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European merchants, backed by state controls, subsidies, and monopolies, made most of their profits from the buying and selling of goods. In the words ofFrancis Bacon, the purpose of mercantilism was "the opening and well-balancing of trade; the cherishing of manufacturers; HP 622330-001 Laptop CPU Cooling Fan
the banishing of idleness; the repressing of waste and excess by sumptuary laws; the improvement and husbanding of the soil; the regulation of prices ..."[27]
The British East India Company and the Dutch East India Company inaugurated an expansive era of commerce and trade.[28][29] These companies were characterized by their colonial and expansionary powers given to them by nation-states.[28] Lenovo ThinkPad Edge E520 Laptop Keyboard
During this era, merchants, who had traded under the previous stage of mercantilism, invested capital in the East India Companies and other colonies, seeking a return on investment. DELL XPS 15 L502X Laptop Keyboard
A new group of economic theorists, led by David Hume[31] and Adam Smith, in the mid-18th century, challenged fundamental mercantilist doctrines as the belief that the amount of the world's wealth remained constant and that a state could only increase its wealth at the expense of another state. Compaq Presario CQ42-228LA Laptop Keyboard
During the Industrial Revolution, the industrialist replaced the merchant as a dominant factor in the capitalist system and affected the decline of the traditional handicraft skills of artisans, guilds, and journeymen. SONY VAIO VGN-NR11Z/S Laptop Keyboard
Also during this period, the surplus generated by the rise of commercial agriculture encouraged increased mechanization of agriculture. Industrial capitalism marked the development of the factory system of manufacturing, DELL Vostro PP37L Laptop Keyboard
characterized by a complexdivision of labor between and within work process and the routine of work tasks; and finally established the global domination of the capitalist mode of production.[22] HP Pavilion DV3500 Laptop Keyboard
Britain also abandoned its protectionist policy, as embraced by mercantilism. In the 19th century, Richard Cobden andJohn Bright, who based their beliefs on the Manchester School, initiated a movement to lower tariffs.[32] In the 1840s, Britain adopted a less protectionist policy, with the repeal of the Corn Laws and the Navigation Acts.[22] Britain reduced tariffs and quotas, in line with David Ricardo's advocacy for free trade. COMPAQ Presario C700 Laptop Keyboard
Industrialization allowed cheap production of household items using economies of scale,[citation needed] while rapid population growth created sustained demand for commodities. Globalization in this period was decisively shaped by nineteenth-century imperialism. After the Opium Wars and the completion of British conquest of India, HP G62-225NR Laptop Keyboard
vast populations of these regions became ready consumers of European exports. It was in this period that areas of sub-Saharan Africa and the Pacific islands were incorporated into the world system. HP Pavilion dv6-2150so Laptop Keyboard
Meanwhile, the conquest of new parts of the globe, notably sub-Saharan Africa, by Europeans yielded valuable natural resources such as rubber, diamonds and coal and helped fuel trade and investment between the European imperial powers, their colonies, and the United States.[33] HP AEUT3U00140 Laptop Keyboard
In the period following the global depression of the 1930s, the state played an increasingly prominent role in the capitalistic system throughout much of the world. The post war era was greatly influenced by Keynesian economic stabilization policies. SAMSUNG NP-Q320-FS01UK Laptop Keyboard
The postwar boom ended in the late 1960s and early 1970s, and the situation was worsened by the rise of stagflation.[35]
Monetarism, a theoretical alternative to Keynesianism that is more compatible with laissez-faire, gained increasing prominence in the capitalist world, HP Pavilion dv4-1309tu Laptop Keyboard
especially under the leadership of Ronald Reagan in the US and Margaret Thatcher in the UK in the 1980s. Public and political interest began shifting away from the so-called collectivist concerns of Keynes's managed capitalism to a focus on individual choice, called "remarketized capitalism." [36] HP Mini 110-3506tu Laptop Keyboard
There are a number of different elements in the capitalist socio-economic system.
Capitalism is defined as a social and economic system that in which capital assets are mainly owned and controlled by private persons, labor is purchased for money wages, SONY 148084521 Laptop Keyboard
capital gains accrue to private owners, and the price mechanism is utilized to allocate capital goods between uses. The extent to which the price mechanism is used, the degree of competitiveness, and government intervention in markets distinguish exact forms of capitalism.[5] HP 365485-001 Laptop Keyboard
There are different variations of capitalism which have different relationships to markets and the state. In free-market and laissez-faire forms of capitalism, markets are utilized most extensively with minimal or no regulation over the pricing mechanism. In interventionist and mixed economies, HP Mini 210-2037tu Laptop Keyboard
markets continue to play a dominant role but are regulated to some extent by government in order to correct market failures, promote social welfare, conserve natural resources, and fund defense and public safety. In state capitalist systems, markets are relied upon the least, with the state relying heavily on state-owned enterprises or indirect economic planning to accumulate capital. HP G62-361TX Laptop Keyboard
Capitalism and capitalist economics is generally considered to be the opposite of socialism, which contrasts with all forms of capitalism in the following ways: social ownership of the means of production, where returns on the means of production accrue to society at large, and goods and services are produced directly for their utility (as opposed to being produced by profit-seeking businesses). HP Pavilion dm3-1035DX Laptop Keyboard
Money is primarily a standardized medium of exchange, and final means of payment, that serves to measure the value of all goods and commodities in a standard of value. It is an abstraction of economic value and medium of exchange that eliminates the cumbersome system of barter by separating the transactions involved in the exchange of products, HP Mini 110-3506tu Laptop Keyboard
thus greatly facilitating specialization and trade through encouraging the exchange of commodities. Capitalism involves the further abstraction of money into other exchangeable assets and the accumulation of money through ownership, exchange, interest and various other financial instruments. HP Envy 14-1195la Laptop CPU Cooling Fan
The accumulation of capital refers to the process of "making money", or growing an initial sum of money through investment in production. Capitalism is based around the accumulation of capital, HP G60-230us Laptop CPU Cooling Fan
whereby financial capital is invested in order to realize a profit and then reinvested into further production in a continuous process of accumulation. In Marxian economic theory, this dynamic is called the law of value. HP Pavilion dv2807nr Laptop CPU Cooling Fan
Wage labor refers to the class-structure of capitalism, whereby workers receive either a wage or a salary, and owners receive the profits generated by the factors of production employed in the production of economic value. DELL Precision M6400 Series Laptop CPU Cooling Fan
Individuals who possess and supply financial capital to productive ventures become owners, either jointly (as shareholders) or individually. In Marxian economics these owners of the means of production and suppliers of capital are generally called capitalists. Compaq Presario C503WM Laptop CPU Cooling Fan
The description of the role of the capitalist has shifted, first referring to a useless intermediary between producers to an employer of producers, and eventually came to refer to owners of the means of production.[19] The term capitalist is not generally used by supporters of mainstream economics. HP Pavilion dv6-2150us Laptop CPU Cooling Fan
"Workers" includes those who expend both manual and mental (or creative) labor in production, where production does not simply mean physical production but refers to the production of both tangible and intangible economic value. "Capitalists" are individuals who derive income from investments. HP Pavilion dv5170us Laptop CPU Cooling Fan
Labor includes all physical and mental human resources, including entrepreneurial capacity and management skills, which are needed to produce products and services. Production is the The term capitalist as referring to an owner of capital (rather than its meaning of someone adherent to the economic system) shows earlier recorded use than the term capitalism, HP 580696-001 Laptop CPU Cooling Fan
dating back to the mid-17th century. Capitalist is derived from capital, which evolved from capitale, a late Latin word based oncaput, meaning "head" — also the origin of chattel and cattle in the sense of movable property (only much later to refer only to livestock). Toshiba Satellite L505-144 Laptop CPU Cooling Fan
Capitale emerged in the 12th to 13th centuries in the sense of referring to funds, stock of merchandise, sum of money, or money carrying interest.[51][52][53] By 1283 it was used in the sense of the capital assets of a trading firm. It was frequently interchanged with a number of other words — wealth, money, funds, goods, assets, property, and so on.[51] Dell Vostro 3450 Laptop CPU Cooling Fan
The Hollandische Mercurius uses capitalists in 1633 and 1654 to refer to owners of capital.[51] In French,Étienne Clavier referred to capitalistes in 1788,[54] six years before its first recorded English usage byArthur Young in his work Travels in France (1792).[53][55] David Ricardo, in his Principles of Political Economy and Taxation (1817), HP Pavilion dv7-6163us Laptop CPU Cooling Fan
referred to "the capitalist" many times.[56] Samuel Taylor Coleridge, an English poet, used capitalist in his work Table Talk (1823).[57] Pierre-Joseph Proudhon used the term capitalist in his first work, What is Property?(1840) to refer to the owners of capital. Benjamin Disraeli used the term capitalist in his 1845 work Sybil.[53] ACER TravelMate 4210 Laptop CPU Cooling Fan
Karl Marx and Friedrich Engels used the term capitalist (Kapitalist) in The Communist Manifesto (1848) to refer to a private owner of capital.
According to the Oxford English Dictionary (OED), the term capitalism was first used by novelist William Makepeace Thackeray in 1854 in The Newcomes, where he meant "having ownership of capital".[53] Also according to the OED, Carl Adolph Douai, a German-American socialist and abolitionist, used the termprivate capitalism in 1863. Toshiba Qosmio G30-167 Laptop CPU Cooling Fan
The initial usage of the term capitalism in its modern sense has been attributed to Louis Blanc in 1850 and Pierre-Joseph Proudhon in 1861.[58] Karl Marxand Friedrich Engels referred to the capitalistic system (kapitalistisches System)[59][60] and to the capitalist mode of production (kapitalistische Produktionsform) in Das Kapital (1867).[61] HP 622330-001 Laptop CPU Cooling Fan
The use of the word "capitalism" in reference to an economic system appears twice in Volume I of Das Kapital, p. 124 (German edition), and in Theories of Surplus Value, tome II, p. 493 (German edition). Marx did not extensively use the form capitalism, but instead those of capitalist and capitalist mode of production, which appear more than 2600 times in the trilogy Das Kapital. Samsung R515 Series Laptop CPU Cooling Fan
Marx's notion of the capitalist mode of production is characterised as a system of primarily private ownership of the means of production in a mainly market economy, with a legal framework on commerce and a physical infrastructure provided by the state. HP MCF-W13BM05 Laptop CPU Cooling Fan
He believed that no legal framework was available to protect the laborers, and so exploitation by the companies was rife.[62][page needed] Engels made more frequent use of the term capitalism; volumes II and III of Das Kapital, both edited by Engels after Marx's death, contain the word "capitalism" four and three times, respectively. Toshiba Satellite P300D-20B Laptop CPU Cooling Fan
The three combined volumes of Das Kapital (1867, 1885, 1894) contain the word capitalist more than 2,600 times.
An 1877 work entitled Better Times by Hugh Gabutt and an 1884 article in the Pall Mall Gazette also used the term capitalism.[53] SONY Vaio VPC-EB3E1E/PI Laptop CPU Cooling Fan
A later use of the termcapitalism to describe the production system was by the German economist Werner Sombart, in his 1902 book The Jews and Modern Capitalism (Die Juden und das Wirtschaftsleben). Sombart's close friend and colleague, Max Weber, also used capitalism in his 1904 book The Protestant Ethic and the Spirit of Capitalism (Die protestantische Ethik und der Geist des Kapitalismus). ASUS V020462CS1 laptop keyboard
Macroeconomics keeps its eyes on things such as inflation: a general increase in prices and fall in the purchasing value of money; growth: how much money a government has and how quickly it accrues money; unemployment, ASUS 0KN0-6B1US01 laptop keyboard
and rates of trade between other countries. Whereas microeconomics deals with individual firms, people, and other institutions that work within a set frame work of rules to balance prices and the workings of a singular government. Packard Bell PEW71 laptop keyboard
Both micro and macroeconomics work together to form a single set of evolving rules and regulations. Governments (the macroeconomic side) set both national and international regulations that keep track of prices and corporations' (microeconomics) growth rates, set prices, and trade, while the corporations influence what federal laws are set.[39][40][41] Packard Bell NEW90 laptop keyboard
The classical school of economic thought emerged in Britain in the late 18th century. The classical political economists Adam Smith, David Ricardo, Jean-Baptiste Say, and John Stuart Mill published analyses of the production, distribution and exchange of goods in a market that have since formed the basis of study for most contemporary economists. HP Pavilion dv7-6195eg Laptop CPU Cooling Fan
In France, 'Physiocrats' like François Quesnay promoted free trade based on a conception that wealth originated from land. Quesnay's Tableau Économique (1759), described the economy analytically and laid the foundation of the Physiocrats' economic theory, HP Pavilion dv6-2150ev Laptop CPU Cooling Fan
followed by Anne Robert Jacques Turgot who opposed tariffs and customs duties and advocated free trade. Richard Cantillon defined long-run equilibrium as the balance of flows of income, and argued that the supply and demand mechanism around land influenced short-term prices. HP 489126-001 Laptop CPU Cooling Fan
Smith's attack on mercantilism and his reasoning for "the system of natural liberty" in The Wealth of Nations (1776) are usually taken as the beginning of classical political economy. Smith devised a set of concepts that remain strongly associated with capitalism today. His theories regarding the "invisible hand" HP 533736-001 Laptop CPU Cooling Fan
are commonly interpreted to mean individual pursuit of self-interest unintentionally producing collective good for society. It was necessary for Smith to be so forceful in his argument in favor of free markets because he had to overcome the popular mercantilist sentiment of the time period.[63] HP Pavilion dv6-2170us Laptop CPU Cooling Fan
He criticized monopolies, tariffs, duties, and other state enforced restrictions of his time and believed that the market is the most fair and efficient arbitrator of resources. This view was shared by David Ricardo, second most important of the classical political economists and one of the most influential economists of modern times.[64] Toshiba Satellite A305-S6837 Laptop CPU Cooling Fan
In On the Principles of Political Economy and Taxation (1817), he developed the law of comparative advantage, which explains why it is profitable for two parties to trade, even if one of the trading partners is more efficient in every type of economic production. This principle supports the economic case for free trade. DELL Inspiron B130 Series Laptop CPU Cooling Fan
Ricardo was a supporter of Say's Law and held the view that full employment is the normal equilibrium for a competitive economy.[65] He also argued that inflation is closely related to changes in quantity of money and credit and was a proponent of the law of diminishing returns, which states that each additional unit of input yields less and less additional output.[66] HP Pavilion dv6238ea Laptop CPU Cooling Fan
The values of classical political economy are strongly associated with the classical liberal doctrine of minimal government intervention in the economy, though it does not necessarily oppose the state's provision of a few basic public goods.[67] Classical liberal thought has generally assumed a clear division between the economy and other realms of social activity, such as the state.[68] Toshiba Satellite L300D-01P Laptop CPU Cooling Fan
While economic liberalism favors markets unfettered by the government, it maintains that the state has a legitimate role in providing public goods.[69] For instance, Adam Smith argued that the state has a role in providing roads, canals, schools and bridges that cannot be efficiently implemented by private entities. ASUS G60V Laptop CPU Cooling Fan
However, he preferred that these goods should be paid proportionally to their consumption (e.g. putting a toll). In addition, he advocatedretaliatory tariffs to bring about free trade, and copyrights and patents to encourage innovation.[69] HP Envy 14-1195la Laptop CPU Cooling Fan
Following Adam Smith, Marx distinguished the use value of commodities from their exchange value in the market. Capital, according to Marx, is created with the purchase of commodities for the purpose of creating new commodities with an exchange value higher than the sum of the original purchases. HP 646578-001 Laptop CPU Cooling Fan
For Marx, the use of labor power had itself become a commodity under capitalism; the exchange value of labor power, as reflected in the wage, is less than the value it produces for the capitalist.
