...Keynes’s “GENERAL THEORY” valid only for modern capitalism? The modern capitalism interpretation: ............................................................................................ 2 Some evidence in the modern capitalism interpretation: ................................................................. 2 elements of a general theory of employment and potential instability under capitalism: ................. 3 ð A “monetary economy” and the search for pecuniary gains: ................................................... 3 ð Determination of employment in the short period: ................................................................. 3 ð The rudiments of a theory of expenditure and critique of Say’s law: ....................................... 4 ð A more detailed theory of expenditure: .................................................................................. 4 ð Uncertainty, expectation and confidence: ............................................................................... 4 ð Investment, asset choice and liquidity preference: ................................................................... 4 ð Employment and the essential properties of money: ............................................................... 4 ð Potential instability: ................................................................................................................ 5 ð Investments, saving and banking system:............................................................
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...Assignment On Capitalism Program: M.com (2)years Smester: 3rd (Evening) TABLE OF CONTENTS · Introduction Of Capitalism. · Capitalism vs Socialism. · Capitalism vs Communism. · Types Of Capitalism. · Advantages Of Capitalism. · Disadvantages Of Capitalism. · Criticism On Capitalism. CAPITALISM An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth. It is easy to forget that capitalism was coined not so long ago, in the mid-19th century, when the Industrial Revolution was in full swing, and individual entrepreneurs were creating new industries and amassing wealth. Terms for the other two major competing economic systems of the past two centuries— socialism and communism—were also coined around the same time. Also, about the same time it became common to designate all such coinages as “isms”: terms formed by adding the suffix -ism to a root word in order to expand its meaning to encompass a related system, theory, or practice. Thus from a fairly old word, capital, the relatively newer word, capitalism, was formed to describe the then emerging economies of the West. On the surface, the meaning of capitalism seems straightforward, referring to an economic system in which private individuals, rather than governments...
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...to explain the growth of capitalism solely on factors and conditions in Europe? STUDENT ID: 377170tm The term capitalism has been a center of a heated debate from many scholars in the discourses of politics, economy, law and academia for a long time. There is no straight forward definition of that term. However, in a context of this work, capitalism has four distinctive characteristics (Ellen, Wood: 2002).In the capitalist society, the economy is highly controlled by the market. By large the government is supposed to put no restriction in the markets and it lets an intense competition to drive the economy. The other characteristic of capitalism is that all the goods produced by capitalist are sold for profit. The primary purpose of capitalist society is to maximize profit by any means especially through exploitation of labour. Apart from that in capitalism, labour is considered to be a commodity like any other commodities and it can be sold and purchased in the market. In addition to that, all the means of production such as land, tools, machinery etc belong to the appropriators and not the producers. The producer can only render his expertise and labour power in exchange of the meager wages. Different approaches have been used by scholars to explain the reasons for the rise and growth of capitalism in Europe. Some scholars argue that the growth of capitalism was a result of conditions in Europe only while others explain that the growth of capitalism grew due to a combination...
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...How 'Welfare Capitalism' Can Save Our Country By Frank Koller Posted 3:00PM 09/19/11 Economy, General Electric , Procter & Gamble Comments Print Text Size A A A Print this page|EmailShare on FacebookShare on TwitterShare on DiggShare on Lifestream [pic] [pic]Bleak. Desperate. Urgent. The words leap from almost every headline about the state of the American economy these days. Official unemployment is stuck north of 9%, while the effective rate is likely above 16%. Millions of people are suffering. Meanwhile, businesses of all sizes are sitting on mountains of cash, reluctant to hire workers -- even those laid off in the past three years -- because they expect things are going to get worse. Corporate leaders say they want to protect employees, but it's hard for most Americans to believe a CEO who argues that "we're all in this together." There was a time in American history when a few firms -- some, very big -- tried, and often succeeded, in living by the creed that it is possible to protect people as well as profits. The Rise of Welfare Capitalism From the last two decades of the 19th century to the start of World War II, "welfare capitalism" was part of this country's economic landscape. There was never a precise definition of what welfare capitalism comprised. But starting around 1880, some business leaders came to the conclusion that the incredible level of strife inside their companies -- perpetual, sometimes violent, war between workers and management --...
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...Samson Diegbegha 5/26/2009 Moscow University Touro; Course Title; History of Philosophy, Project Titled; History of Capitalism By; Professor; Marion Wyse Table of content 1:1…….…..………………………………………………………………………Introduction 1:2..………….………………………………………………………………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....
