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CAPITALISM is often thought of as an economic system in which private actors own and control property in accord with their interests, and de-mand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
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What Is Capitalism? Before we entrust the education of the nation’s roughly 47 million school-aged children to the institutions and processes of capi-talism, it is valuable to review how capitalism works and what distinguishes it from other types of economic systems.
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In 1870 Albert Schäfle, a liberal- conservative professor of political economy, pub-lished his book Capitalism and Socialism with Special At tention to Forms of Business and Property. In this book he delved into the conflict between wage labor and capital.
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Feb 19, 2013 · By presenting both classical and contemporary theory and research, the volume identifies and describes the continuity between past and present, and the move from economics to economic sociology.
- Keywords
- Why do we need a clear definition of capitalism?
- Possible approaches
- Capitalism as ‘capital-ism’: A core economic logic
- Our proposed definition
- Conclusion
- Acknowledgements
- Funding
capitalism, growth, Marx, normative reconstruction, profit, surplus value, varieties of capitalism
There are self-evident benefits to the constant reappraisal of social-theoretical concepts. Poorly defined concepts build poor theories; poor theories produce both a poor under-standing of our social world and merely enable poor social research. Yet, beyond this obvious knowledge interest in conceptual precision, we identify two further reasons why...
There are several possible considerations in working toward a definition of capitalism. In this section, we sympathetically discuss three arguments often made about capitalism: (a) capitalism as a core economic logic, (b) the normative order of capitalism, and (c) capitalism as an institutional order. While these arguments offer productive ways of ...
We start with the intuitive economic understanding of capitalism, that there is some core economic logic that defines capitalism (capitalism as capital-ism). In theory, if there was actually a ‘mystical kernel’ to capitalist life, rooted within the form of a dominant eco-nomic interaction, one would be able to have a simple, effective, operational ...
We now move to present our own definition, which we suggest can overcome some of the obstacles encountered above. As stated, this definition is an intentional provocation, presented as the starting point from which to welcome critical interrogation. Our objec-tive is not a tick-box style definition through which societies can be examined, and a cle...
Despite our interest in plurality and accepting the fluid nature of definitions, we have been conscious to ensure our definition remains tight enough to prevent it from collaps-ing into a blunted synonym for ‘modernity’. As we have argued, ‘capitalism’ is neither identical with ‘markets’ nor with ‘modernity’; it is a socioeconomic formation that ma...
We are grateful to the editor, Peter Wagner, and two peer reviewers for helpful feedback on an earlier version of this article. We are also grateful for comments made by Maia Pal, Steve Hurt, Alex Sutton, Andy Kilmister, and Molly Cochran.
The author(s) received no financial support for the research, authorship, and/or publication of this article.
3) How does industry under capitalism differ from “modes of productions” in other historical epochs? What makes it distinctive? Is profit legitimate for Marx? 4) What kinds of relationships between different parts of the world does capitalism encourage? 5) What does Marx see as the political outcome of the logics and contradictions of ...
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THE CAMBRIDGE HISTORY OF. C A P I T A L I S M. eginnings. Starting with its distant origins in ancient Babylon, successive chapters trace progression up to the “Promised Land of capitalism . ” b empires. They determine what features of modern capitalism were present at each time and place, and why the various precursors of capitalism did n.