This difference in values, he argues, constitutes surplus value, which the capitalists extract and accumulate. In his bookCapital, HP G42-380LA Laptop CPU Cooling Fan
Marx argues that the capitalist mode of production is distinguished by how the owners of capital extract this surplus from workers—all prior class societies had extracted surplus labor, but capitalism was new in doing so via the sale-value of produced commodities.[72] DELL Latitude C840 Series Laptop CPU Cooling Fan
He argues that a core requirement of a capitalist society is that a large portion of the population must not possess sources of self-sustenance that would allow them to be independent, and must instead be compelled, to survive, to sell their labor for a living wage.[73][74][75] Packard Bell Easynote TM81 laptop keyboard
In conjunction with his criticism of capitalism was Marx's belief that the working class, due to its relationship to the means of production and numerical superiority under capitalism, would be the driving force behind the socialist revolution.[76] This argument is intertwined with Marx's version of the labor theory of value arguing that labor is the source of all value, and thus of profit. TOSHIBA NSK-TK01D laptop keyboard
Vladimir Lenin, in Imperialism, the Highest Stage of Capitalism (1916), further developed Marxist theory and argued that capitalism necessarily led tomonopoly capitalism and the export of capital—which he also called "imperialism"--SONY VAIO VGN-FZ19VN laptop keyboard
to find new markets and resources, representing the last and highest stage of capitalism.[77] Some 20th-century Marxian economists consider capitalism to be a social formation where capitalist class processes dominate, but are not exclusive.[78] HP Pavilion dv6-3030er laptop keyboard
Capitalist class processes, to these thinkers, are simply those in which surplus labor takes the form of surplus value, usable as capital; other tendencies for utilization of labor nonetheless exist simultaneously in existing societies where capitalist processes are predominant. HP 519265-001 laptop keyboard
However, other late Marxian thinkers argue that a social formation as a whole may be classed as capitalist if capitalism is the mode by which a surplus is extracted, even if this surplus is not produced by capitalist activity, as when an absolute majority of the population is engaged in non-capitalist economic activity.[79] FUJITSU Lifebook S7111 laptop keyboard
In Limits to Capital (1982), David Harvey outlines an overdetermined, "spatially restless" capitalism coupled with the spatiality of crisis formation and resolution.[80] Harvey used Marx's theory of crisis to aid his argument that capitalism must have its "fixes"Lenovo ThinkPad Edge E520 laptop keyboard
but that we cannot predetermine what fixes will be implemented, nor in what form they will be. His work on contractions of capital accumulation and international movements of capitalist modes of production and money flows has been influential.[81] According to Harvey, capitalism creates the conditions for volatile and geographically uneven development [82] HP Pavilion dv6-2133ee laptop keyboard
In social science, the understanding of the defining characteristics of capitalism has been strongly influenced by the German sociologist, Max Weber. Weber considered market exchange, a voluntary supply of labor and a planned division of labor within the enterprises as defining features of capitalism. DELL 6DJJC laptop keyboard
Capitalist enterprises, in contrast to their counterparts in prior modes of economic activity, were directed toward the rationalization of production, maximizingefficiency and productivity – a tendency embedded in a sociological process of enveloping rationalization that formed modern legal bureaucracies in both public and private spheres.[83] HP Pavilion DV7-3183cl laptop keyboard
According to Weber, workers in pre-capitalist economies understood work in terms of a personal relationship between master and journeyman in a guild, or between lordand peasant in a manor.[84]
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These ideas, in order to propagate a certain manner of life and come to dominate others, "had to originate somewhere ... as a way of life common to whole groups of men".[83] In his book The Protestant Ethic and the Spirit of Capitalism (1904–1905), HP Pavilion DV6t-4000 laptop keyboard
Weber sought to trace how a particular form of religious spirit, infused into traditional modes of economic activity, was a condition of possibility of modern western capitalism. For Weber, the 'spirit of capitalism' was, HP Mini 210 laptop keyboard
in general, that of ascetic Protestantism; this ideology was able to motivate extreme rationalization of daily life, a propensity to accumulate capital by a religious ethic to advance economically through hard and diligent work, and thus also the propensity to reinvest capital. This was sufficient, then, to create "self-mediating capital" as conceived by Marx. ACER Aspire 4736Z laptop keyboard
This is pictured in the Protestant understanding of beruf [85] – whose meaning encompass at the same time profession, vocation, and calling – as exemplified in Proverbs 22:29, "Seest thou a man diligent in his calling? He shall stand before kings". SONY NSK-S6101 laptop keyboard
In the Protestant Ethic, Weber describes the developments of this idea of calling from its religious roots, through the understanding of someone's economic success as a sign of his salvation, until the conception that moneymaking is, within the modern economic order, the result and the expression of diligence in one's calling. Lenovo 3000 G450 2949 laptop keyboard
Finally, as the social mores critical for its development became no longer necessary for its maintenance, modern western capitalism came to represent the order "now bound to the technical and economic conditions of machine production which today determine the lives of all the individuals who are born into this mechanism, Compaq Presario CQ35 laptop keyboard
not only those directly concerned with economic acquisition, with irresistible force. Perhaps it will so determine them until the last ton of fossilized coal is burnt" (p. 123).[86] This is further seen in his criticism of "specialists without spirit, hedonists without a heart" that were developing, in his opinion, with the fading of the original Puritan "spirit" associated with capitalism. ASUS X85S laptop keyboard
Institutional economics, once the main school of economic thought in the United States, holds that capitalism cannot be separated from the political and social system within which it is embedded. It emphasizes the legal foundations of capitalism (see John R. Commons) and the evolutionary, habituated, and volitional processes by which institutions are erected and then changed. SONY VAIO VGN-FS940 laptop keyboard
One key figure in institutional economics was Thorstein Veblen who in his book, The Theory of the Leisure Class (1899), analyzed the motivations of wealthy people in capitalism who conspicuously consumed their riches as a way of demonstrating success. The concept of conspicuous consumption was in direct contradiction to the neoclassical view that capitalism was efficient. DELL Studio 1735 laptop keyboard
In The Theory of Business Enterprise (1904) Veblen distinguished the motivations of industrial production for people to use things from business motivations that used, or misused, industrial infrastructure for profit, arguing that the former often is hindered because businesses pursue the latter. ASUS X53S laptop keyboard
Output and technological advance are restricted by business practices and the creation of monopolies. Businesses protect their existing capital investments and employ excessive credit, leading to depressions and increasing military expenditure and war through business control of political power. Packard Bell PEW76 laptop keyboard
In the late 19th century, the German Historical School of economics diverged, with the emerging Austrian School of economics, led at the time by Carl Menger. Later generations of followers of the Austrian School continued to be influential in Western economic thought in the early part of the 20th century. HP 405963-001 laptop keyboard
Austrian-born economist Joseph Schumpeter, sometimes associated with the School,[87] emphasized the "creative destruction" of capitalism—the fact that market economies undergo constant change. SONY VAIO PCG-FR55/B laptop keyboard
Schumpeter argued that at any moment in time there are rising industries and declining industries. Schumpeter, and many contemporary economists influenced by his work, argue that resources should flow from the declining to the expanding industries for an economy to grow, TOSHIBA Satellite A305-S6841 laptop keyboard
but they recognized that sometimes resources are slow to withdraw from the declining industries because of various forms of institutional resistance to change.
The Austrian economists Ludwig von Mises and Friedrich Hayek were among the leading defenders of market economy against 20th century proponents of socialist planned economies. Mises and Hayek argued that only market capitalism could manage a complex, HP Pavilion DV7-3065dx laptop keyboard
modern economy.
Since a modern economy produces such a large array of distinct goods and services, and consists of such a large array of consumers and enterprises, argued Mises and Hayek, the information problems facing any other form of economic organization other than market capitalism would exceed its capacity to handle information. ASUS X53S laptop keyboard
Thinkers within Supply-side economics built on the work of the Austrian School, and particularly emphasize Say's Law: "supply creates its own demand." Capitalism, to this school, is defined by lack of state restraint on the decisions of producers. HP 633736-001 laptop keyboard
In his 1937 The General Theory of Employment, Interest and Money, the British economist John Maynard Keynes argued that capitalism suffered a basic problem in its ability to recover from periods of slowdowns in investment. Keynes argued that a capitalist economy could remain in an indefinite equilibrium despite high unemployment. SONY VGN-FE28B laptop keyboard
Essentially rejecting Say's law, he argued that some people may have a liquidity preference that would see them rather hold money than buy new goods or services, which therefore raised the prospect that the Great Depression would not end without what he termed in the General Theory "a somewhat comprehensive socialization of investment." HP Pavilion DV7-3065dx Laptop Keyboard
Keynesian economics challenged the notion that laissez-faire capitalist economics could operate well on their own, without state intervention used to promote aggregate demand, fighting high unemployment and deflation of the sort seen during the 1930s. He and his followers recommended "pump-priming" ACER TravelMate 3232WXMi Laptop Keyboard
the economy to avoid recession: cutting taxes, increasing government borrowing, and spending during an economic down-turn. This was to be accompanied by trying to control wages nationally partly through the use of inflation to cut real wages and to deter people from holding money.[88] HP Pavilion DV7-3065dx Laptop Keyboard
John Maynard Keynes tried to provide solutions to many of Marx's problems without completely abandoning the classical understanding of capitalism. His work attempted to show that regulation can be effective, and that economic stabilizers can rein in the aggressive expansions and recessions that Marx disliked. TOSHIBA Satellite L505-S6959 laptop keyboard
These changes sought to create more stability in the business cycle, and reduce the abuses of laborers. Keynesian economists argue that Keynesian policies were one of the primary reasons capitalism was able to recover following the Great Depression.[89] The premises of Keynes's work have, however, since been challenged by neoclassical and supply-side economics and the Austrian School. SONY VGN-FE11S laptop keyboard
Another challenge to Keynesian thinking came from his colleague Piero Sraffa, and subsequently from the Neo-Ricardian school that followed Sraffa. In Sraffa's highly technical analysis, capitalism is defined by an entire system of social relations among both producers and consumers, but with a primary emphasis on the demands of production. SONY VAIO VGN-FS285H laptop keyboard
According to Sraffa, the tendency of capital to seek its highest rate of profit causes a dynamic instability in social and economic relations.
Milton Friedman took many of the basic principles set forth by Adam Smith and the classical economists and gave them a new twist. HP V100103AS1 laptop keyboard
One example of this is his article in the September 1970 issue of The New York Times Magazine, where he argues that the social responsibility of business is "to use its resources and engage in activities designed to increase its profits ... (through) TOSHIBA Satellite A100 PSAA9L-02Z00C laptop keyboard
open and free competition without deception or fraud." This is similar to Smith's argument that self-interest in turn benefits the whole of society.[90] Work like this helped lay the foundations for the coming marketization (or privatization) of state enterprises and the supply-side economics of Ronald Reagan andMargaret Thatcher. SONY VAIO VGN-C2S Series laptop keyboard
The Chicago School of economics is best known for its free market advocacy and monetarist ideas. According to Friedman and other monetarists, market economies are inherently stable if left to themselves and depressions result only from government intervention.[91] HP Pavilion DV7-3160us laptop keyboard
Friedman, for example, argued that the Great Depression was result of a contraction of the money supply, controlled by the Federal Reserve, and not by the lack of investment as John Maynard Keynes had argued. Ben Bernanke, former Chairman of the Federal Reserve, is among the economists today generally accepting Friedman's analysis of the causes of the Great Depression.[92] SONY VAIO VGN-FS640/W laptop keyboard
Neoclassical economists, who by 1998 constituted a majority of academic economists,[93] subscribe to a subjective theory of value, according to which the value derived from consumption of a good, rather than being objective and static, varies widely from person to person and for the same person at different times. SONY VAIO VGN-C2S Series laptop keyboard
Adherence to a subjective theory of value compels Neoclassical thinkers to reject the labor theory of value upheld by Adam Smith and other classical liberal thinkers, which was grounded upon a conception of objective value. HP Pavilion DV7-3160us laptop keyboard
Neoclassical models typically adopt the assumptions of Marginalism, according to which economic value results from marginal utility and marginal cost (themarginal concepts). Marginalist theory implies that capitalists earn profits not by exploiting worker HP AE0P7U00010 laptop keyboard
Neoclassical economics explain capitalism as made up of individuals, enterprises, markets and government. According to their theories, individuals engage in a capitalist economy as consumers, laborers, and investors. As laborers, HP Pavilion DV7-3183cl laptop keyboard
individuals may decide which jobs to prepare for, and in which markets to look for work. As investors they decide how much of their income to save and how to invest their savings. These savings, which become investments, provide much of the money that businesses need to grow. HP G62-b21SL laptop keyboard
Business firms decide what to produce and where this production should occur. They also purchase inputs (materials, labor, and capital). Businesses try to influence consumer purchase decisions through marketing and advertisement, as well as the creation of new and improved products. Driving the capitalist economy is the search for profits (revenues minus expenses). ASUS A8H laptop keyboard
This is known as the profit motive, and it helps ensure that companies produce the goods and services that consumers desire and are able to buy. To be profitable, firms must sell a quantity of their product at a certain price to yield a profit. Compaq Presario CQ71-410EP laptop keyboard
A business may lose money if sales fall too low or if its costs become too high. The profit motive encourages firms to operate more efficiently. By using less materials, labor or capital, a firm can cut its production costs, which can lead to increased profits. ASUS X53S laptop keyboard
An economy grows when the total value of goods and services produced rises. This growth requires investment in infrastructure, capital and other resources necessary in production. In a capitalist system, businesses decide when and how much they want to invest. Lenovo ThinkPad Edge E520 laptop keyboard
Income in a capitalist economy depends primarily on what skills are in demand and what skills are being supplied. Skills that are in scarce supply are worth more in the market and can attract higher incomes. Competition among workers for jobs — and among employers for skilled workers — help determine wage rates. COMPAQ Presario CQ50-210US laptop keyboard
Firms need to pay high enough wages to attract the appropriate workers; when jobs are scarce, workers may accept lower wages than they would when jobs are plentiful. Trade union and governments influence wages in capitalist systems. SONY VAIO VGN-NW18H/T laptop keyboard
Unions act to represent their members in negotiations with employers over such things as wage rates and acceptable working conditions.
