Essays on Capitalism,Reference List
WebThat system was called capitalism. Capitalism is an economic system that was created by combining many parts of many other economic systems. Capitalism was based on the idea that private individuals, and business firms would carry out all factors of production WebThe purpose of this essay is to evaluate whether capitalism is a system that can be used to effectively manage organisations in modern day society. The scope is to assess the WebThe capitalist or the owner of capital brings them under one umbrella to manufacture something and this is commodity. In Bottomore’s book capitalism has been defined in the Webthe stones that when put together, help to form Capitalism. Capitalism in essence, is a system of economic value in which private ownership is the source of production WebYour capitalism essay will be easy to write as long as you understand the meaning of capitalism. Capitalism is an economic system that has dominated the Western world ... read more
Drawing on these assumptions, Marx put forward the notion of commodity fetishism in which labour becomes subject to transaction and could be bought and sold with no regard to human ontology. The second dimension of alienation is the externalization of the very act of production. However, the working class has to play by the rules set by the ruling class according to which the alternative to challenging the intolerable job conditions is unemployment and starvation. Hence, while capitalism is the prevailing socio-economic system, any labour is coerced labour. Because work activities are not voluntary, workers feel as if their skills, talents, bodies, and minds do not belong to themselves but rather at the disposal of the people in charge of their wages.
In essence, alienation from the act of production becomes an alienation from oneself because productive labour is part of human nature and cannot be a discrete, external element. The two forms of alienation — those of the product of labour and the act of production — give rise to the third dimension, which is the alienation from species beings. Capitalism alienates humans from the object in which they put their productive effort and their own functions. Such individualism is to blame for the system where workers do not work toward mutual economic interests but rather compete against each other for higher wages. Therefore, the working class can never have enough negotiating leverage to make deals on their own terms.
The alternative to laboring for capitalists is poverty and death, which is why one cannot argue that any work arrangement is completely voluntary. It should be noted that under capitalism, labour is another commodity like oil or gold. Therefore, the cost of labour is largely determined by its cost of production. It is this inhumane logic that justifies subsistence wages that only cover bare necessities. Marx argued that capitalism is not only an inhumane and psychologically torturous system but also an unsustainable one. The philosopher assumes that under capitalism, workers have to settle for a minimum standard of living, which implies a subsistence or a below subsistence level.
In turn, capitalists seek to maximize profit indefinitely, but their race to the bottom may come to an end. Their goal is to demand better social protection, health benefits, and working conditions. For example, the United Food and Commercial Workers International Union UFCW united 1. One typical feature of capitalism is the domination of few persons in commodity production. Commodities are produced under the absolute authority of the owners of capital. Capitalist production is the production of commodities. Commodity production is the production of goods for exchange or sale it replaced the natural economy that was the dominant form of production under slavery and feudalism.
Commodity production arose in the period of disintegration of the primitive communal society and gradually acquired increasing importance. The Industrial Revolution signified the establishment of the material base corresponding to capitalist production relations. Capitalism becomes the prevailing mode of production. The capitalist mode of production requires that labour power is to be purchased or hired to facilitate production. The purchaser offers an amount to the labourer for the labour power and it is called wage.
There is a gap between what the capitalist receives in the form of revenue from the sale of the commodity produced by worker and what he gives him in the form of wage. This gap is so wide that it forms the basis of exploitation. It is now quite clear that commodity and commodity production are vital aspects of the rise and development of capitalism. It is, therefore, necessary to know what is commodity. In Capital Marx analyses the concept in details. From his analysis it appears that not every product of labour is a commodity. A product of labour becomes a commodity only when transferred to another for consumption through exchange.
A commodity has a two-fold character. The capacity to satisfy some human want gives a commodity its use value. The capacity of a commodity to be exchanged for another commodity gives it exchange value. The use value of some commodities is important. Whereas the exchange value of some is important. However, the common characteristic is that they are all products of human labour. From this point of view, all commodities represent crystallized human labour. So a commodity is an object outside us, a thing that by its properties satisfies human wants of some or another. The wants spring from the stomach or fancy.
Neither are we here concerned to know how the object satisfies the wants, whether directly as means of subsistence or indirectly as means of production. The fetish then manifests itself as endowed with a power which in truth it lacks. Marx identifies several fetishes in the sphere of economy. The commodity fetish is most famous. One is separation of exchange value from its material basis. The other is attachment of exchange-value to the substance of commodity. A commodity appears, at first sight, a very trivial thing. Too far as it is a value in use, there is nothing mysterious about it.
