The Varieties Of Capitalism : The Institutional Foundations Of Comparative Advantage

According to Scott (27), “Capitalism is an indirect system of governance for economic relationships”, this implied that in capitalism there are two different classes of people based on their economic role, the employee, who is considered as the capitalist class, and the employer, who is considered as the working class. Moreover, according to Crossman, the fundamental characteristic of capitalism is a set of three relationships among workers/employer, the means of production and those who

Throughout our Communication Studies, we have examined the capitalist economy through a critical lens and as a result, corporations always appear at the forefront of debate, blame, and power. From a neo-liberalist economic standpoint, the typical “prosumer” is encouraged to create consumer-generated content, but what happens when you put your creative labour to the test? York University consistently advocates, “this is your time”; in other words, students are responsible for their own success and are held liable for any failures or mishaps they may endure. While contemporary technologies have multiplied and democratized opportunities for musical creativity, intellectual property law has been used to repress our right to free speech, which is guaranteed under the first amendment (Demers 2006). Therefore, the industry’s effort at convincing people that file-sharing is equivalent to thievery have turned an increasing number of artists into intellectual property activists.

Capitalism is not a rigid, inflexible economic and political system—there are many forms of capitalism around the world. It is illustrated as being different variations of capitalism outside the United States; there is the Dutch version, the French version, the British version, as well as the American version. American capitalism implements free-market ideology and that makes the U.S. stand out among other nations. Other nations do not dwell on privatization and deregulation nearly as much as the U.S., which is both a major strength and critique of American capitalism. One critique of American capitalism is the Five Internal Contradiction of Capitalism. These contradictions include inevitable growth of monopolies, demand labor saving technology

Wealthy disparity in America is greater than it has ever been, yet nothing seems to be done by the government to fix it. Bridging the wealth gap in America would require government regulation from government, but the American government is controlled by the wealthy. Rich business owners give large sums of money towards political campaigns, thus gaining them political favor. Along with a corrupted government, large corporations have taken up almost all market share in their respective industries, not allowing for small business to thrive. And, low-level workers at said corporations are treated unfairly and not allowed to unionize. With the wealthy controlling the government, big businesses dominating the economy, and workings being denied their rights, the American capitalist economic system makes it very difficult, if not impossible, for the impoverished to escape poverty.

There are countries with different kinds of parties, such as a communist country, and different types of economic systems. For example, capitalism is one type of economic system, and not every country recognizes or supports it. However, the countries with a capitalism economic system believe that capitalism is the key to the development of the country and creates the wealth of nations. For instance, the book named The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else is written by Hernando De Soto who states that in order for a country to progress and to receive prosperity, supporting the idea of capitalism and using it as an economic system is a solution. In addition, he believes that having a capitalism economic

Capitalism and Communism are both economic systems, adopted by different regions, which has played a major role in how society has been shaped in the 20th century. Capitalism, is simply an economic system where things like property and/or businesses are owned and controlled by individuals instead of the government. The United States was one of the first majorly developed regions to adopt this philosophy and it has had a huge impact on the global economy by allowing free market competition and by promoting the culture of work. Communism, is an economic system in which things like businesses and property are own and controlled by the government. Communism was adopted by the Soviet Union and played a critical role in global politics and social classes.

To close, in addition to granting the fundamental rights to citizens and facilitating change and progress, a constitutional democratic republic also allows for more economic innovation and motivation. As previously mentioned capitalism influences nations in a constructive manner that encourages hard work and individuality. Capitalism is the economic center of a constitutional democratic republic. Its progressive power and economic potential can be seen through China’s economic boost in the late ‘90s to the present day as they began to adopt a capitalist mindset (Coase). Capitalism also embodies the concern for an apathetic citizen population, specifically in the workforce. This issue is the driving concern for socialism in the United States

Its heavy involvement in government is clear, and promotes inequality within society. ____ and ____ present the idea that a restructuring of society needs to take place to eliminate the corruption in government created by capitalism. The current system is “very much a product of government policies and subsidies” (24) they report. Historically, government has had some form of control over corporations, but modernly they no longer hold that power, and instead work to further the need of investors. They report that according to the current system, “the main job of governance is to make sure the profit system works smoothly” (26). This entanglement of capitalism and government effect how democracy presents itself in the country. Democracy is put in place to allow all to govern equally and have equal chance, but in the topic of the future of employment the conversation leaves out most

