The Mystery Of Capital By Hernando De Soto, And The Party : The Secret World Of China 's

Modern economic society can be described as a combination of certain points from several theories combined into one. Changing dynamics and economic needs of nations has spawned a development of various, and contrasting, economic systems throughout the world. Perhaps the two most contrasting philosophies seen in existence today are that of capitalism and communism. The two philosophers most notably recognized for their views on these economic systems are Adam Smith and Karl Marx. This paper will identify several fundamental aspects of economic philosophy as described by Smith and Marx, and will compare and contrast the views of these

Nations have debated on which economic direction their country will direct its footsteps since the creation of societies. The United States, being one of the most stereotypical capitalistic nations, began as a Laissez-faire nation, but throughout the centuries America’s economic standpoint has shifted more into Socialism rather than Laissez-faire. The second largest economy in the world, China, is widely understood as being a socialist country, however, for the past years they have been inclined towards a more capitalist nation, but are still officially socialist. Socialism and Laissez-faire both have fatal flaws, but both concepts can be blended and pragmatic to the new millennium while having a positive future.

When introducing consumption practices in Chapter 4, Berdahl links desirous capital with higher social status; however, the definition of desirous capital changed under the socialist system. Beginning in 1952, the collectivization of agriculture forced the landowning elite from power and instituted an economic system “based on a logic of centralized planning, the aim of which was to maximize the redistributive power of the state” (115). This system gave rise to a second economy in which underground trade and gift-giving compensated for the lack of goods available from the state. In more specific terms, consumption practices — a form of economic activity — focused on hoarding rare commodities and earning access to goods. Given this economic environment, new identities and inequalities developed: “Not only was there often a strategic element in social life, but social relations themselves became an important form of capital. Connections replaced property as an indictor of social status” (122). Here Berdahl emphasizes the shift from physical capital to social capital as desirous. With the accumulation of social capital needed in the second economy, a new elite formed consisting of people such as J.R. and Barbara Becker (126-132). Returning to the argument of this paper, this shift in economic practice — which created new identities

By the definition of capitalism, it is the most famous economic system which has been wide-used in the world, especially in western countries. With the development of the system of capitalism, it brings an enormous profit to a country. The system capitalism makes an extraordinary contribution for economic growth. It has totally changed people’s lives and raised up lots of entrepreneurs. However, under the mask of capitalism, it conceals a number of unexpected sacrifices. In terms of The Jungle, the evil of capitalism led to a whole concrete family collapsed. It totally tells a story that the capitalism is a way to sacrifice labors to make a huge profit to move the economy forward. Along with the development of capitalism, it comes with many

Dilorenzo, an economic historian, is often questioned about his ethics and credibility to write such a critical book. There are different branches within the historical field of study. The economy plays into society and government today, as it plays a major role in our history. The economy is a substantial part

As written in the book The Boxer Rebellion and the Great Game in China by David J. Silbey, the author gives an account of the Boxer Rebellion. David J. Silbey, the author gives an account using allied soldier and diplomat’s letters and diaries of the Boxer Rebellion. The Boxer Rebellion is an anti-foreigner movement in China during 1900. The conclusion of this rebellion lead to China having signed the Boxer Protocol in September 1901(Page 225). This treaty entailed the Chinese paying reparations to the United States, Russia, Britain, Germany, France, Japan, Italy, and Austria-Hungary.

The commencements of the American Revolution and the Chinese Communist Revolution both had their beginnings in new Enlightenment thinking of the 1700s, often called, “The Age of Reason”. The Enlightenment promoted the thought, “that humanity could be improved through rational change.” In China, Karl Marx’s new Enlightenment ideas of social equality and no private property were the main inspirations of Mao Zedong’s political thinking. Introduced in his theory, Marx believed that capitalism, “an economic system in which investment in and ownership in the means of production, distribution, and exchange of wealth is maintained chiefly by private individuals”, was unstable and that in order to prevent a revolution, private property and social classes, maintained by private wealth through capitalism, needed to be eliminated.