But as soon as it steps forth as a commodity it is changed into something transcendent. They mystical character of commodity does not originate in use value. This is the reason why the products of labour become commodities, social things whose qualities are to once perceptible and imperceptible by the senses. The existence of things qua commodities, and the value-relation between products of labour which stamps them as commodities, have absolutely no connection with their physical properties and with the material relation arising there-from. Here it is a particular social relation between men that assumes, in their eyes, the imaginary form of a relation between things.
To find an analogy we must have recourse to the mist-enveloped regions of the religious world, where the productions of the human brain appear as independent beings endowed with life, and entering into relation both with one another and with human race. Capitalism has certain features. The first one is, it is characterized by the private ownership over the means of production. The state ownership is never a guarantee of economic development; rather, it hinders the growth. The private ownership is supported by another reason. The libertarian view is that the state control of the means of production ultimately leads to the control of private life of individuals; the classical thinkers of capitalism are of opinion that in a state control system the proper progress of science and technology is really a far cry.
To sum up, private ownership is the only way and objective of capitalism. Capitalism is called market-economy. Before the emergence of capitalism people generally produced their own requirement and the exchange system, as a means of meeting the demands, was unknown to them. The invention of market-economy by capitalism is a great landmark. This type of economy is normally credited with the introduction of two systems system of division of labour, and production of commodities more than the requirement. For the sale of the commodities the capitalists develop a well-knit and well organized distribution system under their own guidance and control.
Another aspect of the market economy is that manufacturers produce the articles required by the consumer. The consumer sovereignty is the determiner of the movements of the market economy. The capitalists impose their decision upon the consumer. They also dislike including the welfare motive into the economy. The decision of the consumer is final and that is to be accepted as the real guideline of production. The producers will always act according to the preference of the consumers. The market economy, in this connection it is to be noted, admits of crises and in that case it approves of state interference and even that on a very limited scale.
In a word, market economy is to be encouraged and safeguarded. The students of political science are sometimes misled by the argument that capitalism and its market-economy are analogous to the fascist system, because in fascism private ownership is the characteristic feature of economy. But the fact is that the fascist economy is called command economy. The government decides the manner and principles of employment, pricing, production and distribution. The producers are hardly left with any freedom. Economy of communist society is also planned. That is, there is enforcement and no place of persuasion which characterizes capitalism. Another feature of capitalism is competition among the manufacturers. Since the consumer is sovereign, capitalists compete among themselves to satisfy the consumers.
Thus the principle of consumer sovereignty leads to the competition among the manufacturers. Competition has also other good effects. Producers, in order to survive and develop, always try to reduce the cost of production. After the Second World War the miraculous development of technology in Japan and Germany is normally treated as contribution of capitalism. We can call profit making and profit motive as important features of capitalism. Profit acts as the greatest impetus of expansion. Moreover, out of the surplus value the capitalists build up the investment fund.
Hence the survival of capitalism without profit is impossibility. During the Middle Ages both profit and interests were highly condemned and because of that reason industry could not develop at all. In capitalism this profit is the main source of dissension between capitalists and proletarians. Through the system of profit or surplus value capitalists exploit the workers. The emergence of proletarians as a class-for-itself confronts it with the capitalists and the struggle between the two classes becomes inevitable. We can, therefore, hold that we cannot imagine capitalism without class struggle. The bourgeois theoreticians have also admitted the existence of class conflict, though they speak of class collaboration.
The capitalists are panegyric of democracy and they feel proud that capitalism creates an atmosphere for the affluent blossoming of democracy. But, in fact, the picture of democracy in any capitalist society is absolutely gloomy. Rather, capitalism and democracy are contradictory. Real democracy exists in a society where there is no gross economic inequality and the state is not ruled by a particular class. In capitalism the elites control the power of the state. So the fruits of democracy are enjoyed by the elites. The majority people are deprived of democracy. The elites always represent the economically dominant class and the laws are formulated at the behest of the elites. The capitalist democracy is called the democracy of the elites.