Supply is the amount of a good or service produced by a firm and which is available for sale. Demand is the amount that people are willing to buy at a specific price. Prices tend to rise when demand exceeds supply, and fall when supply exceeds demand. HP Pavilion dv6-2090eg laptop keyboard
In theory, the market is able to coordinate itself when a new equilibrium price and quantity is reached.
Competition arises when more than one producer is trying to sell the same or similar products to the same buyers. In capitalist theory, competition leads to innovation and more affordable prices. Without competition, Compaq Presario CQ56-129NR laptop keyboard
a monopoly orcartel may develop. A monopoly occurs when a firm supplies the total output in the market; the firm can therefore limit output and raise prices because it has no fear of competition. A cartel is a group of firms that act together in a monopolistic manner to control output and raise prices. ACER Aspire 5738ZG laptop keyboard
In a capitalist system, the government does not prohibit private property or prevent individuals from working where they please. The government does not prevent firms from determining what wages they will pay and what prices they will charge for their products. Many countries, however, have minimum wage laws and minimum safety standards. ACER NSK-H3M1D laptop keyboard
Under some versions of capitalism, the government carries out a number of economic functions, such as issuing money, supervising public utilities and enforcing private contracts. Many countries have competition laws that prohibit monopolies and cartels from forming. COMPAQ Presario C700 Laptop Keyboard
Despite anti-monopoly laws, large corporations can form near-monopolies in some industries. Such firms can temporarily drop prices and accept losses to prevent competition from entering the market, and then raise them again once the threat of entry is reduced. In many countries, public utilities (e.g. COMPAQ Presario CQ50-215CA Laptop Keyboard
Government agencies regulate the standards of service in many industries, such as airlines and broadcasting, as well as financing a wide range of programs. In addition, the government regulates the flow of capital and uses financial tools such as the interest rate to control factors such as inflation and unemployment.[94] TOSHIBA Satellite L300 Laptop Keyboard
The relationship between the state, its formal mechanisms, and capitalist societies has been debated in many fields of social and political theory, TOSHIBA Satellite M645-S4070 Laptop Keyboard
with active discussion since the 19th century. Hernando de Soto is a contemporary economist who has argued that an important characteristic of capitalism is the functioning state protection of property rights in a formal property system where ownership and transactions are clearly recorded.[95] Lenovo Thinkpad T520 Laptop Keyboard
According to de Soto, this is the process by which physical assets are transformed into capital, which in turn may be used in many more ways and much more efficiently in the market economy. A number of Marxian economists have argued that the Enclosure Acts in England, Lenovo ThinkPad Edge E520 Laptop Keyboard
and similar legislation elsewhere, were an integral part of capitalist primitive accumulation and that specific legal frameworks of private land ownership have been integral to the development of capitalism.[96][97] GATEWAY V030946FS1 US Laptop Keyboard
New institutional economics, a field pioneered by Douglass North, stresses the need of a legal framework in order for capitalism to function optimally, and focuses on the relationship between the historical development of capitalism and the creation and maintenance of political and economic institutions.[98] HP 496878-001 Laptop Keyboard
In new institutional economics and other fields focusing on public policy, economists seek to judge when and whether governmental intervention (such as taxes, welfare, and government regulation) can result in potential gains in efficiency. According to Gregory Mankiw, a New Keynesian economist, SONY KFRSBA019A Laptop Keyboard
governmental intervention can improve on market outcomes under conditions of "market failure", or situations in which the market on its own does not allocate resources efficiently.[99]
Market failure occurs when an externality is present and a market will either under-produce a product with a positive externalization or overproduce HP Pavilion DV6-1030us Laptop Keyboard
a product that generates a negative externalization. Air pollution, for instance, is a negative externalization that cannot be incorporated into markets as the world's air is not owned and then sold for use to polluters. HP Pavilion G6-1B67CL laptop keyboard
So, too much pollution could be emitted and people not involved in the production pay the cost of the pollution instead of the firm that initially emitted the air pollution. Critics of market failure theory, like Ronald Coase, Harold Demsetz, and James M. DELL Vostro PP38L laptop keyboard
Buchanan argue that government programs and policies also fall short of absolute perfection. Market failures are often small, and government failures are sometimes large. It is therefore the case that imperfect markets are often better than imperfect governmental alternatives. While all nations currently have some kind of market regulations, the desirable degree of regulation is disputed. GATEWAY M600 laptop keyboard
The relationship between democracy and capitalism is a contentious area in theory and popular political movements. The extension of universal adult malesuffrage in 19th century Britain occurred along with the development of industrial capitalism, ACER KB.TNT07.002 laptop keyboard
and democracy became widespread at the same time as capitalism, leading many theorists to posit a causal relationship between them, or that each affects the other. However, in the 20th century, according to some authors, capitalism also accompanied a variety of political formations quite distinct from liberal democracies, including fascist regimes, absolute monarchies, and single-party states.[22] HP Pavilion DV7-3160us laptop keyboard
While some thinkers argue that capitalist development more-or-less inevitably eventually leads to the emergence of democracy, others dispute this claim. Research on the democratic peace theory indicates that capitalist democracies rarely make war with one another[100] HP 6730S laptop keyboard
and have little internal violence. However, critics of the democratic peace theory note that democratic capitalist states may fight infrequently and or never with other democratic capitalist states because of political similarity or stability rather than because they are democratic or capitalist. HP 530580-001 laptop keyboard
Some commentators argue that though economic growth under capitalism has led to democratization in the past, it may not do so in the future, asauthoritarian regimes have been able to manage economic growth without making concessions to greater political freedom.[101][102] DELL NSK-DD101 laptop keyboard
States that have highly capitalistic economic systems have thrived under authoritarian or oppressive political systems. Singapore, which maintains a highly open market economy and attracts lots of foreign investment, does not protect civil liberties such as freedom of speech and expression. The private (capitalist) DELL Studio 1735 laptop keyboard
sector in the People's Republic of China has grown exponentially and thrived since its inception, despite having an authoritarian government. Augusto Pinochet's rule in Chile led to economic growth by using authoritarian means to create a safe environment for investment and capitalism. SONY VAIO VGN-FS640/W laptop keyboard
Thomas Piketty of the Paris School of Economics asserts that rising economic inequality is a natural consequence of capitalist activity, and is destabilizing to democratic societies and undermines the ideals of social justice upon which they are built.[103] ASUS X53S Laptop Keyboard
In response to criticism of the system, some proponents of capitalism have argued that its advantages are supported by empirical research. Indices of Economic Freedom show a correlation between nations with more economic freedom (as defined by the indices) and higher scores on variables such as income and life expectancy, including the poor, in these nations. HP 9J.N0Y82.H01 Laptop Keyboard
Many theorists and policymakers in predominantly capitalist nations have emphasized capitalism's ability to promote economic growth, as measured by Gross Domestic Product (GDP), capacity utilization or standard of living. SONY VAIO VGN-N21S/W Laptop Keyboard
This argument was central, for example, to Adam Smith's advocacy of letting a free market control production and price, and allocate resources. Many theorists have noted that this increase in global GDP over time coincides with the emergence of the modern world capitalist system.[105][106] FUJITSU Lifebook T4215 Laptop Keyboard
Between 1000 and 1820, the world economy grew sixfold, a faster rate than the population growth, so each individual enjoyed, on the average, a 50% increase in wealth. Between 1820 and 1998, world economy grew 50-fold, DELL Precision M4500 Laptop Keyboard
a much faster rate than the population growth, so each individual enjoyed, on the average, a 9-fold increase in wealth.[107] In most capitalist economic regions such as Europe, the United States, Canada, Australia and New Zealand, SAMSUNG N150 Laptop Keyboard
the economy grew 19-fold per person, even though these countries already had a higher starting level, and in Japan, which was poor in 1820, the increase per person was 31-fold. In the third world there was an increase, but only 5-fold per person.[107] COMPAQ Presario CQ60-201EP Laptop Keyboard
Proponents argue that increasing GDP (per capita) is empirically shown to bring about improved standards of living, such as better availability of food, housing, clothing, and health care.[108] The decrease in the number of hours worked per week and the decreased participation of children and the elderly in the workforce have been attributed to capitalism.[109][110] ACER Aspire 5610Z Laptop Keyboard
Proponents also believe that a capitalist economy offers far more opportunities for individuals to raise their income through new professions or business ventures than do other economic forms. To their thinking, this potential is much greater than in either traditional feudal or tribal societies or in socialist societies. HP Pavilion dv3-2355ee Laptop Keyboard
In his book The Road to Serfdom, Freidrich Hayek asserts that the economic freedom of capitalism is a requisite ofpolitical freedom. He argues that the market mechanism is the only way of deciding what to produce and how to distribute the items without using coercion. Milton Friedman, Andrew Brennan and Ronald Reagan also promoted this view. HP Pavilion dv4-1220us Laptop Keyboard
Friedman claimed that centralized economic operations are always accompanied by political repression. In his view, transactions in a market economy are voluntary, and that the wide diversity that voluntary activity permits is a HP Pavilion DV7-3065dx Laptop Keyboard
undamental threat to repressive political leaders and greatly diminish their power to coerce. Some of Friedman's views were shared by John Maynard Keynes, who believed that capitalism is vital for freedom to survive and thrive.[111][112] COMPAQ Presario CQ50-104CA Laptop Keyboard
The novelist and philosopher Ayn Rand made positive moral defences of laissez-faire capitalism, most notably in her 1957 novel Atlas Shrugged, and in her 1966 collection of essays Capitalism: The Unknown Ideal. She argued that capitalism should be supported on moral grounds, not just on the basis of practical benefits.[113][114] SHP Compaq NC8430 Laptop Keyboard
he has significantly influenced conservative and libertarian supporters of capitalism, especially in the Critics of capitalism associate it with social inequality and unfair distribution of wealth and power; a tendency toward market monopoly or oligopoly (and government by oligarchy); SONY VGN-FE41M Laptop Keyboard
imperialism, counter-revolutionary wars and various forms of economic and cultural exploitation; materialism; repression of workers and trade unionists; social alienation;economic inequality; unemployment; and economic instability. Individual property rights have also been associated with the tragedy of the anticommons. TOSHIBA NSK-TBD01 Laptop Keyboard
Notable critics of capitalism have included: socialists, anarchists, communists, national socialists, social democrats,technocrats, some types of conservatives, Luddites, Narodniks, Shakers, and some types of nationalists. ACER Aspire 5742 Laptop Keyboard
Marxists have advocated a revolutionary overthrow of capitalism that would lead to socialism, before eventually transforming into communism. Many socialists consider capitalism to be irrational, in that production and the direction of the economy are unplanned, creating many inconsistencies and internal contradictions.[117] HP Mini 210-1080NR Laptop Keyboard
Labor historians and scholars such as Immanuel Wallerstein have argued that unfree labor — by slaves, indentured servants, prisoners, and other coerced persons — is compatible with capitalist relations.[118] Marxian economist Richard D. HP Pavilion DV6-1030us Laptop Keyboard
Wolff postulates that capitalist economies prioritize profits and capital accumulation over the social needs of communities, and capitalist enterprises rarely ever include the workers in the basic decisions of the enterprise.[119] DELL Latitude D830 Laptop Keyboard
Many aspects of capitalism have come under attack from the anti-globalization movement, which is primarily opposed tocorporate capitalism. Environmentalists have argued that capitalism requires continual economic growth, DELL UW739 Laptop Keyboard
and that it will inevitably deplete the finite natural resources of the Earth.[120] Such critics argue that while thisneoliberalism, or contemporary capitalism,[121] has indeed increased global trade, IBM Lenovo Thinkpad X201 Laptop Keyboard
it has also increased global poverty - with more living today in abject poverty than before neoliberalism, and that environmental indicators indicate massive environmental degradation since the late 1970s.[122] HP Pavilion dv6-3090ca Laptop Keyboard
Following the banking crisis of 2007, Alan Greenspan told the United States Congress on October 23, 2008, "The whole intellectual edifice collapsed. I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders. ... I was shocked."[123] Lenovo ThinkPad Edge E520 Laptop Keyboard
Many religions have criticized or opposed specific elements of capitalism. Traditional Judaism, Christianity, and Islam forbid lending money at interest,[124][125] although alternative methods of banking have been developed. SONY VAIO VGN-N325QE/W Laptop Keyboard
Some Christians have criticized capitalism for its materialist aspects[126]and its inability to account for the wellbeing of all people. Many of Jesus's parables deal with clearly economic concerns: farming, shepherding, being in debt, doing hard labor, being excluded from banquets and the houses of the rich, and have implications for wealth and power distribution.[127][128] DELL PVDG3 Laptop Keyboard
In his 84-page apostolic exhortation Evangelii Gaudium, Pope Francis described unfettered capitalism as "a new tyranny" and called upon world leaders to fight rising poverty and inequality.[129] In it he says: HP 367778-001 Laptop Keyboard
Austrian School economists have argued that capitalism can organize itself into a complex system without an external guidance or central planning mechanism. Friedrich Hayek considered the phenomenon of self-organization as underpinning capitalism. Prices serve as a signal as to the urgent and unfilled wants of people, TOSHIBA Satellite U305-S2812 Laptop Keyboard
and the opportunity to earn profits if successful, or absorb losses if resources are used poorly or left idle, gives entrepreneurs incentive to use their knowledge and resources to satisfy those wants. Thus the activities of millions of people, each seeking his own interest, are coordinated.[116] ASUS X53S Laptop Keyboard
The Communist Party USA (CPUSA) is a Marxist-Leninist political party in the United States,[2] and is the largest communist party in the country. Established in 1919, it has a long, complex history that is closely related to the histories of similar communist parties worldwide and the U.S. labor movement. Lenovo 3000 Y500 Laptop Keyboard
For the first half of the 20th century, the Communist Party was a highly influential force in various struggles for democratic rights. It played a prominent role in the U.S. labor movement from the 1920s through the 1940s, ACER Aspire 5742 Laptop Keyboard
having a major hand in founding most of the country's first industrial unions (which would later use the McCarran Internal Security Act to expel their Communist members) while also becoming known for opposing racism and fighting for integration in workplaces and communities during the height of the Jim Crow period of U.S. DELL Vostro 1014 Laptop Keyboard
racial segregation. Historian Ellen Schrecker concludes that decades of recent scholarship[3] offer "a more nuanced portrayal of the party as both a Stalinist sect tied to a vicious regime and the most dynamic organization within the American Left during the 1930s and '40s".[4] ACER Aspire 5810T-8929 Laptop Keyboard
By August 1919, only months after its founding, the Communist Party claimed 50,000 to 60,000 members. Members also included anarchists and other radical leftists. In contrast, the more moderate Socialist Party of America had 40,000 members. HP 636376-001 Laptop Keyboard
The sections of the Communist Party's International Workers Order meanwhile organized for communism around linguistic and ethnic lines, providing mutual aid and tailored cultural activities to an IWO membership that peaked at 200,000 at its height.[5] Lenovo ThinkPad Edge E520 Laptop Keyboard
