete in agriculture. Smith lists three causes, arising from division, of improved productivity: • the labourer's dexterity - due to specializing, year-round, in a specific task • time not wasted passing from one task to the...
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...award; and The content of the thesis is the result of work that has been carried out since the official commencement date of the approved research programme. THOMAS R. ROWLES iii TABLE OF CONTENTS Chapter Introduction 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Introduction Purpose of the Study Sombart’s Hypothesis An Alternative Model; Entrepreneurial Decision-making Context: The Industrial Revolution and ‘Profit’ The Changing Nature of ‘Investment’ The Great Depression of 1873-96 Intellectual Introspection Irving Fisher and the Conception of Capital and Income 17 17 17 23 25 26 30 32 34 34 35 36 38 38 38 39 43 46 49 50 51 54 55 1.10 Research Issues Identified 1.11 Summary Derivation of Research Issues 2.1 2.2 Introduction Evidence from Extant Accounts 2.2.1 Fixed Assets in Mercantile Accounting 2.2.2 The East India Company 2.2.3 Fixed Assets and Early Industrial Accounting 2.2.4 Capital Asset Accounting After 1870 2.2.4.i Renewal Accounting 2.2.4.ii Double-Account System 2.2.4.iii A Rejected Hypothesis 2.3 Steam and Iron: the ‘Railway Age’ iv 2.3.1 ‘Loco motion’: An Evolving Technology 2.4 2.5 2.6 2.7 Research Issues Methodological Approach Structure of the Thesis Summary 59 68 69 70 72 74 74 75 77 77 79 79 81 82 86 88 Evaluative Framework 3.1 3.2 3.3 Introduction Static Equilibrium Analysis...
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...SUSTAINABLE ECONOMIC DEVELOPMENT A Comparative Study Of The Different Political, Social And Economic Theories Of Development by ALLAN D. TOCA Master in Economics ATTY. DANILO S. AZANA Professor 1st Semester, 2011-2012 CONTENTS Chapter 1 Introduction Chapter 2 Political, Social And Economic Theories Of Development I. Political Theorists A. John Locke: The Labor Theory Of Value B. Jean-Jacques Rousseau: The Social Contract C. Jeremy Bentham: The Greatest Good II. Economic Theorists A. Aristotle B. Plato C. Xenophon D. Thomas Aquinas E. Nicolo Machiavelli F. Jean Bodin G. Antonio Serra H. Thomas Mun I. Physiocrats J. Merchantilists K. Adam Smith L. W.W. Rostow M. Thomas Malthus N. David Ricardo O. Karl Marx P. Jean Sismondi Q. Friedrich List R. Henry Charles Carey S. Henry George T. John Maynard Keynes U. Joseph Schumpeter V. Friedrich Hayek W. John Kenneth Galbraith Chapter 3 Summary, Conclusion and Sources Although the idea of a natural or just price or wage is very noble, prices in reality are subjective. As a human I agree. I mean in the ideal world it would be nice if a fair days work for a fair days pay. Further a fair price based on, I do not know what, something fair and just. But the reality is different. Prices and wages in the real world not the Platonic world are determined subjectively, by supply and demand. That is something in the...
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...part in even had support by auditor, Arthur Anderson, and attorneys, Vinson & Elkin. The top leaders of Enron had a passion for capitalism, which drove the company to illegal and unethical behaviors, eventually leading to the catastrophic fall of the company. However, in order for Enron to deceive as long as they did without being caught, a lot of their actions were actually legal, but immoral. Enron’s use of mark-to market (MTM) accounting and taking advantage of energy deregulation in California, led to their “profit at all costs” mentality, legal, moral, or otherwise. Jeff Skilling and top executives failed to make decisions from the standpoint of the longevity of the company. Instead, executives utilized tactics that brought short-term success to the company, which later resulted in the downfall of the company. Skilling was only concerned about maximizing profit at all cost. When he first joined Enron, he incorporated the mark to market...
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...inhuman ·TAMILNADU TEXTBOOK AND EDUCATIONAL SERVICES CORPORATION College Road, Chennai- 600 006. ii CONTENTS Page No 1 Nature and Scope ofEconomics 2 Basic Economic Problems 33 3 Theory of Consumer Behaviour 47 4 Demand and Supply 77 5 Equilibrium Price 103 6 Production 117 7 Cost and Revenue 143 8 Market Structure and Pricing 161 9 Marginal Productivity Theory of Distribution 183 10 Simple Theory oflncome Determination 205 11 229 Monetary Policy 12 Fiscal Policy 247 iii Chapter 1 Nature and Scope of Economics Introduction Economics is a social science which deals with human wants and their satisfaction. It is mainly concerned with the way in which a society chooses to employ its scarce resources which have alternative uses, for the production of goods for present and future consumption. Political economy is another name for economics. “Polis” in Greek means a State. The early writers used the term “Political Economy” for the management of the State. A person who runs a family is expected to make the best use of the income of the household. Similarly, the State is expected to get the maximum benefit for the society. Hence the term “Political Economy”. The existence of human wants is the starting point of all economic activity in the world. Unless we make efforts, we cannot satisfy wants. Hence, wants, efforts and satisfaction form the circle of economics...
