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Apr 15, 2010 · Capitalism’s superiority for economic growth and development deserves the unqualified support of everyone who believe that wealth is better than poverty, life is better than death, and liberty is better than oppression.
Drawing on historical and other empirical evidence, this paper provides a causal explanation of a central question: why sustained per capita growth occurs in capitalist economies—i.e. in what way capitalism differs from ‘the market’ that gives it this property.
- Pillars of Capitalism
- The Many Shades of Capitalism
- The Keynesian Critique
Capitalism is founded on the following pillars: 1. private property, which allows people to own tangible assets such as land and houses and intangible assets such as stocks and bonds; 2. self-interest, through which people act in pursuit of their own good, without regard for sociopolitical pressure. Nonetheless, these uncoordinated individuals end ...
Economists classify capitalism into different groups using various criteria. Capitalism, for example, can be simply sliced into two types, based on how production is organized. In liberal market economies, the competitive market is prevalent and the bulk of the production process takes place in a decentralized manner akin to the free-market capital...
During the Great Depression of the 1930s, the advanced capitalist economies suffered widespread unemployment. In his 1936 General Theory of Employment, Interest, and Money, British economist John Maynard Keynes argued that capitalism struggles to recover from slowdowns in investment because a capitalist economy can remain indefinitely in equilibriu...
Mar 22, 2011 · Drawing on historical and other empirical evidence, this paper provides a causal explanation of a central question: why sustained per capita growth occurs in capitalist economies—i.e. in what way capitalism differs from ‘the market’ that gives it this property.
Month:Total Views:October 202411September 202413August 20242July 20243- Michael Joffe
- 2011
Mar 22, 2011 · The hallmark of capitalism is a hybrid of market and non-market organisation: exchange between firms takes place in a market, but within each firm the market is replaced by an authority structure. It is this combination, market relations between firms, that is the root cause of capitalist growth.
- Michael Joffe
- 2011
Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.
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This article emphasizes capitalist economies' main contribution to the general welfare: economic growth far exceeding that achieved by any other economic system throughout history. It classifies capitalist economies into four categories: oligarchic capitalism, state-guided capitalism, big-firm capitalism, and entrepreneurial capitalism.