But the Communist Party's early labor and organizing successes did not last. As the decades progressed, the combined effects of the second Red Scare, McCarthyism, Nikita Khrushchev's 1956 Secret Speech denouncing the previous decades of Joseph Stalin's rule, and the adversities of the continued Cold War mentality, Compaq Presario CQ57 Series Laptop Keyboard
steadily weakened the Party's internal structure and confidence. The Party's membership in the Comintern and its close adherence to the political positions of the Soviet Union made the party appear to most Americans as not only a threatening, SONY KFRMBA221A Laptop Keyboard
subversive domestic entity, but also as a "foreign" agent fundamentally alien to the "American way of life". Internal and external crises swirled together, to the point where members who did not end up in prison for party activities tended either to disappear quietly from its ranks or to adopt more moderate political positions at odds with the Communists' party line. DELL INSPIRON 1464 Laptop Keyboard
By 1957, membership had dwindled to less than 10,000, of whom some 1,500 were informants for the FBI.[6]
The party attempted to recover with its opposition to the Vietnam War during the civil rights movement in the 1960s, but its continued uncritical support for an increasingly stultified and militaristic Soviet Union increasingly alienated them from the rest of the U.S. COMPAQ Presario C700 Laptop Keyboard
left, who saw this supportive position as outdated and even dangerous. At the same time, the party's ageing membership demographics and noticeably hollow calls for "peaceful coexistence" failed to speak to a new Left in the United States. ASUS X53S laptop keyboard
With the rise of Mikhail Gorbachev and his effort to radically alter the Soviet economic and political system from the mid-1980s, the Communist Party finally became estranged from the leadership of the Soviet Union itself. ACER Aspire 5810TZ-4657 laptop keyboard
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In 1989, theCommunist Party of the Soviet Union cut off major funding to the CPUSA due to its opposition to glasnost and perestroika. With the dissolution of the Soviet Union in 1991, the party held its convention and attempted to resolve the issue of whether the Party should reject Marxism-Leninism. ACER TravelMate 8215WLMi laptop keyboard
The majority reasserted the party's now purely Marxist outlook, prompting a minority faction which urged social democrats to exit the now reduced party. The party has since adopted Marxism-Leninism within its program.[2] Lenovo 04W0872 laptop keyboard
The Communist Party USA is based in New York City. For decades, its West Coast newspaper was the People's World, and its East Coast newspaper was The Daily World.[7] The two newspapers merged in 1986 into the People's Weekly World. The PWW has since become an online only publication, called People's World. Lenovo ThinkPad Edge E520 laptop keyboard
The party's former theoretical journal, Political Affairs Magazine, is now also published exclusively online, but the party still maintains International Publishers as its publishing house. In June 2014, the Party will be holding its 30th National Convention in Chicago.[8] ASUS F6VE laptop keyboard
The first US socialist political party was the Socialist Labor Party, formed in 1876 and for many years a viable force in the international socialist movement. By the mid-1890s, however, the SLP came under the influence of Daniel De Leon, Lenovo ThinkPad Edge E520 laptop keyboard
and his radical views led to widespread discontent amongst the members, leading to the formation of the reformist-oriented Socialist Party of America around the turn of the 20th century. A left wing gradually emerged within the SP, much to the consternation of many Party leaders. ASUS X53S laptop keyboard
In January 1919, Vladimir Lenin invited the left wing of the Socialist Party of America to join Comintern. During the spring of 1919 the Left Wing Caucus of the Socialist Party, buoyed by a large influx of new members from countries involved in the Russian Revolution, prepared to wrest control from the smaller controlling faction of moderate socialists. SONY VAIO VGN-N11S laptop keyboard
A referendum to join Comintern passed with 90% support, but the incumbent leadership suppressed the results. Elections for the party's National Executive Committee resulted in 12 leftists being elected out of a total of 15. SONY VAIO VGN-N38Z/W laptop keyboard
Calls were made to expel moderates from the party. The moderate incumbents struck back by expelling several state organizations, half a dozen language federations, and many locals, in all two-thirds of the membership. HP 9J.N0Y82.H01 laptop keyboard
The Socialist Party then called an emergency convention on August 30, 1919. The party's Left Wing Caucus made plans at a June conference of its own to regain control of the party, by sending delegations from the sections of the party that had been expelled to the convention to demand that they be seated. However, the language federations, HP Mini 110-1179TU laptop keyboard
eventually joined by C.E. Ruthenberg and Louis C. Fraina, turned away from that effort and formed their own party, the Communist Party of America, at a separate convention on September 1, 1919. Meanwhile plans led by John Reed and Benjamin Gitlow to crash the Socialist Party convention went ahead. Lenovo 3000 G430 Laptop CPU Cooling Fan
Tipped off, the incumbents called the police, who obligingly expelled the leftists from the hall. The remaining leftist delegates walked out and, meeting with the expelled delegates, formed the Communist Labor Party on August 30, 1919.[9][page needed] SONY 147963021 Laptop Keyboard
The Comintern was not happy with two communist parties and in January, 1920 dispatched an order that the two parties, which consisted of about 12,000 members, merge under the name United Communist Party, TOSHIBA Satellite P500 Laptop Keyboard
and to follow the party line established in Moscow. Part of the Communist Party of America under the leadership of Charles Ruthenberg and Jay Lovestone did this but a faction under the leadership of Nicholas I. ACER Aspire 5315 Laptop Keyboard
Hourwich and Alexander Bittelman continued to operate independently as the Communist Party of America. A more strongly worded directive from the Comintern eventually did the trick and the parties were merged in May, 1921. SONY VAIO VGN-C2S Series laptop keyboard
Only five percent of the members of the newly formed party were native English-speakers. Many of the members came from the ranks of the Industrial Workers of the World.[9][page needed][10] FUJITSU Lifebook S7111 laptop keyboard
From its inception, the Communist Party USA came under attack from state and federal governments and later the Federal Bureau of Investigation. In 1919, after a series of unattributed bombings and attempted assassinations of government officials, DELL KR737 laptop keyboard
and judges (later traced to militant adherents of the radical anarchist Luigi Galleani), the US Department of Justice headed by Attorney General A. Mitchell Palmer, acting under the Sedition Act of 1918, began arresting thousands of foreign-born party members, SONY VAIO VGN-N11S laptop keyboard
many of whom the government deported. The Communist Party was forced underground and took to the use of pseudonyms and secret meetings in an effort to evade the authorities.
The party apparatus was to a great extent underground. SONY 1-487-385-21 laptop keyboard
It re-emerged in the last days of 1921 as a legal political party called the Workers Party of America. As the red scare and deportations of the early 1920s ebbed, the party became bolder and more open. An element of the party, however, remained permanently underground and came to be known as the "CPUSA secret apparatus." Packard Bell Easynote TK85 laptop keyboard
During this time, immigrants from Eastern Europe are said to have played a very prominent role in the CPUSA.[11] A majority of the members of the Socialist Party were immigrants and an "overwhelming" percentage of the CPUSA consisted of recent immigrants.[12] ACER Extensa 5235 laptop keyboard
Now that the above ground element was legal, the communists decided that their central task was to develop roots within the working class. This move away from hopes of revolution in the near future to a more nuanced approach was accelerated by the decisions of the Fifth World Congress of the Comintern held in 1925. GATEWAY ML3109 laptop keyboard
The Fifth World Congress decided that the period between 1917 and 1924 had been one of revolutionary upsurge, but that the new period was marked by the stabilization of capitalism and that revolutionary attempts in the near future were to be stopped. The American communists embarked then on the arduous work of locating and winning allies. DELL Vostro PP37L laptop keyboard
That work was, however, complicated by factional struggles within the CPUSA. The party quickly developed a number of more or less fixed factional groupings within its leadership: a faction around the party's Executive Secretary C.E. Ruthenberg, which was largely organized by his supporter Jay Lovestone; HP Mini 110-3504tu laptop keyboard
and the Foster-Cannon faction, headed byWilliam Z. Foster, who headed the Party's Trade Union Educational League, and James P. Cannon, who led the International Labor Defense (ILD) organization.[13] HP Pavilion dv6-3090ca laptop keyboard
Foster, who had been deeply involved in the Steel Strike of 1919 and had been a long-time syndicalist and a Wobbly, had strong bonds with the progressive leaders of the Chicago Federation of Labor and, through them, with the Progressive Party (United States, 1924) and nascent farmer-labor parties. Under pressure from the Comintern, however, the party broke off relations with both groups in 1924. HP Pavilion DV7-3085dx laptop keyboard
In 1925 the Comintern, through its representative Sergei Gusev, ordered the majority Foster faction to surrender control to Ruthenberg's faction; Foster complied. The factional infighting within the CPUSA did not end, however; HP Mini 210-2060sb laptop keyboard
the Communist leadership of the New York locals of the International Ladies' Garment Workers' Union lost the 1926 strike of cloakmakers in New York City in large part because of intra-party factional rivalries.[14] DELL Inspiron 1720 laptop keyboard
Ruthenberg died in 1927 and his ally, Lovestone, succeeded him as party secretary. Cannon attended the Sixth Congress of the Comintern in 1928, hoping to use his connections with leading circles within it to regain the advantage against the Lovestone faction. SONY VAIO VGN-FZ210CE laptop keyboard
· However Cannon and Maurice Spector of the Communist Party of Canada were accidentally given a copy of Trotsky's "Critique of the Draft Program of the Comintern", that they were instructed to read and return. Persuaded by its contents, they came to an agreement to return to America and campaign for the document's positions. Lenovo IBM ThinkPad Edge E420 Keyboard
A copy of the document was then smuggled out of the country in a child's toy.[15] Back in America, Cannon and his close associates in the ILD such as Max Shachtman and Martin Abern, dubbed the "three generals without an army,"[16] Lenovo IBM ThinkPad Edge S420 Keyboard
began to organize support for Trotsky's theses. However, as this attempt to develop a Left Opposition came to light, they and their supporters were expelled. Cannon and his followers organized the Communist League of America as a section of Trotsky's International Left Opposition. Lenovo IBM ThinkPad Edge E420S Keyboard
At the same Congress, Lovestone had impressed the leadership of the Communist Party of the Soviet Union as a strong supporter of Nikolai Bukharin, the general secretary of the Comintern. This was to have unfortunate consequences for Lovestone when, Lenovo IBM ThinkPad T420 Keyboard
in 1929, Bukharin was on the losing end of a struggle with Stalin and was purged from his position on the Politburo and removed as head of the Comintern. In a reversal of the events of 1925, a Comintern delegation sent to the United States demanded that Lovestone resign as party secretary, in favor of his archrival Foster, Lenovo IBM ThinkPad T420i Keyboard
despite the fact that Lovestone enjoyed the support of the vast majority of the American party's membership. Lovestone traveled to the Soviet Union and appealed directly to the Comintern. Stalin informed Lovestone that he "had a majority because the American Communist Party until now regarded you as the determined supporter of the Communist International. Lenovo IBM ThinkPad T420S Keyboard
And it was only because the Party regarded you as friends of the Comintern that you had a majority in the ranks of the American Communist Party."[17]
When Lovestone returned to the United States, he and his ally Benjamin Gitlow were purged despite holding the leadership of the party. DELL INSPIRON 1464 Laptop Keyboard
Ostensibly, this was not due to Lovestone's insubordination in challenging a decision by Stalin, but for his support for American Exceptionalism, the thesis that socialism could be achieved peacefully in the USA. SONY VAIO VGN-NW240F Laptop Keyboard
Lovestone and Gitlow formed their own group called the "Communist Party (Opposition)", a section of the pro-Bukharin International Communist Opposition, which was initially larger than the Trotskyists but failed to survive past 1941. ACER TravelMate 2800 Series Laptop Keyboard
Lovestone had initially called his faction the "Communist Party (Majority Group)" in the expectation that the majority of the CPUSA's members would join him, but only a few hundred people joined his new organization. DELL INSPIRON 1464 Laptop Keyboard
European merchants, backed by state controls, subsidies, and monopolies, made most of their profits from the buying and selling of goods. In the words ofFrancis Bacon, the purpose of mercantilism was "the opening and well-balancing of trade; the cherishing of manufacturers; HP 622330-001 Laptop CPU Cooling Fan
the banishing of idleness; the repressing of waste and excess by sumptuary laws; the improvement and husbanding of the soil; the regulation of prices ..."[27]
The British East India Company and the Dutch East India Company inaugurated an expansive era of commerce and trade.[28][29] These companies were characterized by their colonial and expansionary powers given to them by nation-states.[28] Lenovo ThinkPad Edge E520 Laptop Keyboard
During this era, merchants, who had traded under the previous stage of mercantilism, invested capital in the East India Companies and other colonies, seeking a return on investment. DELL XPS 15 L502X Laptop Keyboard
A new group of economic theorists, led by David Hume[31] and Adam Smith, in the mid-18th century, challenged fundamental mercantilist doctrines as the belief that the amount of the world's wealth remained constant and that a state could only increase its wealth at the expense of another state. Compaq Presario CQ42-228LA Laptop Keyboard
During the Industrial Revolution, the industrialist replaced the merchant as a dominant factor in the capitalist system and affected the decline of the traditional handicraft skills of artisans, guilds, and journeymen. SONY VAIO VGN-NR11Z/S Laptop Keyboard
Also during this period, the surplus generated by the rise of commercial agriculture encouraged increased mechanization of agriculture. Industrial capitalism marked the development of the factory system of manufacturing, DELL Vostro PP37L Laptop Keyboard
characterized by a complexdivision of labor between and within work process and the routine of work tasks; and finally established the global domination of the capitalist mode of production.[22] HP Pavilion DV3500 Laptop Keyboard
Britain also abandoned its protectionist policy, as embraced by mercantilism. In the 19th century, Richard Cobden andJohn Bright, who based their beliefs on the Manchester School, initiated a movement to lower tariffs.[32] In the 1840s, Britain adopted a less protectionist policy, with the repeal of the Corn Laws and the Navigation Acts.[22] Britain reduced tariffs and quotas, in line with David Ricardo's advocacy for free trade. COMPAQ Presario C700 Laptop Keyboard
Industrialization allowed cheap production of household items using economies of scale,[citation needed] while rapid population growth created sustained demand for commodities. Globalization in this period was decisively shaped by nineteenth-century imperialism. After the Opium Wars and the completion of British conquest of India, HP G62-225NR Laptop Keyboard
vast populations of these regions became ready consumers of European exports. It was in this period that areas of sub-Saharan Africa and the Pacific islands were incorporated into the world system. HP Pavilion dv6-2150so Laptop Keyboard
Meanwhile, the conquest of new parts of the globe, notably sub-Saharan Africa, by Europeans yielded valuable natural resources such as rubber, diamonds and coal and helped fuel trade and investment between the European imperial powers, their colonies, and the United States.[33] HP AEUT3U00140 Laptop Keyboard
In the period following the global depression of the 1930s, the state played an increasingly prominent role in the capitalistic system throughout much of the world. The post war era was greatly influenced by Keynesian economic stabilization policies. SAMSUNG NP-Q320-FS01UK Laptop Keyboard
The postwar boom ended in the late 1960s and early 1970s, and the situation was worsened by the rise of stagflation.[35]
Monetarism, a theoretical alternative to Keynesianism that is more compatible with laissez-faire, gained increasing prominence in the capitalist world, HP Pavilion dv4-1309tu Laptop Keyboard
especially under the leadership of Ronald Reagan in the US and Margaret Thatcher in the UK in the 1980s. Public and political interest began shifting away from the so-called collectivist concerns of Keynes's managed capitalism to a focus on individual choice, called "remarketized capitalism." [36] HP Mini 110-3506tu Laptop Keyboard
There are a number of different elements in the capitalist socio-economic system.