The most important characteristic of capitalism is that here the state is an instrument of exploitation. The capitalist class uses the state machinery for its own purposes to suppress the agitation or movement of workers. It is a puppet at the hands of the bourgeoisie. The state is the representative of the bourgeoisie. Capitalism admits of multiplicity of opinions and views. For this reason we find numerous groups and organizations and more than one political party in any capitalist system. There are also conflicts among groups and parties.
There is, in capitalism, an economically dominant class, but there are also other classes and each class is represented by one party. The party of the powerful class controls both economics and politics. Again, the bourgeois parties have no ideological difference. In USA, the Republican Party and Democratic Party are two sides of the same coin. In capitalism labour power is bought and sold like any other commodity. In capitalism it is called labour market. In capitalism the capitalists control the purchase of labour, production of commodities, the sale of these commodities, working hour and everything which is connected with production. To tide off the undesirable effects of competition the capitalists spend huge amount of money for the invention of new machinery and improvement as well as innovation of the existing one.
From the standpoint of historical materialism the rise of capitalism as a social system was inevitable. During the second half of the fifteenth century medieval society, based on small-scale production, was in the active process of decay. The monetary economy replaced the old exchange system. This gave rise to mercantile capital. Trade and commerce developed at a rapid pace. A number of technical improvements in the realms of metallurgical production, textile manufacture, navigation, armaments, clock-making, astronomical instruments, invention of printing, all these gave a mighty impetus to the growth of productive forces, and encouraged persons to take new initiative and venture.
So the growth of mercantile capital and productive forces resulting from scientific inventions and technical improvements accelerated the disintegration of medieval economy. The merchants and manufacturers competed among themselves to capture new markets in different far-flung areas. Transport through navigation developed in an unprecedented way. The dark continent of Africa, regions of America and Asia were mapped by the brave navigators. Plundering, exploitation and extermination of native population by the conquerors started almost from the beginning of the sixteenth century. The purpose originally was to expand and consolidate commercial interests and subsequently assumed the form of exploitation and colonization. With this also started the slave trade and it has been aptly observed by Marx that it was upon the foundation of the slave trade that Liverpool became a great city.
The expansion of slave trade also reached North America, and by the nineteenth century slavery was treated as a national institution. The growth of manufacturing industry both in Europe and America and the development of agriculture were chiefly due to the slave trade. Because slaves were cheap labourers big industrial units were set up in several parts of Europe and America. The small scale and cottage industries of medieval period were incapable of competing with these comparatively big manufacturing industries having worldwide markets and expansive commercial interests. So the economy of the Middle Ages declined and on the foundations of its ruins the structure of capitalism was built up. The manufacturing industries of the sixteenth and seventeenth centuries helped the progress of industrial capitalism.
The Industrial Revolution of the second half of the eighteenth century provided a further impetus to the growth of manufacturing industry. Large-scale industrial production was made possible by a series of scientific inventions. The Industrial Revolution released countless workers and peasants from the feudal economy and small-scale industrial units and brought them within the four walls of big manufacturing industries. In the sixteenth and seventeenth centuries a new class bourgeois emerged. The members of this class were able, because of the new situation, to accumulate a considerable amount of capital and they were extremely eager to invest it in new enterprises and the Industrial Revolution opened that scope.
The erstwhile landlords of earlier periods also joined hands with the newly created capitalist or bourgeois class. The collapse of feudalism did not help the decay of agriculture. On the contrary, the direct impact of Industrial Revolution fell on it. Agriculture was rather industrialized. Modern method of rotational crop was introduced. The whole agriculture was mechanized. In fact, agriculture became a part of industrial capitalism. Capitalists also invested their money in agriculture. Henceforth the society was divided into two major classes—bourgeoisie and proletariat. The bourgeoisie put the entire economy under its control.
The capitalists exploited the workers by giving minimum wages and detaining those longer hours in factory. They had no scope for recreation and were made subordinate to machine. With the growth of industry the division of labour was introduced and the impoverishment and dehumanisation both went ahead. The greater the development of capitalism the greater the exploitation. Simultaneously there arose contradictions within capitalism. Again, the growth of capitalism accompanied with it class antagonisms.
The progress of capitalism revealed another feature of its class division. At the primary stage the bourgeoisie was not a well-articulated class. That is, it was to some extent subordinate to feudal lords. But the rapid growth of capitalism raised it to a clearly defined class and it immediately overthrew the feudalist social order, and set up a bourgeois system in the place of the old. The proletarians also organized themselves as a class. Capitalism did many evils to them, but one good thing it did and that was it aroused political consciousness of the workers.