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...Capitalism What I have learned about ‘FREE MARKET CAPITALISM’ is that it is just a summary term for an array of exchanges that take place in society.(Investopedia, 2005) Mostly free market means the government does not control what you need to do or how you innervate your product. So when someone wants to exchange a product for goods they are allowed to or if they want to create a product for just pure profit because they know the market will buy it they are allowed to do as they want; but as always the government will have some control on taxation and on price control with some restrictions. So over all free market capitalism is where two or more people trade goods or services to better one another. Now Creative Capitalism is much better to me because it benefits a lot of people as well as makes the mind work harder to reassure that profit is made but enough profit to where some is given to solve the world’s inequities. Bill Gates came up with the idea to have big companies like Dell and Motorola and Gap to do the work to help out the world in a way it was beneficial to all. This is mostly explained by making the consumers feel like they are contributing to the need of others by buying their own needs and a portion of the profit they spend goes to the needy. So when someone buys an item from lets say the Gap a small percentage of the proceeds goes to charity. When big companies support organizations like this and let some of the profit go to helping others I feel that...
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...The Way Ahead For Sustainability Reporting Written by: Josiah Chia U1010011K Seminar Group 3 Team 1 Name of Instructor: Patricia Tan In recent years, the subject of sustainability reporting is becoming an increasingly contentious topic all around the world, with companies beginning to see the value of adhering to this new and holistic facet of reporting corporate performance. Why is sustainability reporting assuming greater significance in today’s society? To what extent will these developments impact investors and other stakeholders? To fully understand the implications of sustainability reporting on reinventing the way companies disclose their performance, let us first explore its definition as well as its significance. Sustainability Reporting: Definition and Significance In essence, sustainability reporting entails “the publication of environmental, social and governance (ESG) information in a comprehensive and strategic manner that reflects the activities and outcomes across these three dimensions of a company’s performance” (SGX Sustainability Reporting Guide, 2011). It seeks to improve the information content of financial reporting by supplementing that with non-financial information disclosed by the company. With the encouraged extension of companies’ reporting through disclosure of its ESG information, it is hoped that this will provide a more comprehensive and balanced view of a company’s performance. Sustainability reporting assumes greater significance...
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...Conscious Capitalism: A Reader’s Reflection In their collaboration, Conscious Capitalism: Liberating the Heroic Spirit of Business, both John Mackey and Raj Sisodia outline and discuss the problems plaguing sizeable business, while sharing their own knowledge and experiences. Throughout, they also continuously encourage socially responsible values in all business organizations. Citing decentralization and stakeholder empowerment, Mackey and Sisodia argue that mans’ inherent goodwill can not only sustain capitalism, but grow with it. The authors formulate their contentions into four models, also known as ‘Tenets,’ which are interconnected, yet interdependent: Higher Purpose; Stakeholder Integration; Conscious Leadership; and, Conscious Culture and Management. The first tenant, Higher Purpose, focuses on searching for meaning, and nurturing the business’ guiding principles. Its purpose is to guide stakeholders with clarity and conviction, but only if the value is simple and clearly defined. Though the authors note ‘purpose, mission, and vision’, they further clarify the distinctions by citing Jerry Porra, quoted in Lan Liu’s Conversation on Leadership: Wisdom from Global Management Gurus: Purpose refers to the difference you are trying to make in the world, mission is the core strategy that must be undertaken to fulfill that purpose, and vision is a vivid, imaginative conception or view of how the world will look once your purpose had been largely realized (47). This...
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...Introduction Globalization is a popular term used to describe the process of global expansion of economies and markets across borders, exchange of goods and services, mass movements of communities for better working conditions, multi-cultural exposures, exchange of technological know-how etc. The process of globalization is considered to be erasing transnational boundaries with people sharing common goods and services or adopting the cultures of another culture. Thus, the statement given above by Knox and Marston that globalization seems to lead to loss of originality or territorial identity can be considered as true in a way. According to definitions of globalization, the primary characteristics that it possess include movement of people and goods, improvement in technology and telecommunications, diffusion of knowledge and a spurt in multinational corporations. There have been debates about the positive and negative aspects of globalization. Those who are in favour of globalization point out that economically weaker countries can have the opportunity to join the global market and export their goods and services and thereby improve their economies. Also, different governments can co-operate together for global welfare and citizens can experience other cultures and become global citizens. The positive aspects of globalization are again overshadowed by its negative aspects which include loss of territorial identity and original culture. International bodies like the World Bank...
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...Does the capitalist free enterprise system improve justice in society? In what way does it do so? In what ways does it not? Explain and defend your overall conclusion? “Capitalism can be defined ideally as an economic system in which the major portion of production and distribution is in private hands, operating under what is termed a profit or market system (Shaw, Barry, & Sansbury, 2009, p.127).” Over the many centuries, capitalism has evolved from the emergence of capitalism during fifteenth and sixteenth centuries, mercantile capitalism, financial capitalism with the increased industrialisation and the intensified competition, to today’s globalised capitalism. Although, the names used to describe capitalism have been changed over the time, the dynamic nature of laissez-faire (to let people do as they choose) (Shaw et al., pp.131) in capitalism has never been changed. We have to admit that the free enterprise system has created the greatest productive power in all of our history and become the most influential socioeconomic system in the world. It is important that we understand the characters of the capitalist free enterprise system and how does this system work for our economy and society. Therefore, we are able to judge whether the capitalist free enterprise system improves justice in our society based on the moral principles. In the following paragraphs, it lists out important features within the capitalist free enterprise system and analyzes its strengths and...