Capitalism is defined as a social and economic system that in which capital assets are mainly owned and controlled by private persons, labor is purchased for money wages, SONY 148084521 Laptop Keyboard
capital gains accrue to private owners, and the price mechanism is utilized to allocate capital goods between uses. The extent to which the price mechanism is used, the degree of competitiveness, and government intervention in markets distinguish exact forms of capitalism.[5] HP 365485-001 Laptop Keyboard
There are different variations of capitalism which have different relationships to markets and the state. In free-market and laissez-faire forms of capitalism, markets are utilized most extensively with minimal or no regulation over the pricing mechanism. In interventionist and mixed economies, HP Mini 210-2037tu Laptop Keyboard
markets continue to play a dominant role but are regulated to some extent by government in order to correct market failures, promote social welfare, conserve natural resources, and fund defense and public safety. In state capitalist systems, markets are relied upon the least, with the state relying heavily on state-owned enterprises or indirect economic planning to accumulate capital. HP G62-361TX Laptop Keyboard
Capitalism and capitalist economics is generally considered to be the opposite of socialism, which contrasts with all forms of capitalism in the following ways: social ownership of the means of production, where returns on the means of production accrue to society at large, and goods and services are produced directly for their utility (as opposed to being produced by profit-seeking businesses). HP Pavilion dm3-1035DX Laptop Keyboard
Money is primarily a standardized medium of exchange, and final means of payment, that serves to measure the value of all goods and commodities in a standard of value. It is an abstraction of economic value and medium of exchange that eliminates the cumbersome system of barter by separating the transactions involved in the exchange of products, HP Mini 110-3506tu Laptop Keyboard
thus greatly facilitating specialization and trade through encouraging the exchange of commodities. Capitalism involves the further abstraction of money into other exchangeable assets and the accumulation of money through ownership, exchange, interest and various other financial instruments. HP Envy 14-1195la Laptop CPU Cooling Fan
The accumulation of capital refers to the process of "making money", or growing an initial sum of money through investment in production. Capitalism is based around the accumulation of capital, HP G60-230us Laptop CPU Cooling Fan
whereby financial capital is invested in order to realize a profit and then reinvested into further production in a continuous process of accumulation. In Marxian economic theory, this dynamic is called the law of value. HP Pavilion dv2807nr Laptop CPU Cooling Fan
Wage labor refers to the class-structure of capitalism, whereby workers receive either a wage or a salary, and owners receive the profits generated by the factors of production employed in the production of economic value. DELL Precision M6400 Series Laptop CPU Cooling Fan
Individuals who possess and supply financial capital to productive ventures become owners, either jointly (as shareholders) or individually. In Marxian economics these owners of the means of production and suppliers of capital are generally called capitalists. Compaq Presario C503WM Laptop CPU Cooling Fan
The description of the role of the capitalist has shifted, first referring to a useless intermediary between producers to an employer of producers, and eventually came to refer to owners of the means of production.[19] The term capitalist is not generally used by supporters of mainstream economics. HP Pavilion dv6-2150us Laptop CPU Cooling Fan
"Workers" includes those who expend both manual and mental (or creative) labor in production, where production does not simply mean physical production but refers to the production of both tangible and intangible economic value. "Capitalists" are individuals who derive income from investments. HP Pavilion dv5170us Laptop CPU Cooling Fan
Labor includes all physical and mental human resources, including entrepreneurial capacity and management skills, which are needed to produce products and services. Production is the The term capitalist as referring to an owner of capital (rather than its meaning of someone adherent to the economic system) shows earlier recorded use than the term capitalism, HP 580696-001 Laptop CPU Cooling Fan
dating back to the mid-17th century. Capitalist is derived from capital, which evolved from capitale, a late Latin word based oncaput, meaning "head" — also the origin of chattel and cattle in the sense of movable property (only much later to refer only to livestock). Toshiba Satellite L505-144 Laptop CPU Cooling Fan
Capitale emerged in the 12th to 13th centuries in the sense of referring to funds, stock of merchandise, sum of money, or money carrying interest.[51][52][53] By 1283 it was used in the sense of the capital assets of a trading firm. It was frequently interchanged with a number of other words — wealth, money, funds, goods, assets, property, and so on.[51] Dell Vostro 3450 Laptop CPU Cooling Fan
The Hollandische Mercurius uses capitalists in 1633 and 1654 to refer to owners of capital.[51] In French,Étienne Clavier referred to capitalistes in 1788,[54] six years before its first recorded English usage byArthur Young in his work Travels in France (1792).[53][55] David Ricardo, in his Principles of Political Economy and Taxation (1817), HP Pavilion dv7-6163us Laptop CPU Cooling Fan
referred to "the capitalist" many times.[56] Samuel Taylor Coleridge, an English poet, used capitalist in his work Table Talk (1823).[57] Pierre-Joseph Proudhon used the term capitalist in his first work, What is Property?(1840) to refer to the owners of capital. Benjamin Disraeli used the term capitalist in his 1845 work Sybil.[53] ACER TravelMate 4210 Laptop CPU Cooling Fan
Karl Marx and Friedrich Engels used the term capitalist (Kapitalist) in The Communist Manifesto (1848) to refer to a private owner of capital.
According to the Oxford English Dictionary (OED), the term capitalism was first used by novelist William Makepeace Thackeray in 1854 in The Newcomes, where he meant "having ownership of capital".[53] Also according to the OED, Carl Adolph Douai, a German-American socialist and abolitionist, used the termprivate capitalism in 1863. Toshiba Qosmio G30-167 Laptop CPU Cooling Fan
The initial usage of the term capitalism in its modern sense has been attributed to Louis Blanc in 1850 and Pierre-Joseph Proudhon in 1861.[58] Karl Marxand Friedrich Engels referred to the capitalistic system (kapitalistisches System)[59][60] and to the capitalist mode of production (kapitalistische Produktionsform) in Das Kapital (1867).[61] HP 622330-001 Laptop CPU Cooling Fan
The use of the word "capitalism" in reference to an economic system appears twice in Volume I of Das Kapital, p. 124 (German edition), and in Theories of Surplus Value, tome II, p. 493 (German edition). Marx did not extensively use the form capitalism, but instead those of capitalist and capitalist mode of production, which appear more than 2600 times in the trilogy Das Kapital. Samsung R515 Series Laptop CPU Cooling Fan
Marx's notion of the capitalist mode of production is characterised as a system of primarily private ownership of the means of production in a mainly market economy, with a legal framework on commerce and a physical infrastructure provided by the state. HP MCF-W13BM05 Laptop CPU Cooling Fan
He believed that no legal framework was available to protect the laborers, and so exploitation by the companies was rife.[62][page needed] Engels made more frequent use of the term capitalism; volumes II and III of Das Kapital, both edited by Engels after Marx's death, contain the word "capitalism" four and three times, respectively. Toshiba Satellite P300D-20B Laptop CPU Cooling Fan
The three combined volumes of Das Kapital (1867, 1885, 1894) contain the word capitalist more than 2,600 times.
An 1877 work entitled Better Times by Hugh Gabutt and an 1884 article in the Pall Mall Gazette also used the term capitalism.[53] SONY Vaio VPC-EB3E1E/PI Laptop CPU Cooling Fan
A later use of the termcapitalism to describe the production system was by the German economist Werner Sombart, in his 1902 book The Jews and Modern Capitalism (Die Juden und das Wirtschaftsleben). Sombart's close friend and colleague, Max Weber, also used capitalism in his 1904 book The Protestant Ethic and the Spirit of Capitalism (Die protestantische Ethik und der Geist des Kapitalismus). ASUS V020462CS1 laptop keyboard
Macroeconomics keeps its eyes on things such as inflation: a general increase in prices and fall in the purchasing value of money; growth: how much money a government has and how quickly it accrues money; unemployment, ASUS 0KN0-6B1US01 laptop keyboard
and rates of trade between other countries. Whereas microeconomics deals with individual firms, people, and other institutions that work within a set frame work of rules to balance prices and the workings of a singular government. Packard Bell PEW71 laptop keyboard
Both micro and macroeconomics work together to form a single set of evolving rules and regulations. Governments (the macroeconomic side) set both national and international regulations that keep track of prices and corporations' (microeconomics) growth rates, set prices, and trade, while the corporations influence what federal laws are set.[39][40][41] Packard Bell NEW90 laptop keyboard
The classical school of economic thought emerged in Britain in the late 18th century. The classical political economists Adam Smith, David Ricardo, Jean-Baptiste Say, and John Stuart Mill published analyses of the production, distribution and exchange of goods in a market that have since formed the basis of study for most contemporary economists. HP Pavilion dv7-6195eg Laptop CPU Cooling Fan
In France, 'Physiocrats' like François Quesnay promoted free trade based on a conception that wealth originated from land. Quesnay's Tableau Économique (1759), described the economy analytically and laid the foundation of the Physiocrats' economic theory, HP Pavilion dv6-2150ev Laptop CPU Cooling Fan
followed by Anne Robert Jacques Turgot who opposed tariffs and customs duties and advocated free trade. Richard Cantillon defined long-run equilibrium as the balance of flows of income, and argued that the supply and demand mechanism around land influenced short-term prices. HP 489126-001 Laptop CPU Cooling Fan
Smith's attack on mercantilism and his reasoning for "the system of natural liberty" in The Wealth of Nations (1776) are usually taken as the beginning of classical political economy. Smith devised a set of concepts that remain strongly associated with capitalism today. His theories regarding the "invisible hand" HP 533736-001 Laptop CPU Cooling Fan
are commonly interpreted to mean individual pursuit of self-interest unintentionally producing collective good for society. It was necessary for Smith to be so forceful in his argument in favor of free markets because he had to overcome the popular mercantilist sentiment of the time period.[63] HP Pavilion dv6-2170us Laptop CPU Cooling Fan
He criticized monopolies, tariffs, duties, and other state enforced restrictions of his time and believed that the market is the most fair and efficient arbitrator of resources. This view was shared by David Ricardo, second most important of the classical political economists and one of the most influential economists of modern times.[64] Toshiba Satellite A305-S6837 Laptop CPU Cooling Fan
In On the Principles of Political Economy and Taxation (1817), he developed the law of comparative advantage, which explains why it is profitable for two parties to trade, even if one of the trading partners is more efficient in every type of economic production. This principle supports the economic case for free trade. DELL Inspiron B130 Series Laptop CPU Cooling Fan
Ricardo was a supporter of Say's Law and held the view that full employment is the normal equilibrium for a competitive economy.[65] He also argued that inflation is closely related to changes in quantity of money and credit and was a proponent of the law of diminishing returns, which states that each additional unit of input yields less and less additional output.[66] HP Pavilion dv6238ea Laptop CPU Cooling Fan
The values of classical political economy are strongly associated with the classical liberal doctrine of minimal government intervention in the economy, though it does not necessarily oppose the state's provision of a few basic public goods.[67] Classical liberal thought has generally assumed a clear division between the economy and other realms of social activity, such as the state.[68] Toshiba Satellite L300D-01P Laptop CPU Cooling Fan
While economic liberalism favors markets unfettered by the government, it maintains that the state has a legitimate role in providing public goods.[69] For instance, Adam Smith argued that the state has a role in providing roads, canals, schools and bridges that cannot be efficiently implemented by private entities. ASUS G60V Laptop CPU Cooling Fan
However, he preferred that these goods should be paid proportionally to their consumption (e.g. putting a toll). In addition, he advocatedretaliatory tariffs to bring about free trade, and copyrights and patents to encourage innovation.[69] HP Envy 14-1195la Laptop CPU Cooling Fan
Following Adam Smith, Marx distinguished the use value of commodities from their exchange value in the market. Capital, according to Marx, is created with the purchase of commodities for the purpose of creating new commodities with an exchange value higher than the sum of the original purchases. HP 646578-001 Laptop CPU Cooling Fan
For Marx, the use of labor power had itself become a commodity under capitalism; the exchange value of labor power, as reflected in the wage, is less than the value it produces for the capitalist.
