Capitalism vs. Democracy Thomas Piketty’s new book, “Capital in the Twenty-First Century,” described by one French newspaper as a “a political and theoretical bulldozer,” defies left and right orthodoxy by arguing that worsening inequality is an inevitable outcome of free market capitalism. Piketty, a professor at the Paris School of Economics, does not stop there. He contends that capitalism’s inherent dynamic propels powerful forces that threaten democratic societies. Capitalism, according to Piketty, confronts both modern and modernizing countries with a dilemma: entrepreneurs become increasingly dominant over those who own only their own labor. Piketty’s book — published four months ago in France and due out in English this March — suggests that traditional liberal government policies on spending, taxation and regulation will fail to diminish inequality. Photo “I am hesitant to call Thomas Piketty’s new book Capital in the 21st Century one of the best books in economics written in the past several decades.
Contradictions in capitalism Published Feb 13, 2012 9:35 PM Following are excerpts from a talk given by Workers World Party organizer Richard Kossally at a WWP forum in New York City on Feb. 3. Out of feudal society arose the bourgeoisie, a new class that was to dominate society. Succeeding social systems are birthed by the social system immediately preceding them. The bourgeoisie came out of a privileged middle layer that developed in feudal society. Karl Marx states in Chapter 31 of “Capital,” “Doubtless many small guild-masters, and yet more independent small artisans, or even wage laborers, transformed themselves into small capitalists, and (by gradually extending exploitation of wage labor and corresponding accumulation) into full-blown capitalists.” For a time the conflicting modes of feudal and capitalist production existed side by side, but one had to win out. The feudal organization of society was doomed. Bosses expropriate what the workers produce Under capitalism, production became socialized.
5 Things to Know About How Corporations Block Access to Everything from Miracle Drugs to Science Research Photo Credit: Shutterstock.com Should a company be able to patent a breast cancer gene? What about a species of soybean? How about a tool for basic scientific research? Or even a patent for acquiring patents (see: Halliburton)? Intellectual property rights are supposed to help inventors bring good things to life, but there’s increasing concern that they may be keeping us from getting the things we need. In this wild and contested jungle of the law, which concerns things like patents and copyrights, questions about the implications of allowing limited monopolies on ideas are making headlines. Surely, the producers of new ideas should be able to profit from their creations. 1. The notion of giving inventors exclusive rights for a limited time goes back to the medieval era. “The Congress shall have power ... The question of whether ideas themselves should be protected by patents troubled some of the Founders, who saw the potential for abuse. 2. 3. 4. 5.
Manifesto Of The Farmer Labor Association "American capitalism failed because it succeeded. As a productive force creating goods and services, it was no longer essential. New industries were being created in foreign countries, and even old industries were sending customer service calls abroad. Banner at the 2012 Republican National Convention depicts Martin Luther King, Jr., and the quotation: “Today Capitalism has outlived its usefulness,” in this August 28, 2012 photo. “Capitalism has failed and should be abolished!” That’s the Preamble to the 1934 Farmer Labor Party Platform, and the party that believed in those principles went on to elect Floyd B. They paid particular attention to the English Commonwealth revolution from 1640 to 1660. The three historic phases of capitalism Mercantile capitalism developed out of the growth of small shops and towns that grew up originally to supply the king with things like candles and new shoes. After World War I there was hardly a crowned head anywhere in Europe. Share this article!
Chapter 1.1 - The Contradictions of Capitalism - Value and Wage Labor To understand any modern society it is essential to probe beneath its surface and illuminate its fundamental economic laws of motion, as Marx did for capitalism. Since the Soviet system originated through the degeneration of a society transitional from capitalism to socialism, the laws of capitalism are a necessary starting point, even if we did not consider that system today to be capitalist. The interesting fact came to light when U.S. president George Bush visited Hungary in 1989 that Karl Marx University in Budapest no longer requires the study of Marx’s major scientific work, Capital. More modern theories are needed, the public was told, and in any case the economic collapse of the Stalinist countries has discredited Marxism. The Hungarian authorities may indeed need capital rather than Capital to salvage their economy. Marx gave Capital the subtitle, “A Critique of Political Economy.” Modes of Exploitation Capital opens with this brief paragraph: The Labor Theory of Value
Top 10 Reasons Why Capitalism Sucks Politics Now that it’s Christmas season again, it seems like a good opportunity to respond to the list 10 Greatest Benefits of Capitalism with which I believe there were a number of problems. Firstly, it was not clear which form of capitalism was being described, so I would like to begin this list by defining the free market, which is capitalism in its most simple form. I’ll highlight the many issues which arise with a pure free market, and which are undermining capitalism as we speak. A free-market economy is one where all markets are unregulated by the government. Thousands of Trans-National Corporations (TNCs) exist, and many have the financial size of a small country. But there is a problem with this strategy. Recently there has also been a worrying polarization of wealth around the world. Given the current state of affairs, there is no reason why the rich-poor divide will not increase even more, with those at the top of corporations exploiting unfortunates in poor countries.
The Price of Free Enterprise The Price of Free Enterprise Stephen H. Unger February 17, 2014 Our Modern Dilemma(image by andrewfhart) A fundamental claim about our economic system is that efforts by private enterprises to maximize their profits benefit the public as a whole. For example, in efforts to increase sales and profits, hat manufacturers frequently modify their designs and manufacturing methods to make their hats more attractive, or more effective at protection against cold or sunlight, and also less expensive. Unfortunately, as will be shown below, while this approach may work fairly well in the hat industry, it breaks down in many, perhaps most, important areas of our economy. Let's look at how profit maximization affects people and our environment in a few important areas of the economy. The health industry How does the private enterprise approach work in providing medical and health services? The profit motive does not usually inspire the companies involved to do conscientious jobs. Energy
History of capitalism Max Weber's model of capitalist development. The history of capitalism can be traced back to early forms of merchant capitalism practiced in Western Europe during the Middle Ages.[1] It began to develop into its modern form during the Early Modern period in the Protestant countries of North-Western Europe, especially the Netherlands and England. Traders in Amsterdam and London created the first chartered joint-stock companies driving up commerce and trade, and the first stock exchanges and banking and insurance institutions were established.[2] Since 2000 the new scholarly field of "History of Capitalism" has appeared, with courses in history departments. It includes topics such as insurance, banking and regulation, the political dimension, and the impact on the middle classes, the poor and women and minorities.[4] Origins of capitalism[edit] Crisis of the 14th century[edit] Map of a medieval manor. This arrangement was shaken by the demographic crisis of the 14th century. Precedents[edit]