According to Marx there is a very close relationship between industrialization, progress of capitalism, and setting up of manufacturing industries. Capitalism is the greatest manifestation of establishment of manufacturing industries. The owners of manufacturing industries exploited the workers in various ways. The workers could not keep pace with the rapid technical progress of the manufacturing industry. Many of them were treated as unskilled workers and were given minimum wages. Large number of children and women were employed and they were subjected to poisonous gas and were forced to work in unhealthy atmosphere and environment.
Any protest was accompanied by dismissal. These persons left their ancestral village home in search of better living. However, Milton Friedman found it difficult to assign a name to his… Book Review Capitalism Freedom. Words: Pages: 7. Continue reading. One Country, Two Systems Deng Xiaoping formulated the One Country, Two Systems Constitutional theory, which granted Hong Kong independence and autonomy as a means of reuniting China. Capitalism Constitution Hong Kong. about the great divergence According to Pomeranz, capitalism entails the accumulation of wealth by commerce and the conduct of trade transactions with other producers Moore, Jason. As a result, capitalism involves the establishment of… Capitalism Countries Trade. Words: Pages: 3.
Capitalism vs. Socialism Personally, I will describe capitalism as an economic structure in which private individuals or firms dominate investment and possession of the means of production, distribution, and wealth exchange. In this sense, capitalism is characterized primarily by a self-regulating free market economy based on private property and minimal government intervention, guided… Capitalism Investment Socialism. Words: Pages: 2. Israel In terms of politics, economics, and social relations with the rest of the world, Israel has been changing and steadily stabilizing. It is currently dealing with problems such as low economic status, an unstable school system, corruption, civil strife, weak national stability, and sovereignty issues, with the prime minister serving… Capitalism Education System Israel.
Capitalism Capitalism is a system that allows people to make money According to Weber, a perfect concept of capitalism is that it goes beyond the desire to acquire so many citizens, including noblemen, doctors, soldiers, and even gamblers, have the desire. To Weber, capitalism was a philosophy or an ideology that… Capitalism Money. Found a perfect essay sample but want a unique one? Request writing help from expert writer in you fied! Learn more! Steam Influence Essay The fetism of the state, like the fetism of steam, promoted progressiveness by improving citizenship rights and capitalism. The mechanization of machinery, or rather, machines… Capitalism Freedom. Words: Pages: 4.
As a result of the economic boom, materialism became rampant and… Capitalism Consciousness Society. However, the scale of disparity is concerning, as… Capitalism Liberalism Society. Words: Pages: 5. The poor performance of American… Capitalism Equity Liberalism. Identifying a Real-World Event Related to a Song of Solomon Theme The modern world is full of events, some of which are intolerable to a person, particularly when they consider their family history. The exponential development of capitalism has transformed the human race into a greedy being that is only obsessed with money production and has no regard for family and… Capitalism Modern Society Song of Solomon.
Words: Pages: 8. Yunus states in his novel that… Capitalism Countries Literature Review. Calculate the Price. Type of service.
Emerita Professor, Department of Politics and International Relations, University of Adelaide. University of Adelaide provides funding as a member of The Conversation AU. However, he actually addresses a very old issue — namely, the relationship between the state and the private sector. Ever since 19th century British Factory Acts legislated better ventilation in factories to prevent employers from killing their own workers, there have been times when the state has had to save private enterprise. In , Kevin Rudd argued in The Monthly that the Global Financial Crisis GFC was one such occasion when. not for the first time in history, the international challenge for social democrats is to save capitalism from itself.
His government resorted to Keynesian stimulus strategies to protect the Australian economy. Chalmers is arguing that the combination of the GFC, the pandemic and global energy and inflation crises, aggravated by the war in Ukraine, is another such moment. The possibility of further future crises and challenges makes the issues even more pressing. Chalmers draws his major inspiration from a new generation of economic thinkers such as Mariana Mazzucato. Read more: Politics with Michelle Grattan: Treasurer Jim Chalmers answers critics of his 'values-based capitalism'.