This difference in values, he argues, constitutes surplus value, which the capitalists extract and accumulate. In his bookCapital, HP G42-380LA Laptop CPU Cooling Fan
Marx argues that the capitalist mode of production is distinguished by how the owners of capital extract this surplus from workers—all prior class societies had extracted surplus labor, but capitalism was new in doing so via the sale-value of produced commodities.[72] DELL Latitude C840 Series Laptop CPU Cooling Fan
He argues that a core requirement of a capitalist society is that a large portion of the population must not possess sources of self-sustenance that would allow them to be independent, and must instead be compelled, to survive, to sell their labor for a living wage.[73][74][75] Packard Bell Easynote TM81 laptop keyboard
In conjunction with his criticism of capitalism was Marx's belief that the working class, due to its relationship to the means of production and numerical superiority under capitalism, would be the driving force behind the socialist revolution.[76] This argument is intertwined with Marx's version of the labor theory of value arguing that labor is the source of all value, and thus of profit. TOSHIBA NSK-TK01D laptop keyboard
Vladimir Lenin, in Imperialism, the Highest Stage of Capitalism (1916), further developed Marxist theory and argued that capitalism necessarily led tomonopoly capitalism and the export of capital—which he also called "imperialism"--SONY VAIO VGN-FZ19VN laptop keyboard
to find new markets and resources, representing the last and highest stage of capitalism.[77] Some 20th-century Marxian economists consider capitalism to be a social formation where capitalist class processes dominate, but are not exclusive.[78] HP Pavilion dv6-3030er laptop keyboard
Capitalist class processes, to these thinkers, are simply those in which surplus labor takes the form of surplus value, usable as capital; other tendencies for utilization of labor nonetheless exist simultaneously in existing societies where capitalist processes are predominant. HP 519265-001 laptop keyboard
However, other late Marxian thinkers argue that a social formation as a whole may be classed as capitalist if capitalism is the mode by which a surplus is extracted, even if this surplus is not produced by capitalist activity, as when an absolute majority of the population is engaged in non-capitalist economic activity.[79] FUJITSU Lifebook S7111 laptop keyboard
In Limits to Capital (1982), David Harvey outlines an overdetermined, "spatially restless" capitalism coupled with the spatiality of crisis formation and resolution.[80] Harvey used Marx's theory of crisis to aid his argument that capitalism must have its "fixes"Lenovo ThinkPad Edge E520 laptop keyboard
but that we cannot predetermine what fixes will be implemented, nor in what form they will be. His work on contractions of capital accumulation and international movements of capitalist modes of production and money flows has been influential.[81] According to Harvey, capitalism creates the conditions for volatile and geographically uneven development [82] HP Pavilion dv6-2133ee laptop keyboard
In social science, the understanding of the defining characteristics of capitalism has been strongly influenced by the German sociologist, Max Weber. Weber considered market exchange, a voluntary supply of labor and a planned division of labor within the enterprises as defining features of capitalism. DELL 6DJJC laptop keyboard
Capitalist enterprises, in contrast to their counterparts in prior modes of economic activity, were directed toward the rationalization of production, maximizingefficiency and productivity – a tendency embedded in a sociological process of enveloping rationalization that formed modern legal bureaucracies in both public and private spheres.[83] HP Pavilion DV7-3183cl laptop keyboard
According to Weber, workers in pre-capitalist economies understood work in terms of a personal relationship between master and journeyman in a guild, or between lordand peasant in a manor.[84]
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These ideas, in order to propagate a certain manner of life and come to dominate others, "had to originate somewhere ... as a way of life common to whole groups of men".[83] In his book The Protestant Ethic and the Spirit of Capitalism (1904–1905), HP Pavilion DV6t-4000 laptop keyboard
Weber sought to trace how a particular form of religious spirit, infused into traditional modes of economic activity, was a condition of possibility of modern western capitalism. For Weber, the 'spirit of capitalism' was, HP Mini 210 laptop keyboard
in general, that of ascetic Protestantism; this ideology was able to motivate extreme rationalization of daily life, a propensity to accumulate capital by a religious ethic to advance economically through hard and diligent work, and thus also the propensity to reinvest capital. This was sufficient, then, to create "self-mediating capital" as conceived by Marx. ACER Aspire 4736Z laptop keyboard
This is pictured in the Protestant understanding of beruf [85] – whose meaning encompass at the same time profession, vocation, and calling – as exemplified in Proverbs 22:29, "Seest thou a man diligent in his calling? He shall stand before kings". SONY NSK-S6101 laptop keyboard
In the Protestant Ethic, Weber describes the developments of this idea of calling from its religious roots, through the understanding of someone's economic success as a sign of his salvation, until the conception that moneymaking is, within the modern economic order, the result and the expression of diligence in one's calling. Lenovo 3000 G450 2949 laptop keyboard
Finally, as the social mores critical for its development became no longer necessary for its maintenance, modern western capitalism came to represent the order "now bound to the technical and economic conditions of machine production which today determine the lives of all the individuals who are born into this mechanism, Compaq Presario CQ35 laptop keyboard
not only those directly concerned with economic acquisition, with irresistible force. Perhaps it will so determine them until the last ton of fossilized coal is burnt" (p. 123).[86] This is further seen in his criticism of "specialists without spirit, hedonists without a heart" that were developing, in his opinion, with the fading of the original Puritan "spirit" associated with capitalism. ASUS X85S laptop keyboard
Institutional economics, once the main school of economic thought in the United States, holds that capitalism cannot be separated from the political and social system within which it is embedded. It emphasizes the legal foundations of capitalism (see John R. Commons) and the evolutionary, habituated, and volitional processes by which institutions are erected and then changed. SONY VAIO VGN-FS940 laptop keyboard
One key figure in institutional economics was Thorstein Veblen who in his book, The Theory of the Leisure Class (1899), analyzed the motivations of wealthy people in capitalism who conspicuously consumed their riches as a way of demonstrating success. The concept of conspicuous consumption was in direct contradiction to the neoclassical view that capitalism was efficient. DELL Studio 1735 laptop keyboard
In The Theory of Business Enterprise (1904) Veblen distinguished the motivations of industrial production for people to use things from business motivations that used, or misused, industrial infrastructure for profit, arguing that the former often is hindered because businesses pursue the latter. ASUS X53S laptop keyboard
Output and technological advance are restricted by business practices and the creation of monopolies. Businesses protect their existing capital investments and employ excessive credit, leading to depressions and increasing military expenditure and war through business control of political power. Packard Bell PEW76 laptop keyboard
In the late 19th century, the German Historical School of economics diverged, with the emerging Austrian School of economics, led at the time by Carl Menger. Later generations of followers of the Austrian School continued to be influential in Western economic thought in the early part of the 20th century. HP 405963-001 laptop keyboard
Austrian-born economist Joseph Schumpeter, sometimes associated with the School,[87] emphasized the "creative destruction" of capitalism—the fact that market economies undergo constant change. SONY VAIO PCG-FR55/B laptop keyboard
Schumpeter argued that at any moment in time there are rising industries and declining industries. Schumpeter, and many contemporary economists influenced by his work, argue that resources should flow from the declining to the expanding industries for an economy to grow, TOSHIBA Satellite A305-S6841 laptop keyboard
but they recognized that sometimes resources are slow to withdraw from the declining industries because of various forms of institutional resistance to change.
The Austrian economists Ludwig von Mises and Friedrich Hayek were among the leading defenders of market economy against 20th century proponents of socialist planned economies. Mises and Hayek argued that only market capitalism could manage a complex, HP Pavilion DV7-3065dx laptop keyboard
modern economy.
Since a modern economy produces such a large array of distinct goods and services, and consists of such a large array of consumers and enterprises, argued Mises and Hayek, the information problems facing any other form of economic organization other than market capitalism would exceed its capacity to handle information. ASUS X53S laptop keyboard
Thinkers within Supply-side economics built on the work of the Austrian School, and particularly emphasize Say's Law: "supply creates its own demand." Capitalism, to this school, is defined by lack of state restraint on the decisions of producers. HP 633736-001 laptop keyboard
In his 1937 The General Theory of Employment, Interest and Money, the British economist John Maynard Keynes argued that capitalism suffered a basic problem in its ability to recover from periods of slowdowns in investment. Keynes argued that a capitalist economy could remain in an indefinite equilibrium despite high unemployment. SONY VGN-FE28B laptop keyboard
Essentially rejecting Say's law, he argued that some people may have a liquidity preference that would see them rather hold money than buy new goods or services, which therefore raised the prospect that the Great Depression would not end without what he termed in the General Theory "a somewhat comprehensive socialization of investment." HP Pavilion DV7-3065dx Laptop Keyboard
Keynesian economics challenged the notion that laissez-faire capitalist economics could operate well on their own, without state intervention used to promote aggregate demand, fighting high unemployment and deflation of the sort seen during the 1930s. He and his followers recommended "pump-priming" ACER TravelMate 3232WXMi Laptop Keyboard
the economy to avoid recession: cutting taxes, increasing government borrowing, and spending during an economic down-turn. This was to be accompanied by trying to control wages nationally partly through the use of inflation to cut real wages and to deter people from holding money.[88] HP Pavilion DV7-3065dx Laptop Keyboard
John Maynard Keynes tried to provide solutions to many of Marx's problems without completely abandoning the classical understanding of capitalism. His work attempted to show that regulation can be effective, and that economic stabilizers can rein in the aggressive expansions and recessions that Marx disliked. TOSHIBA Satellite L505-S6959 laptop keyboard
These changes sought to create more stability in the business cycle, and reduce the abuses of laborers. Keynesian economists argue that Keynesian policies were one of the primary reasons capitalism was able to recover following the Great Depression.[89] The premises of Keynes's work have, however, since been challenged by neoclassical and supply-side economics and the Austrian School. SONY VGN-FE11S laptop keyboard
Another challenge to Keynesian thinking came from his colleague Piero Sraffa, and subsequently from the Neo-Ricardian school that followed Sraffa. In Sraffa's highly technical analysis, capitalism is defined by an entire system of social relations among both producers and consumers, but with a primary emphasis on the demands of production. SONY VAIO VGN-FS285H laptop keyboard
According to Sraffa, the tendency of capital to seek its highest rate of profit causes a dynamic instability in social and economic relations.
Milton Friedman took many of the basic principles set forth by Adam Smith and the classical economists and gave them a new twist. HP V100103AS1 laptop keyboard
One example of this is his article in the September 1970 issue of The New York Times Magazine, where he argues that the social responsibility of business is "to use its resources and engage in activities designed to increase its profits ... (through) TOSHIBA Satellite A100 PSAA9L-02Z00C laptop keyboard
open and free competition without deception or fraud." This is similar to Smith's argument that self-interest in turn benefits the whole of society.[90] Work like this helped lay the foundations for the coming marketization (or privatization) of state enterprises and the supply-side economics of Ronald Reagan andMargaret Thatcher. SONY VAIO VGN-C2S Series laptop keyboard
The Chicago School of economics is best known for its free market advocacy and monetarist ideas. According to Friedman and other monetarists, market economies are inherently stable if left to themselves and depressions result only from government intervention.[91] HP Pavilion DV7-3160us laptop keyboard
Friedman, for example, argued that the Great Depression was result of a contraction of the money supply, controlled by the Federal Reserve, and not by the lack of investment as John Maynard Keynes had argued. Ben Bernanke, former Chairman of the Federal Reserve, is among the economists today generally accepting Friedman's analysis of the causes of the Great Depression.[92] SONY VAIO VGN-FS640/W laptop keyboard
Neoclassical economists, who by 1998 constituted a majority of academic economists,[93] subscribe to a subjective theory of value, according to which the value derived from consumption of a good, rather than being objective and static, varies widely from person to person and for the same person at different times. SONY VAIO VGN-C2S Series laptop keyboard
Adherence to a subjective theory of value compels Neoclassical thinkers to reject the labor theory of value upheld by Adam Smith and other classical liberal thinkers, which was grounded upon a conception of objective value. HP Pavilion DV7-3160us laptop keyboard
Neoclassical models typically adopt the assumptions of Marginalism, according to which economic value results from marginal utility and marginal cost (themarginal concepts). Marginalist theory implies that capitalists earn profits not by exploiting worker HP AE0P7U00010 laptop keyboard
Neoclassical economics explain capitalism as made up of individuals, enterprises, markets and government. According to their theories, individuals engage in a capitalist economy as consumers, laborers, and investors. As laborers, HP Pavilion DV7-3183cl laptop keyboard
individuals may decide which jobs to prepare for, and in which markets to look for work. As investors they decide how much of their income to save and how to invest their savings. These savings, which become investments, provide much of the money that businesses need to grow. HP G62-b21SL laptop keyboard
Business firms decide what to produce and where this production should occur. They also purchase inputs (materials, labor, and capital). Businesses try to influence consumer purchase decisions through marketing and advertisement, as well as the creation of new and improved products. Driving the capitalist economy is the search for profits (revenues minus expenses). ASUS A8H laptop keyboard
This is known as the profit motive, and it helps ensure that companies produce the goods and services that consumers desire and are able to buy. To be profitable, firms must sell a quantity of their product at a certain price to yield a profit. Compaq Presario CQ71-410EP laptop keyboard
A business may lose money if sales fall too low or if its costs become too high. The profit motive encourages firms to operate more efficiently. By using less materials, labor or capital, a firm can cut its production costs, which can lead to increased profits. ASUS X53S laptop keyboard
An economy grows when the total value of goods and services produced rises. This growth requires investment in infrastructure, capital and other resources necessary in production. In a capitalist system, businesses decide when and how much they want to invest. Lenovo ThinkPad Edge E520 laptop keyboard
Income in a capitalist economy depends primarily on what skills are in demand and what skills are being supplied. Skills that are in scarce supply are worth more in the market and can attract higher incomes. Competition among workers for jobs — and among employers for skilled workers — help determine wage rates. COMPAQ Presario CQ50-210US laptop keyboard
Firms need to pay high enough wages to attract the appropriate workers; when jobs are scarce, workers may accept lower wages than they would when jobs are plentiful. Trade union and governments influence wages in capitalist systems. SONY VAIO VGN-NW18H/T laptop keyboard
Unions act to represent their members in negotiations with employers over such things as wage rates and acceptable working conditions.