Karl Marx, in the Capital, developed his critique of capitalism by analyzing its characteristics and its development throughout history. The critique contains Marx’s most developed economic analysis and philosophical insight. Although it was written in 1850s, its values still serve an important purpose in the globalized world and maintains extremely relevant in the twenty-first century.

As many other countries around the world China has its long history of a struggle for equality and prosperity against tyrants and dictatorships. The establishment of People’s Republic of China in 1949 seemed to have put an end to that struggle for a better life. “The Chinese people have stood up!” declared Mao Tse-tung, the chairman of China’s Communist Party (CPP) – a leading political force in the country for the time. The people were defined as a coalition of four social classes: the workers, the peasants, the petite bourgeoisie and the national-capitalists. The four classes were to be led buy the CPP, as the leader of the working class.

In their materialist reading of history, Marx and Engels proclaim that with the necessity for survival driving history/ and man to the development of social interaction and thus the establishment of the economy, staged progressions will come forth as a result. To Marx the economy will ultimately be responsible for all aspects of society. It will be from the development, and circumstance stemming forth from such development of the economy, that the stages of history will progress. And as such to Marx and Engels Capitalism will be a stopping point upon this staged progression route of history. In this way it is concluded that Capitalism is a mode of production stemming from the economy [means and relations of production], which in itself is a result of the history of materialism [the innate struggle for survival and the social relations built upon this struggle].

The specialised critique of capitalism found in the Communist Manifesto (written by Karl Marx and Fredrick Engels), provides a basis for the analysis and critique of the capitalist system. Marx and Engels wrote about economical in relation to the means or mode of production, ideology, alienation and most fundamentally, class relations (particularly between the bourgeoisie and the proletariat). Collectively, these two men created the theory of Marxism. There are multiple critiques of Marxism that attack the fundamental tenants of their argument. Several historical events have fueled such criticisms, such as the fall of the Soviet Union, where Marxism was significantly invalidated and condemned. On the flip side, Marxism has been widely supported in times of capitalist hardships. What viewpoint a person will hold towards Marxism is largely dependable on the economical environment in which they live. Further, it is also important to remember that Marx and Engels lived in a very different era than today’s society, and the concept of capitalism may have arguably changed quite a lot over time. Therefore, the principles found in the Manifesto may often have to be refurnished and reapplied to fit different economic environments.

This essay will compare the economic principles of capitalism and communism by giving brief historical background on both and describing the two. I will begin with the father of economy, Adam Smith, and finish with the theories of Karl Marx.

In the current anarchic world, The United States acts as the global hegemon. However, China’s recent rise to power has lead international relations experts, Ikenberry, Mearsheimer, Subramanian, and Friedberg, to predict an upcoming power shift in the international system. China’s increasing control over the Asia-Pacific region has threatened U.S. power. According to Waltz, the realism paradigm interprets the anarchic structure of the international community, as a constant power struggle. Although each country may be different, to survive, they must all strive for power. Under the liberalism paradigm, the system is still anarchical but cooperation may be achieved by shared norms, and aligned political and economical interests.

All economic theories share common roots, they attempt to address the basic question of how an economy can, and should, be maintained. One of the most influential economic philosophies is Marxism. The fact that economic theories can share common roots is especially evident in Marxism; It even shares a basic premise of laissez-faire with capitalism, a philosophy it directly contradicts (Sowell 12). In studying Marxism, two basic necessities must be addressed; the nature of Marxism and its basis, and the political and economic implications of Marxism.

What makes a nation wealthy? Answering this basic question may not be as simple as it seems. Because we must first analyze what “wealth” is. This essay is going to cover Adam Smith and Karl Marx’s work and their views how the society works and how wealth is created. It is going to highlight the theory of “Division of labour” and how it shaped the social relations. Lastly Robert Heilbroner’s concept of “drive for capital” will be discussed and how it produces wealth and misery to analyze Sinclair’s insights into the nature of industrial life in the late 19th and early 20th centuries.