In the process, Mazzucato has influenced a range of politicians, from the former British Conservative Minister David Willetts to the left-wing US Democrat Alexandria Ocasio-Cortez. Willetts argues that Mazzacuto highlights the benefits of state intervention for conservatives not just the left. Nonetheless, one can see why her work particularly appeals to social democrats such as Chalmers. A central tenet of modern social democracy has been to humanise capitalism, to produce a more just and fair society through incremental reform. Chalmers is producing a new version of an old Labor project. Labor has long argued that both business and labour have a common interest in producing a prosperous, socially beneficial capitalist economy.
The Curtin and Chifley Labor governments argued public investment could play a crucial role in stimulating desirable private capital expenditure. The governments set up tripartite industry committees consisting of government, business and labour representatives to facilitate post-war industrial development. The Whitlam government also set up tripartite industry advisory panels to assist industry planning. More recently, the first Rudd government unsuccessfully attempted to shape a carbon trading market as part of its climate change policies. Prime Minister Julia Gillard argued that. the microeconomic challenges of the future are not a simplistic choice between the market and the state, but the more sophisticated challenges of market design so that we bring public and private resources together to deliver better services and increased productivity.
Of course, such plans did not always work out as Labor intended. Both the Chifley and Whitlam governments ended up facing major business opposition to their attempts to reshape markets. Others , were vehemently opposed. The Rudd government also encountered difficulties investing in private sector businesses to generate employment and combat climate change. In addition, Mazzacuto has noted that state investment and bailouts have all too often resulted in private sector profit but without ensuring the future financial benefits for governments and taxpayers. Indeed, he discussed his ideas with Keating. In short, Chalmers is reworking traditional Labor aims in the context of contemporary economic developments. He is also potentially positioning himself as a future prime minister.
His agenda is one that some far sighted businesspeople, aware of current economic challenges, might well support. Indeed, building a values-based capitalism obviously requires business cooperation. Read more: If Labor wins, he is set to become treasurer. So who is Jim Chalmers? Chalmers seems surprised by the response to his essay. As with so many previous Labor government attempts to shape the economy, his essay has met with considerable opposition from sections of business and right-wing commentators. Key business leaders have expressed concern at the prospect of increased government intervention and have instead called for further deregulation of the economy.
Write an article and join a growing community of more than , academics and researchers from 4, institutions. Edition: Available editions United States. Become an author Sign up as a reader Sign in. Carol Johnson , University of Adelaide. Author Carol Johnson Emerita Professor, Department of Politics and International Relations, University of Adelaide. Economics Democracy Capitalism Paul Keating Labor Party Jim Chalmers. Want to write? Register now.
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WebFeb 5, · This essay describes and evaluates Marx’s three main objections to capitalism and criticizes them on the grounds of his underestimation of capitalism’s WebThe capitalist or the owner of capital brings them under one umbrella to manufacture something and this is commodity. In Bottomore’s book capitalism has been defined in the WebOct 2, · Capitalism is the system of self-interested mutual benefit which cannot be coerced by force unless a third party gets involved but can only be accomplished through WebThat system was called capitalism. Capitalism is an economic system that was created by combining many parts of many other economic systems. Capitalism was based on the idea that private individuals, and business firms would carry out all factors of production WebThe purpose of this essay is to evaluate whether capitalism is a system that can be used to effectively manage organisations in modern day society. The scope is to assess the WebFeb 1, · Emerita Professor, Department of Politics and International Relations, University of Adelaide Treasurer Jim Chalmers begins his Monthly essay “Capitalism ... read more
Capitalism: Individualism and Government Essay Words 5 Pages. It influences both the economic aspect and social aspect of the societies largely. By definition, Capitalism is an economic system controlled chiefly by individuals and private companies instead of by the government. That is mainly because capitalism requires time dedication which people willingly dedicate, and this obstructs the gateway to the balanced life. Capitalism, thus, is an economic system that requires constant investment and constant economic growth. Capitalism is a social system based on the principle of individual rights.
Real democracy exists in a society where there is no gross economic inequality and the state is not ruled by a particular class. The capitalists are panegyric of democracy and essay on capitalism feel proud that capitalism creates an atmosphere for the affluent blossoming of democracy. Trade and commerce developed at a rapid pace. However, essay on capitalism, the capitalist class must constantly be in search of greater and greater profits; therefore, they will always tend to reduce the wages of their workers. Got it. To Weber, capitalism was a philosophy or an ideology that…. This implies that while Marx [
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