Supply is the amount of a good or service produced by a firm and which is available for sale. Demand is the amount that people are willing to buy at a specific price. Prices tend to rise when demand exceeds supply, and fall when supply exceeds demand. HP Pavilion dv6-2090eg laptop keyboard
In theory, the market is able to coordinate itself when a new equilibrium price and quantity is reached.
Competition arises when more than one producer is trying to sell the same or similar products to the same buyers. In capitalist theory, competition leads to innovation and more affordable prices. Without competition, Compaq Presario CQ56-129NR laptop keyboard
a monopoly orcartel may develop. A monopoly occurs when a firm supplies the total output in the market; the firm can therefore limit output and raise prices because it has no fear of competition. A cartel is a group of firms that act together in a monopolistic manner to control output and raise prices. ACER Aspire 5738ZG laptop keyboard
In a capitalist system, the government does not prohibit private property or prevent individuals from working where they please. The government does not prevent firms from determining what wages they will pay and what prices they will charge for their products. Many countries, however, have minimum wage laws and minimum safety standards. ACER NSK-H3M1D laptop keyboard
Under some versions of capitalism, the government carries out a number of economic functions, such as issuing money, supervising public utilities and enforcing private contracts. Many countries have competition laws that prohibit monopolies and cartels from forming. COMPAQ Presario C700 Laptop Keyboard
Despite anti-monopoly laws, large corporations can form near-monopolies in some industries. Such firms can temporarily drop prices and accept losses to prevent competition from entering the market, and then raise them again once the threat of entry is reduced. In many countries, public utilities (e.g. COMPAQ Presario CQ50-215CA Laptop Keyboard
Government agencies regulate the standards of service in many industries, such as airlines and broadcasting, as well as financing a wide range of programs. In addition, the government regulates the flow of capital and uses financial tools such as the interest rate to control factors such as inflation and unemployment.[94] TOSHIBA Satellite L300 Laptop Keyboard
The relationship between the state, its formal mechanisms, and capitalist societies has been debated in many fields of social and political theory, TOSHIBA Satellite M645-S4070 Laptop Keyboard
with active discussion since the 19th century. Hernando de Soto is a contemporary economist who has argued that an important characteristic of capitalism is the functioning state protection of property rights in a formal property system where ownership and transactions are clearly recorded.[95] Lenovo Thinkpad T520 Laptop Keyboard
According to de Soto, this is the process by which physical assets are transformed into capital, which in turn may be used in many more ways and much more efficiently in the market economy. A number of Marxian economists have argued that the Enclosure Acts in England, Lenovo ThinkPad Edge E520 Laptop Keyboard
and similar legislation elsewhere, were an integral part of capitalist primitive accumulation and that specific legal frameworks of private land ownership have been integral to the development of capitalism.[96][97] GATEWAY V030946FS1 US Laptop Keyboard
New institutional economics, a field pioneered by Douglass North, stresses the need of a legal framework in order for capitalism to function optimally, and focuses on the relationship between the historical development of capitalism and the creation and maintenance of political and economic institutions.[98] HP 496878-001 Laptop Keyboard
In new institutional economics and other fields focusing on public policy, economists seek to judge when and whether governmental intervention (such as taxes, welfare, and government regulation) can result in potential gains in efficiency. According to Gregory Mankiw, a New Keynesian economist, SONY KFRSBA019A Laptop Keyboard
governmental intervention can improve on market outcomes under conditions of "market failure", or situations in which the market on its own does not allocate resources efficiently.[99]
Market failure occurs when an externality is present and a market will either under-produce a product with a positive externalization or overproduce HP Pavilion DV6-1030us Laptop Keyboard
a product that generates a negative externalization. Air pollution, for instance, is a negative externalization that cannot be incorporated into markets as the world's air is not owned and then sold for use to polluters. HP Pavilion G6-1B67CL laptop keyboard
So, too much pollution could be emitted and people not involved in the production pay the cost of the pollution instead of the firm that initially emitted the air pollution. Critics of market failure theory, like Ronald Coase, Harold Demsetz, and James M. DELL Vostro PP38L laptop keyboard
Buchanan argue that government programs and policies also fall short of absolute perfection. Market failures are often small, and government failures are sometimes large. It is therefore the case that imperfect markets are often better than imperfect governmental alternatives. While all nations currently have some kind of market regulations, the desirable degree of regulation is disputed. GATEWAY M600 laptop keyboard
The relationship between democracy and capitalism is a contentious area in theory and popular political movements. The extension of universal adult malesuffrage in 19th century Britain occurred along with the development of industrial capitalism, ACER KB.TNT07.002 laptop keyboard
and democracy became widespread at the same time as capitalism, leading many theorists to posit a causal relationship between them, or that each affects the other. However, in the 20th century, according to some authors, capitalism also accompanied a variety of political formations quite distinct from liberal democracies, including fascist regimes, absolute monarchies, and single-party states.[22] HP Pavilion DV7-3160us laptop keyboard
While some thinkers argue that capitalist development more-or-less inevitably eventually leads to the emergence of democracy, others dispute this claim. Research on the democratic peace theory indicates that capitalist democracies rarely make war with one another[100] HP 6730S laptop keyboard
and have little internal violence. However, critics of the democratic peace theory note that democratic capitalist states may fight infrequently and or never with other democratic capitalist states because of political similarity or stability rather than because they are democratic or capitalist. HP 530580-001 laptop keyboard
Some commentators argue that though economic growth under capitalism has led to democratization in the past, it may not do so in the future, asauthoritarian regimes have been able to manage economic growth without making concessions to greater political freedom.[101][102] DELL NSK-DD101 laptop keyboard
States that have highly capitalistic economic systems have thrived under authoritarian or oppressive political systems. Singapore, which maintains a highly open market economy and attracts lots of foreign investment, does not protect civil liberties such as freedom of speech and expression. The private (capitalist) DELL Studio 1735 laptop keyboard
sector in the People's Republic of China has grown exponentially and thrived since its inception, despite having an authoritarian government. Augusto Pinochet's rule in Chile led to economic growth by using authoritarian means to create a safe environment for investment and capitalism. SONY VAIO VGN-FS640/W laptop keyboard
Thomas Piketty of the Paris School of Economics asserts that rising economic inequality is a natural consequence of capitalist activity, and is destabilizing to democratic societies and undermines the ideals of social justice upon which they are built.[103] ASUS X53S Laptop Keyboard
In response to criticism of the system, some proponents of capitalism have argued that its advantages are supported by empirical research. Indices of Economic Freedom show a correlation between nations with more economic freedom (as defined by the indices) and higher scores on variables such as income and life expectancy, including the poor, in these nations. HP 9J.N0Y82.H01 Laptop Keyboard
Many theorists and policymakers in predominantly capitalist nations have emphasized capitalism's ability to promote economic growth, as measured by Gross Domestic Product (GDP), capacity utilization or standard of living. SONY VAIO VGN-N21S/W Laptop Keyboard
This argument was central, for example, to Adam Smith's advocacy of letting a free market control production and price, and allocate resources. Many theorists have noted that this increase in global GDP over time coincides with the emergence of the modern world capitalist system.[105][106] FUJITSU Lifebook T4215 Laptop Keyboard
Between 1000 and 1820, the world economy grew sixfold, a faster rate than the population growth, so each individual enjoyed, on the average, a 50% increase in wealth. Between 1820 and 1998, world economy grew 50-fold, DELL Precision M4500 Laptop Keyboard
a much faster rate than the population growth, so each individual enjoyed, on the average, a 9-fold increase in wealth.[107] In most capitalist economic regions such as Europe, the United States, Canada, Australia and New Zealand, SAMSUNG N150 Laptop Keyboard
the economy grew 19-fold per person, even though these countries already had a higher starting level, and in Japan, which was poor in 1820, the increase per person was 31-fold. In the third world there was an increase, but only 5-fold per person.[107] COMPAQ Presario CQ60-201EP Laptop Keyboard
Proponents argue that increasing GDP (per capita) is empirically shown to bring about improved standards of living, such as better availability of food, housing, clothing, and health care.[108] The decrease in the number of hours worked per week and the decreased participation of children and the elderly in the workforce have been attributed to capitalism.[109][110] ACER Aspire 5610Z Laptop Keyboard
Proponents also believe that a capitalist economy offers far more opportunities for individuals to raise their income through new professions or business ventures than do other economic forms. To their thinking, this potential is much greater than in either traditional feudal or tribal societies or in socialist societies. HP Pavilion dv3-2355ee Laptop Keyboard
In his book The Road to Serfdom, Freidrich Hayek asserts that the economic freedom of capitalism is a requisite ofpolitical freedom. He argues that the market mechanism is the only way of deciding what to produce and how to distribute the items without using coercion. Milton Friedman, Andrew Brennan and Ronald Reagan also promoted this view. HP Pavilion dv4-1220us Laptop Keyboard
Friedman claimed that centralized economic operations are always accompanied by political repression. In his view, transactions in a market economy are voluntary, and that the wide diversity that voluntary activity permits is a HP Pavilion DV7-3065dx Laptop Keyboard
undamental threat to repressive political leaders and greatly diminish their power to coerce. Some of Friedman's views were shared by John Maynard Keynes, who believed that capitalism is vital for freedom to survive and thrive.[111][112] COMPAQ Presario CQ50-104CA Laptop Keyboard
The novelist and philosopher Ayn Rand made positive moral defences of laissez-faire capitalism, most notably in her 1957 novel Atlas Shrugged, and in her 1966 collection of essays Capitalism: The Unknown Ideal. She argued that capitalism should be supported on moral grounds, not just on the basis of practical benefits.[113][114] SHP Compaq NC8430 Laptop Keyboard
he has significantly influenced conservative and libertarian supporters of capitalism, especially in the Critics of capitalism associate it with social inequality and unfair distribution of wealth and power; a tendency toward market monopoly or oligopoly (and government by oligarchy); SONY VGN-FE41M Laptop Keyboard
imperialism, counter-revolutionary wars and various forms of economic and cultural exploitation; materialism; repression of workers and trade unionists; social alienation;economic inequality; unemployment; and economic instability. Individual property rights have also been associated with the tragedy of the anticommons. TOSHIBA NSK-TBD01 Laptop Keyboard
Notable critics of capitalism have included: socialists, anarchists, communists, national socialists, social democrats,technocrats, some types of conservatives, Luddites, Narodniks, Shakers, and some types of nationalists. ACER Aspire 5742 Laptop Keyboard
Marxists have advocated a revolutionary overthrow of capitalism that would lead to socialism, before eventually transforming into communism. Many socialists consider capitalism to be irrational, in that production and the direction of the economy are unplanned, creating many inconsistencies and internal contradictions.[117] HP Mini 210-1080NR Laptop Keyboard
Labor historians and scholars such as Immanuel Wallerstein have argued that unfree labor — by slaves, indentured servants, prisoners, and other coerced persons — is compatible with capitalist relations.[118] Marxian economist Richard D. HP Pavilion DV6-1030us Laptop Keyboard
Wolff postulates that capitalist economies prioritize profits and capital accumulation over the social needs of communities, and capitalist enterprises rarely ever include the workers in the basic decisions of the enterprise.[119] DELL Latitude D830 Laptop Keyboard
Many aspects of capitalism have come under attack from the anti-globalization movement, which is primarily opposed tocorporate capitalism. Environmentalists have argued that capitalism requires continual economic growth, DELL UW739 Laptop Keyboard
and that it will inevitably deplete the finite natural resources of the Earth.[120] Such critics argue that while thisneoliberalism, or contemporary capitalism,[121] has indeed increased global trade, IBM Lenovo Thinkpad X201 Laptop Keyboard
it has also increased global poverty - with more living today in abject poverty than before neoliberalism, and that environmental indicators indicate massive environmental degradation since the late 1970s.[122] HP Pavilion dv6-3090ca Laptop Keyboard
Following the banking crisis of 2007, Alan Greenspan told the United States Congress on October 23, 2008, "The whole intellectual edifice collapsed. I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders. ... I was shocked."[123] Lenovo ThinkPad Edge E520 Laptop Keyboard
Many religions have criticized or opposed specific elements of capitalism. Traditional Judaism, Christianity, and Islam forbid lending money at interest,[124][125] although alternative methods of banking have been developed. SONY VAIO VGN-N325QE/W Laptop Keyboard
Some Christians have criticized capitalism for its materialist aspects[126]and its inability to account for the wellbeing of all people. Many of Jesus's parables deal with clearly economic concerns: farming, shepherding, being in debt, doing hard labor, being excluded from banquets and the houses of the rich, and have implications for wealth and power distribution.[127][128] DELL PVDG3 Laptop Keyboard
In his 84-page apostolic exhortation Evangelii Gaudium, Pope Francis described unfettered capitalism as "a new tyranny" and called upon world leaders to fight rising poverty and inequality.[129] In it he says: HP 367778-001 Laptop Keyboard
Austrian School economists have argued that capitalism can organize itself into a complex system without an external guidance or central planning mechanism. Friedrich Hayek considered the phenomenon of self-organization as underpinning capitalism. Prices serve as a signal as to the urgent and unfilled wants of people, TOSHIBA Satellite U305-S2812 Laptop Keyboard