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...Background to entrepreneurship Definition and interpretation The term enterpreneurship emerges from the french (literally between take or go between )and traceable to the eighteen century economiist Richard Cantillon ,Anne-Robert –jacques Turgot and Francios Quesnay ,The term was also denoted to an actor in charge of large –scale construction Project as cathedral, bearing no risk but simply carrying the task forward untill resoures were Exhausted ,the change in the use of term began in the seventeen century with a specific reference to risk bearing and enterpreneurship was tagged a person who entered into a contractual relationship with the government for the performance of a service or the supply of good ;The assumption was the price of a contract had been valued and fixed and the enterpreneur bore the risk of profit and loss from the bargain. In the eighteen century ,the term was applied in france in several way ; cantillon in 1725 referred to entrepreneurs as risk bearing .But he tried to differentiate the entrepreneurs who provide capital or funds from those who relied on their own labour and resources. That showed an entrepreneurial role as independent of the capitalist role Quesnay considered an enterpreneur as a tenant farmer who rent property at a fixed rent and produces a given price’s like cantillon bandeau ( 1797) and Turgot...
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...originated in moral philosophy (e.g. Adam Smith was Professor of Moral Philosophy at the University of Glasgow), it developed in the 18th century as the study of the economies of states — polities, hence political economy. In late nineteenth century, the term "political economy" was generally replaced by the term economics, used by those seeking to place the study of economy upon mathematical and axiomatic bases, rather than the structural relationships of production and consumption (cf. marginalism, Alfred Marshall). History of the term Originally, political economy meant the study of the conditions under which production was organized in the nation-states. The phrase économie politique (translated in English as political economy) first appeared in France in 1615 with the well known book by Antoyne de Montchrétien: Traicté de l’oeconomie politique. French physiocrats, Adam Smith, David Ricardo and Karl Marx were some of the exponents of political economy. In 1805, Thomas Malthus became England's first professor of political economy, at the East India Company College, Haileybury, Hertfordshire. The world's first professorship in political economy was established in 1763 at the University of Vienna, Austria; Joseph von Sonnenfels was the first tenured professor. In the United States, political economy first was taught at the College of William and Mary; in 1784 Adam Smith's Wealth of Nations was a required textbook. Glasgow University, where Smith was chairman of Logic and Moral...
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...evolved to include many non-state actors and different levels of activity – diplomatic, economic and cultural, as well as that of military competition. By the end of the course you should be able to have an informed discussion about: the historical origins of the present system; what is distinctive about international politics as opposed to politics inside the state; and the main challenges which confront humanity in the twenty-first century. You will also acquire a basic familiarity with the main theories needed to think analytically - and critically - about the idea of international society and the behaviour of the actors which constitute it. Brief Description of the Paper The subject of International Relations (usually given capital letters, as opposed to international relations as events) has a huge range. Some see it as covering everything that has happened on the globe during recorded history,...
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...Keynes, ‘love of money’ and the current crisis Paolo Paesani1 This version 1 October 2010 Preliminary version ABSTRACT Keynes saw ‘love of money’, love for the unlimited accumulation of liquidity as mark of personal success and shield against uncertainty, as a defining element of capitalism. This paper investigates connections between ‘love of money’ and the current crisis establishing two main linkages: bonus-based compensation mechanisms and hedge funds. Closer scrutiny and regulation both of bonuses and hedge funds can help prevent future crises. Permanent solutions to the problems posed by ‘love of money’ however will come only from new models of education and persuasion. Keywords: Causes of the financial crisis JEL: 1 University of Rome “Tor Vergata”, e-mail paolo.paesani@uniroma2.it. A previous significantly different version of this paper has been published in Italian in Il Ritorno dell’Economia Politica , G. Bonifati and A. Simonazzi (Eds.) Donzelli Editore, 2010, Roma. I would like to thank Annalisa Rosselli and Matteo Formenti for their helpful suggestions and comments. The usual disclaimer applies. “Whereas modern theory serves as a simulacrum of the economy – stylised and abstract to be sure – Keynes theory is a diagnostic instrument in the service of Doctor Keynes, consulting economic physician” (Hoover 2006, p. 78) “I also want to emphasise strongly the point about economics being a moral science. [A science that]…deals with introspection and with values...
