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Jul 5, 2021 · Capitalism is an economic system, but it's also so much more than that. It's become a sort of ideology, this all-encompassing force that rules over our lives and our minds. It might seem like it's ...
- Rund Abdelfatah
Thus, the social system in the neoclassical vision was free of unresolvable conflict. The very term “social system” is a measure of the success of neoclassical economics, for the idea of a system, with its interacting components, its variables and parameters and constraints, is the language of mid-nineteenth-century physics.
Jan 25, 2021 · By Walter Friedman. The thought of the United States becoming the world’s richest and most powerful nation would have been unimaginable at the time of the country’s founding. In 1783, at the end of the American Revolution, the United States was a marginal commercial center, far from the powers of Europe and the riches of Asia.
- Increasing Inequality: A Law of Capitalism
- The Monopoly of Power
- Notes
Prior to the publication of Piketty’s book, Piketty and Saez used Internal Revenue Service data to track U.S. income inequality from 1913 to 2010. These data show that the rise in inequality, as measured by the share of income going to the top 1 percent of “tax units” (not exactly comparable to families or households), is much greater in the United...
Piketty’s work raises the question of growing class inequality in a statistical sense without explicitly addressing either the roots of this or the question of growing class power. His work thus remains within the bounds of establishment discourse—though serving to shake up the ruling ideology with its revelations. He uses the term “upper class” fo...
↩This is evident in recent mainstream discussions of what is called “secular” or long-term stagnation. For an analysis of this and recent trends see Fred Magdoff and John Bellamy Foster, “Stagnatio...↩Michael Yates, “The Great Inequality,” Monthly Review 63, no. 10 (March 2012): 1–18; Thomas Piketty, Capital in the Twenty-First Century (Cambridge: Harvard University Press, 2014).↩See John Bellamy Foster and Robert W. McChesney, The Endless Crisis(New York: Monthly Review Press, 2012), 1–21.Capitalism. Capitalism is an economic system based on the private ownership of the means of production. This is generally taken to imply the moral permissibility of profit, free trade, capital accumulation, voluntary exchange, wage labor, etc. Its emergence, evolution, and spread are the subjects of extensive research and debate.
A leading economic historian traces the evolution of American capitalism from the colonial era to the present—and argues that we’ve reached a turning point that will define the era ahead. Today, in the midst of a new economic crisis and severe political discord, the nature of capitalism in United States is at a crossroads.
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May 21, 2020 · This chapter deals with economics in the United States where an original economic thinking of increasingly high standing emerged with the work of J. B. Clark and Fisher, together with Taussig’s important contribution in the theoretical field as well as from the organizational point of view: they constitute ‘the triumvirate’ of American neoclassical economics.