and the opportunity to earn profits if successful, or absorb losses if resources are used poorly or left idle, gives entrepreneurs incentive to use their knowledge and resources to satisfy those wants. Thus the activities of millions of people, each seeking his own interest, are coordinated.[116] ASUS X53S Laptop Keyboard
The Communist Party USA (CPUSA) is a Marxist-Leninist political party in the United States,[2] and is the largest communist party in the country. Established in 1919, it has a long, complex history that is closely related to the histories of similar communist parties worldwide and the U.S. labor movement. Lenovo 3000 Y500 Laptop Keyboard
For the first half of the 20th century, the Communist Party was a highly influential force in various struggles for democratic rights. It played a prominent role in the U.S. labor movement from the 1920s through the 1940s, ACER Aspire 5742 Laptop Keyboard
having a major hand in founding most of the country's first industrial unions (which would later use the McCarran Internal Security Act to expel their Communist members) while also becoming known for opposing racism and fighting for integration in workplaces and communities during the height of the Jim Crow period of U.S. DELL Vostro 1014 Laptop Keyboard
racial segregation. Historian Ellen Schrecker concludes that decades of recent scholarship[3] offer "a more nuanced portrayal of the party as both a Stalinist sect tied to a vicious regime and the most dynamic organization within the American Left during the 1930s and '40s".[4] ACER Aspire 5810T-8929 Laptop Keyboard
By August 1919, only months after its founding, the Communist Party claimed 50,000 to 60,000 members. Members also included anarchists and other radical leftists. In contrast, the more moderate Socialist Party of America had 40,000 members. HP 636376-001 Laptop Keyboard
The sections of the Communist Party's International Workers Order meanwhile organized for communism around linguistic and ethnic lines, providing mutual aid and tailored cultural activities to an IWO membership that peaked at 200,000 at its height.[5] Lenovo ThinkPad Edge E520 Laptop Keyboard
But the Communist Party's early labor and organizing successes did not last. As the decades progressed, the combined effects of the second Red Scare, McCarthyism, Nikita Khrushchev's 1956 Secret Speech denouncing the previous decades of Joseph Stalin's rule, and the adversities of the continued Cold War mentality, Compaq Presario CQ57 Series Laptop Keyboard
steadily weakened the Party's internal structure and confidence. The Party's membership in the Comintern and its close adherence to the political positions of the Soviet Union made the party appear to most Americans as not only a threatening, SONY KFRMBA221A Laptop Keyboard
subversive domestic entity, but also as a "foreign" agent fundamentally alien to the "American way of life". Internal and external crises swirled together, to the point where members who did not end up in prison for party activities tended either to disappear quietly from its ranks or to adopt more moderate political positions at odds with the Communists' party line. DELL INSPIRON 1464 Laptop Keyboard
By 1957, membership had dwindled to less than 10,000, of whom some 1,500 were informants for the FBI.[6]
The party attempted to recover with its opposition to the Vietnam War during the civil rights movement in the 1960s, but its continued uncritical support for an increasingly stultified and militaristic Soviet Union increasingly alienated them from the rest of the U.S. COMPAQ Presario C700 Laptop Keyboard
left, who saw this supportive position as outdated and even dangerous. At the same time, the party's ageing membership demographics and noticeably hollow calls for "peaceful coexistence" failed to speak to a new Left in the United States. ASUS X53S laptop keyboard
With the rise of Mikhail Gorbachev and his effort to radically alter the Soviet economic and political system from the mid-1980s, the Communist Party finally became estranged from the leadership of the Soviet Union itself. ACER Aspire 5810TZ-4657 laptop keyboard
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In 1989, theCommunist Party of the Soviet Union cut off major funding to the CPUSA due to its opposition to glasnost and perestroika. With the dissolution of the Soviet Union in 1991, the party held its convention and attempted to resolve the issue of whether the Party should reject Marxism-Leninism. ACER TravelMate 8215WLMi laptop keyboard
The majority reasserted the party's now purely Marxist outlook, prompting a minority faction which urged social democrats to exit the now reduced party. The party has since adopted Marxism-Leninism within its program.[2] Lenovo 04W0872 laptop keyboard
The Communist Party USA is based in New York City. For decades, its West Coast newspaper was the People's World, and its East Coast newspaper was The Daily World.[7] The two newspapers merged in 1986 into the People's Weekly World. The PWW has since become an online only publication, called People's World. Lenovo ThinkPad Edge E520 laptop keyboard
The party's former theoretical journal, Political Affairs Magazine, is now also published exclusively online, but the party still maintains International Publishers as its publishing house. In June 2014, the Party will be holding its 30th National Convention in Chicago.[8] ASUS F6VE laptop keyboard
The first US socialist political party was the Socialist Labor Party, formed in 1876 and for many years a viable force in the international socialist movement. By the mid-1890s, however, the SLP came under the influence of Daniel De Leon, Lenovo ThinkPad Edge E520 laptop keyboard
and his radical views led to widespread discontent amongst the members, leading to the formation of the reformist-oriented Socialist Party of America around the turn of the 20th century. A left wing gradually emerged within the SP, much to the consternation of many Party leaders. ASUS X53S laptop keyboard
In January 1919, Vladimir Lenin invited the left wing of the Socialist Party of America to join Comintern. During the spring of 1919 the Left Wing Caucus of the Socialist Party, buoyed by a large influx of new members from countries involved in the Russian Revolution, prepared to wrest control from the smaller controlling faction of moderate socialists. SONY VAIO VGN-N11S laptop keyboard
A referendum to join Comintern passed with 90% support, but the incumbent leadership suppressed the results. Elections for the party's National Executive Committee resulted in 12 leftists being elected out of a total of 15. SONY VAIO VGN-N38Z/W laptop keyboard
Calls were made to expel moderates from the party. The moderate incumbents struck back by expelling several state organizations, half a dozen language federations, and many locals, in all two-thirds of the membership. HP 9J.N0Y82.H01 laptop keyboard
The Socialist Party then called an emergency convention on August 30, 1919. The party's Left Wing Caucus made plans at a June conference of its own to regain control of the party, by sending delegations from the sections of the party that had been expelled to the convention to demand that they be seated. However, the language federations, HP Mini 110-1179TU laptop keyboard
eventually joined by C.E. Ruthenberg and Louis C. Fraina, turned away from that effort and formed their own party, the Communist Party of America, at a separate convention on September 1, 1919. Meanwhile plans led by John Reed and Benjamin Gitlow to crash the Socialist Party convention went ahead. Lenovo 3000 G430 Laptop CPU Cooling Fan
Tipped off, the incumbents called the police, who obligingly expelled the leftists from the hall. The remaining leftist delegates walked out and, meeting with the expelled delegates, formed the Communist Labor Party on August 30, 1919.[9][page needed] SONY 147963021 Laptop Keyboard
The Comintern was not happy with two communist parties and in January, 1920 dispatched an order that the two parties, which consisted of about 12,000 members, merge under the name United Communist Party, TOSHIBA Satellite P500 Laptop Keyboard
and to follow the party line established in Moscow. Part of the Communist Party of America under the leadership of Charles Ruthenberg and Jay Lovestone did this but a faction under the leadership of Nicholas I. ACER Aspire 5315 Laptop Keyboard
Hourwich and Alexander Bittelman continued to operate independently as the Communist Party of America. A more strongly worded directive from the Comintern eventually did the trick and the parties were merged in May, 1921. SONY VAIO VGN-C2S Series laptop keyboard
Only five percent of the members of the newly formed party were native English-speakers. Many of the members came from the ranks of the Industrial Workers of the World.[9][page needed][10] FUJITSU Lifebook S7111 laptop keyboard
From its inception, the Communist Party USA came under attack from state and federal governments and later the Federal Bureau of Investigation. In 1919, after a series of unattributed bombings and attempted assassinations of government officials, DELL KR737 laptop keyboard
and judges (later traced to militant adherents of the radical anarchist Luigi Galleani), the US Department of Justice headed by Attorney General A. Mitchell Palmer, acting under the Sedition Act of 1918, began arresting thousands of foreign-born party members, SONY VAIO VGN-N11S laptop keyboard
many of whom the government deported. The Communist Party was forced underground and took to the use of pseudonyms and secret meetings in an effort to evade the authorities.
The party apparatus was to a great extent underground. SONY 1-487-385-21 laptop keyboard
It re-emerged in the last days of 1921 as a legal political party called the Workers Party of America. As the red scare and deportations of the early 1920s ebbed, the party became bolder and more open. An element of the party, however, remained permanently underground and came to be known as the "CPUSA secret apparatus." Packard Bell Easynote TK85 laptop keyboard
During this time, immigrants from Eastern Europe are said to have played a very prominent role in the CPUSA.[11] A majority of the members of the Socialist Party were immigrants and an "overwhelming" percentage of the CPUSA consisted of recent immigrants.[12] ACER Extensa 5235 laptop keyboard
Now that the above ground element was legal, the communists decided that their central task was to develop roots within the working class. This move away from hopes of revolution in the near future to a more nuanced approach was accelerated by the decisions of the Fifth World Congress of the Comintern held in 1925. GATEWAY ML3109 laptop keyboard
The Fifth World Congress decided that the period between 1917 and 1924 had been one of revolutionary upsurge, but that the new period was marked by the stabilization of capitalism and that revolutionary attempts in the near future were to be stopped. The American communists embarked then on the arduous work of locating and winning allies. DELL Vostro PP37L laptop keyboard
That work was, however, complicated by factional struggles within the CPUSA. The party quickly developed a number of more or less fixed factional groupings within its leadership: a faction around the party's Executive Secretary C.E. Ruthenberg, which was largely organized by his supporter Jay Lovestone; HP Mini 110-3504tu laptop keyboard
and the Foster-Cannon faction, headed byWilliam Z. Foster, who headed the Party's Trade Union Educational League, and James P. Cannon, who led the International Labor Defense (ILD) organization.[13] HP Pavilion dv6-3090ca laptop keyboard
Foster, who had been deeply involved in the Steel Strike of 1919 and had been a long-time syndicalist and a Wobbly, had strong bonds with the progressive leaders of the Chicago Federation of Labor and, through them, with the Progressive Party (United States, 1924) and nascent farmer-labor parties. Under pressure from the Comintern, however, the party broke off relations with both groups in 1924. HP Pavilion DV7-3085dx laptop keyboard
In 1925 the Comintern, through its representative Sergei Gusev, ordered the majority Foster faction to surrender control to Ruthenberg's faction; Foster complied. The factional infighting within the CPUSA did not end, however; HP Mini 210-2060sb laptop keyboard
the Communist leadership of the New York locals of the International Ladies' Garment Workers' Union lost the 1926 strike of cloakmakers in New York City in large part because of intra-party factional rivalries.[14] DELL Inspiron 1720 laptop keyboard
Ruthenberg died in 1927 and his ally, Lovestone, succeeded him as party secretary. Cannon attended the Sixth Congress of the Comintern in 1928, hoping to use his connections with leading circles within it to regain the advantage against the Lovestone faction. SONY VAIO VGN-FZ210CE laptop keyboard
· However Cannon and Maurice Spector of the Communist Party of Canada were accidentally given a copy of Trotsky's "Critique of the Draft Program of the Comintern", that they were instructed to read and return. Persuaded by its contents, they came to an agreement to return to America and campaign for the document's positions. Lenovo IBM ThinkPad Edge E420 Keyboard
A copy of the document was then smuggled out of the country in a child's toy.[15] Back in America, Cannon and his close associates in the ILD such as Max Shachtman and Martin Abern, dubbed the "three generals without an army,"[16] Lenovo IBM ThinkPad Edge S420 Keyboard
began to organize support for Trotsky's theses. However, as this attempt to develop a Left Opposition came to light, they and their supporters were expelled. Cannon and his followers organized the Communist League of America as a section of Trotsky's International Left Opposition. Lenovo IBM ThinkPad Edge E420S Keyboard
At the same Congress, Lovestone had impressed the leadership of the Communist Party of the Soviet Union as a strong supporter of Nikolai Bukharin, the general secretary of the Comintern. This was to have unfortunate consequences for Lovestone when, Lenovo IBM ThinkPad T420 Keyboard
in 1929, Bukharin was on the losing end of a struggle with Stalin and was purged from his position on the Politburo and removed as head of the Comintern. In a reversal of the events of 1925, a Comintern delegation sent to the United States demanded that Lovestone resign as party secretary, in favor of his archrival Foster, Lenovo IBM ThinkPad T420i Keyboard
despite the fact that Lovestone enjoyed the support of the vast majority of the American party's membership. Lovestone traveled to the Soviet Union and appealed directly to the Comintern. Stalin informed Lovestone that he "had a majority because the American Communist Party until now regarded you as the determined supporter of the Communist International. Lenovo IBM ThinkPad T420S Keyboard
And it was only because the Party regarded you as friends of the Comintern that you had a majority in the ranks of the American Communist Party."[17]
When Lovestone returned to the United States, he and his ally Benjamin Gitlow were purged despite holding the leadership of the party. DELL INSPIRON 1464 Laptop Keyboard
Ostensibly, this was not due to Lovestone's insubordination in challenging a decision by Stalin, but for his support for American Exceptionalism, the thesis that socialism could be achieved peacefully in the USA. SONY VAIO VGN-NW240F Laptop Keyboard
Lovestone and Gitlow formed their own group called the "Communist Party (Opposition)", a section of the pro-Bukharin International Communist Opposition, which was initially larger than the Trotskyists but failed to survive past 1941. ACER TravelMate 2800 Series Laptop Keyboard
Lovestone had initially called his faction the "Communist Party (Majority Group)" in the expectation that the majority of the CPUSA's members would join him, but only a few hundred people joined his new organization. DELL INSPIRON 1464 Laptop Keyboard