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...[pic] |A History of Business Ethics | |By Richard T. De George | |The term 'business ethics' is used in a lot of different ways, and the history of business ethics will vary depending on | |how one conceives of the object under discussion. The history will also vary somewhat on the historian—how he or she sees | |the subject, what facts he or she seeks to discover or has at hand, and the relative importance the historian gives to | |those facts. Hence the story I'm going to tell will be somewhat different from the story someone else might tell in various| |particulars, and I hope that instead of being a dull recitation of facts it might in fact prompt some discussion at the end| |by those who would tell a somewhat different story. | |The story I will tell has three strands, because I believe the term business ethics is used in at least three different, | |although related, senses. Which sense one chooses therefore gives priority to nature of the history of the topic. The | |primary sense of the term refers to recent developments and to the period, since roughly the early 1970s, when the term | |'business ethics' came into common use in the United States. Its origin in this sense is found...
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...Theories of International Relations Third edition Scott Burchill, Andrew Linklater, Richard Devetak, Jack Donnelly, Matthew Paterson, Christian Reus-Smit and Jacqui True Theories of International Relations This page intentionally left blank Theories of International Relations Third edition Scott Burchill, Andrew Linklater, Richard Devetak, Jack Donnelly, Matthew Paterson, Christian Reus-Smit and Jacqui True Material from 1st edition © Deakin University 1995, 1996 Chapter 1 © Scott Burchill 2001, Scott Burchill and Andrew Linklater 2005 Chapter 2 © Jack Donnelly 2005 Chapter 3 © Scott Burchill, Chapters 4 and 5 © Andrew Linklater, Chapters 6 and 7 © Richard Devetak, Chapter 8 © Christian Reus-Smit, Chapter 9 © Jacqui True, Chapter 10 © Matthew Paterson 2001, 2005 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright...
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...Conduct of Business, 7/e Boatright ©2012 / ISBN: 9780205053131 Chapter begins on next page > PLEASE NOTE: This sample chapter was prepared in advance of book publication. Additional changes may appear in the published book. To request an examination copy or for additional information, please visit us at www.pearsonhighered.com or contact your Pearson representative at www.pearsonhighered.com/replocator. C H A P T E R 1 Ethics in the World of Business Listen to the Chapter Audio on mythinkinglab.com CASE 1.1 Explore the Concept on mythinkinglab.com Merck and the Marketing of Vioxx On September 30, 2004, Merck & Co. announced the withdrawal of Vioxx, its highly profitable pain reliever for arthritis sufferers, from the market.1 This announcement came only seven days after company researchers found in a clinical trial that subjects who used Vioxx more than 18 months had a substantially higher incidence of heart attacks. Merck chairman and CEO Raymond V. Gilmartin described the action as “the responsible thing to do.” He explained, “It’s built into the principles of the company to think in this fashion. That’s why the management team came to such an easy conclusion.”2 In the lawsuits that followed, however, damaging documents emerged casting doubt on Merck’s claim that it had acted responsibly by taking appropriate precautions in the development and marketing of the drug. For decades, Merck’s stellar reputation rested on the company’s emphasis on science-driven...
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...sophisticated methods of economic analysis but its analysis is presented in plain English. He argues that the first industrial revolution occurred in northwestern Europe because its high wages during the early modern period encouraged technological innovation. Although high wages were initially a consequence of the demographic disaster of the Black Death, they were reinforced during the early modern period by the economic success of the region around the North Sea, first, in European trade and manufacturing, especially in wresting the textile industry from the Italians, and then in world trade. According to Allen, the first industrial revolution took place in Britain instead of the Low Countries primarily because of Britain’s abundant and cheap coal resources, combined with the central government’s ability to use mercantilist policies and naval power to reap the greatest benefits from an expanding European and world trade. Once it had taken the lead from the Dutch, and defeated the French, Britain used its comparative advantage to consolidate its dominant position through free trade until the late Victorian period when its technological innovations spread to its competitors. While he agrees that the political, cultural and scientific context of British industrialization was important to its primacy, his approach does not claim, as many interpretations have, that British, and later European and American,...
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...A2 Religious Studies Revision Booklet To be used alongside the textbook and your classnotes. Contents G581: Philosophy of Religion Religious Language......................................................………p.1 Religious Experience........................................................…...p.7 Miracles..................................................................…………...p.12 Nature of God............................................................………...p.16 Life and Death.........................................................…………..p.20 G582: Religious Ethics Meta-ethics...........................…………………………………….p.25 Free Will and Determinism………………………………….……p.28 Conscience.......................…………………………………….…p.32 Virtue Ethics………………………………………………………..p.36 Sexual Ethics…………………………………………………...….p.40 Environment and Business Ethics……………………………….p.44 Religious Language Introduction The problems of religious language: • If we use language univocally about God, then we are limiting him / making him like a human • If we use language equivocally about God, we cannot be sure what the word means when applied to God • Are statements about God supposed to be cognitive – if so, what evidence proves / disproves them? • Are statements about God supposed to be non-cognitive – if so, do they have any meaning? The Verification...
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