The value of money continues to decrease, but the need for this little yet powerful piece of paper continues to skyrocket. Many people believe money magically illuminates complications and solves problems. America has been a capitalist state for decades, so money may be considered fundamental to our survival as Americans. This may be the case for many, but I disagree. I believe capitalism is the base for social, political and economic inequality and the idea of capitalism deceives us into thinking we as Americans cannot function without money. Capitalism creates complications and conceive problems. In capitalism, many private owners control the means of production, causing the government not to regulate their businesses. Thus, allowing exploitation to occur. The U.S will continue to collapse as long as we are a capitalist society. This system forces us to be greedy and greed forces us to be selfish individuals. Once an individual is selfish they will continue to make decisions that have a negative impact on the lives of many.

More recently it seems that most profit lies in company-wide specialization, and the avant-garde of most industries lies entirely in individual companies working towards their own goals. In fact, recently competition has been avoided amongst very large companies, as it is more profitable to exploit the consumer by limiting their options. When the consumer has few to no options, there is little incentive to invest in the improvement of services. Capitalism can be both a catalyst and a hinderance for improvements, and it would be disingenuous to assume socialism couldn’t at least match capitalism in this regard. For example in socialistic societies, financial sustainability wouldn’t be a concern for freelance or employed thinkers. The idea that capitalism is holistically superior innovatively stems from capitalism’s omnipresence on a global scale. The ex post facto attribution of innovative technology to capitalism is a post hoc ergo propter hoc

The basis of economic capitalism is a countries government allowing private entities to produce what they like and sell to whomever they choose. In America we have a capitalistic system which helps to produce jobs, generate wealth and economic growth, and pay taxes which are used for such things as welfare, social security, health, education, and national defense. Unfortunately, there are many corporations that have found loopholes in our governments taxing system or use unethical means of obtaining wealth. Merriam-Webster defines greed as the intense and selfish desire for something, especially wealth, power, or food. Corporate greed has been linked to the destruction of the American middle class and its consequences are dire.

Due to the inherent complexities of the evolution of the large industrial enterprise, the concept of managerial capitalism stems from the notion that these firms built hierarchies to expand both production and distribution capabilities. In Alfred D. Chandler’s “The Emergence of Managerial Capitalism”, the idea that this form of capitalism came to life was routinely uniform, exhibited through the analysis of four powerhouse nations: The United States, Britain, Germany, and Japan . Although there lies a difference in the journey each nation underwent, their journeys ultimately became intertwined with one another. However, the issue of this interlace displays Chandler’s conformity to a specific course of events, rejecting any principles

Theorists began to recognize capitalism as pre-industrial society developed economically and major social changes began to occur. Modernization resulted in industrialization, urbanization and bureaucratization as the workplace shifted from the home to the factory, people moved from farms into cities where jobs were more readily available and large-scale formal organizations emerged. Classical theorists’ observations addressed numerous facets of social organization and interaction that came about as a result of modernization; however this essay will focus on their ideas regarding capitalism and the capitalistic society. Over

The Industrial Revolution in Western Europe provided the context for economists and political writers of the nineteenth century to promote three different economic plans designed to meet the needs of workers and entrepreneurs. Capitalism was first proposed by Adam Smith as a reform plan for the existing economic system of mercantilism. The major tenets of capitalism included: free enterprise, competition at every level, and private property. Although there were many advantages including new inventions and rewarding excellence there were also disadvantages including how harsh people were treated where they worked and people making up others privileges. The economic system of capitalism was implemented in India with the British East India Company during the seventeen and eighteen hundreds. It was unsuccessful because it became corrupt, abusive of workers, and was ultimately replaced because of revolts. The economic system of capitalism did not address the needs of both entrepreneurs and workers because the workers didn’t ask to be abused like they were and the entrepreneurs sort of did because they got to run their business how they wanted to.

The concept of institutional complementarities revolves around the notion of the idea that ‘the co-existence (within a given system) of two or more institutions mutually enhances the performance contribution of each individual institution’ (Deeg, 2007. P.611). Hopner (2005) argued that the idea of complementary implies that different spheres of institutions could only be combined in a number of ways in order to be effective, which enhanced the theory of the existence of various types of capitalisms. Hall and Soskice (2001) identified these differences in the varieties of capitalism literature and then classified economies into liberal market economies and coordinated market economies, each with its unique institutional complementarities.