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...Two Significant social consequences of the First Industrial Revolution Urbanization was a social consequence that was brought about during the first industrial revolution. Urbanization is where urban areas gain a large population in a very short amount of time. "It is characterized by the large-scale migration of people from the rural areas to the urban areas, thus leading to a sudden and often unexpected increase in the population. There is also growth in agriculture, thus making more options of income accessible to the people. (Buzzle 2013) During the Industrial revolution factories started to grow which in turn created more jobs in manufacturing. Lower class individuals and most of the working classes found it easier and more promising to find employment in up and coming factories. This led to the factories making enormous amounts of money with loads of new opportunities for the people seeking them. People began to re-locate for work bringing more and more people into the urban areas at an alarming rate. "This collectively resulted in the creation of a wave of large-scale migration from the rural areas to be the newly established commercial settlements which, in just a few years, went on to become fully urbanized, with all the necessary amenities and facilities." (Buzzle 2013) Urbanization affected the jobs, the money, and the living situations of many individuals. It also had some negative effects at the time. "There was in increase in crime rates, poverty, deforestation...
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...capitalist structures. Here, I give a critical analysis on my study and provide some suggestions for further studies. Hegemonic Narratives The way we talk about certain things affects the way we think about that particular thing. In this case, capitalism is often framed with negative narratives. Reproducing this narrative makes it difficult to change capitalist structure. At the Impact Day conference in Amsterdam, many ecopreneurs showed their indignation about the concept of “social entrepreneurship.” According to them, using this term implies that...
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...with economics rather than politics, and concerning itself more with domestic rather than international social relations. Viewed from the perspective of Marxism however, both liberalism and realism are profoundly limited, for each takes as its premise a world of pre-constituted social actors (whether self-interested individuals or security-seeking states). These theories are therefore unable to consider the social processes through which these kinds of actors have been historically constructed. Thus in analyzing the so-called war on terror, Marxism forces us to understand the development of the structures of global capitalism and the ideologies and agents situated within these structures. This essay therefore evaluates whether Marxist theories of international politics offer convincing explanations of the war on terror. I start with the Marxist understanding of capitalism as a historically particular way of organizing social life that entails political, cultural and economic aspects that need to be understood as a dynamic ensemble of social relations not necessarily contained within the territorial boundaries of nation states. I then apply this understanding to frame the war on terror through the context of economic security which has animated US policy-makers from the Second World War to the Bush administration, and in the Gramscian sense that argues instead for a more “nuanced class-theoretic explanation which allows for and explains the war and the power of the neoconservatives...
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...To begin with, it has to be said that Richard Sennett in his article “No long term: New work and the corrosion of character”, underlines the possible dilemma that every ambitious person faces in our technological era of the 21st century. This dilemma is focused on the fact that in this race to success, their character bifurcates and their personal life starts to fade. The author explains that new capitalism made a person unsure of his actions. Moreover, the author illustrates that instability is the required issue nowadays. As a matter of fact, Richard Sennett shows the readers an example of the man’s family and his difficulties to adjust to their working environment and their constant moves. Therefore, the author concentrates the readers’ attention on the issues of the corrosion of character due to the work circumstances and life necessities. Thus, it has to be highlighted that the summary of this article will be represented further and the main points of the article will be shown. First of all, it has to be pointed out that Richard Sennett argues about the character’s bifurcation when people work. He explains that the family&work balance is displaced. Moreover, he shows the readers the example of his own experience when in the airport, he met the guy whose father the author knew thirty years ago. Using Rico’s story,...
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...What did Bob Stiller do to make this venture successful? Bob Stiller took a holistic view to creating financial wealth and conscientious capitalism. Conscientious capitalism has three assumptions they are: (1) interconnectedness between individuals, businesses and global society; (2) wealth as a holistically understood state rather than solely a financial status; and (3) relevant time spanning multiple generations. Bob Stiller was able to create a culture within “GMCR” (Green Mountain Coffee Roasters) that focused on creating value that views profits as a means to achieve a higher purpose. Mr. Stiller focused on sustainable development to turn GMCR into a successful venture; his vision to create a business model that focused on economic growth, environmental protection, and social progress. The assumptions that are the founding principle of conscientious capitalism in my opinion are derived from the concepts of “sustainable entrepreneuring”. By interconnecting all stakeholders of GMCR with the use of their yearly summit at GMCR’s Java-U that aims to educate multiple levels of stakeholders of GMCR; everyone from suppliers, customers, roasters, packers, and call center operators on financial and marketing data. This creates a smarter work force and allows outside stakeholders to become educated on the business operations of GMCR. The better GMCR performs financial the more the company is able continue business practices that are “relevant to time spanning multiple generations”...
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