Capitalism The degree of competition, role of intervention and regulation, and scope of state ownership varies across different models of capitalism. Economists, political economists, and historians have taken different perspectives in their analysis of capitalism and recognized various forms of it in practice. These include laissez-faire capitalism, welfare capitalism, crony capitalism and state capitalism; each highlighting varying degrees of dependency on markets, public ownership, and inclusion of social policies. The extent to which different markets are free, as well as the rules defining private property, is a matter of politics and policy. Etymology 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, dating back to the mid-17th century. Economic elements The essential feature of capitalism is the investment of money in order to make a profit.
Feudalism Feudalism was a set of legal and military customs in medieval Europe that flourished between the 9th and 15th centuries. Broadly defined, it was a system for structuring society around relationships derived from the holding of land in exchange for service or labour. Although derived from the Latin word feodum or feudum (fief), then in use, the term feudalism and the system it describes were not conceived of as a formal political system by the people living in the medieval period. In its classic definition, by François-Louis Ganshof (1944), feudalism describes a set of reciprocal legal and military obligations among the warrior nobility, revolving around the three key concepts of lords, vassals and fiefs. There is also a broader definition, as described by Marc Bloch (1939), that includes not only warrior nobility but all three estates of the realm: the nobility, the clerics and the peasantry bonds of manorialism; this is sometimes referred to as a "feudal society". Definition
Factors of production Historical schools and factors In the interpretation of the currently dominant view of classical economic theory developed by neoclassical economists, the term "factors" did not exist until after the classical period and is not to be found in any of the literature of that time. Differences are most stark when it comes to deciding which factor is the most important. For example, in the Austrian view—often shared by neoclassical and other "free market" economists—the primary factor of production is the time of the entrepreneur, which, when combined with other factors, determines the amount of output of a particular good or service. However, other authors argue that "entrepreneurship" is nothing but a specific kind of labor or human capital and should not be treated separately. The Marxian school goes further, seeing labor (in general, including entrepreneurship) as the primary factor of production, since it is required to produce capital goods and to utilize the gifts of nature.
Anglo-Saxon economy The Anglo-Saxon model or Anglo-Saxon capitalism (so called because it is practiced in English-speaking countries such as the United Kingdom, the United States, Canada, New Zealand, Australia and Ireland ) is a capitalist model that emerged in the 1970s, based on the Chicago school of economics. However, its origins date to the 18th century in the United Kingdom under the ideas of the classical economist Adam Smith. Disagreements over meaning Proponents of the term "Anglo-Saxon economy" argue that the economies of these countries currently are so closely related in their liberalist and free market orientation that they can be regarded as sharing a specific macroeconomic model. Differences between Anglo-Saxon economies are illustrated by taxation and the welfare state. Although the term refers to the macroeconomics of Anglo-Saxon countries, it isn't limited to English-speaking countries. See also References Bibliography
Nazism Nazism, or National Socialism in full (German: Nationalsozialismus), is the ideology and practice associated with the 20th-century German Nazi Party and state as well as other related far-right groups. Usually characterised as a form of fascism that incorporates scientific racism and antisemitism, Nazism originally developed from the influences of pan-Germanism, the Völkisch German nationalist movement and the anti-communist Freikorps paramilitary culture in post-First World War Germany, which many Germans felt had been left humiliated by the Treaty of Versailles. German Nazism subscribed to theories of racial hierarchy and social Darwinism, asserted the superiority of an Aryan master race, and criticised both capitalism and communism for being associated with Jewish materialism. The Nazi Party was founded as the pan-German nationalist and antisemitic German Workers' Party in January 1919. Etymology Position in the political spectrum Origins Völkisch nationalism
Gross domestic product Gross domestic product (GDP) is defined by the Organisation for Economic Co-operation and Development (OECD) as "an aggregate measure of production equal to the sum of the gross values added of all resident, institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)." GDP estimates are commonly used to measure the economic performance of a whole country or region, but can also measure the relative contribution of an industry sector. The more familiar use of GDP estimates is to calculate the growth of the economy from year to year (and recently from quarter to quarter). History The concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare (see below under limitations and criticisms). The history of the concept of GDP should be distinguished from the history of changes in ways of estimating it.
Fascism Fascism (/ˈfæʃɪzəm/) is a form of radical authoritarian ultranationalism, characterized by dictatorial power, forcible suppression of opposition and strong regimentation of society and of the economy, which came to prominence in early 20th-century Europe. The first fascist movements emerged in Italy during World War I before it spread to other European countries. Opposed to liberalism, Marxism and anarchism, fascism is usually placed on the far-right within the traditional left–right spectrum. Fascists saw World War I as a revolution that brought massive changes to the nature of war, society, the state and technology. The advent of total war and the total mass mobilization of society had broken down the distinction between civilians and combatants. Etymology Definitions John Lukacs, Hungarian-American historian and Holocaust survivor, argues that there is no such thing as generic fascism. Position in the political spectrum "Fascist" as a pejorative History
Mixed economy In general the mixed economy is characterised by the private ownership of the means of production, the dominance of markets for economic coordination, with profit-seeking enterprise and the accumulation of capital remaining the fundamental driving force behind economic activity. But unlike a free-market economy, the government would wield indirect macroeconomic influence over the economy through fiscal and monetary policies designed to counteract economic downturns and capitalism's tendency toward financial crises and unemployment, along with playing a role in interventions that promote social welfare. Subsequently, some mixed economies have expanded in scope to include a role for indicative economic planning and/or large public enterprise sectors. As an economic ideal, mixed economies are supported by people of various political persuasions, typically centre-left and centre-right, such as social democrats or Christian democrats. Etymology Philosophy History
Market Capitalism, State-Style Ying Ma on The End of the Free Market: Who Wins the War Between States and Corporations? by Ian Bremmer. Ian Bremmer. The End of the Free Market: Who Wins the War Between States and Corporations? Portfolio. 240 Pages. $26.95. Ian bremmer believes that the free market is worth defending. That threat is state capitalism, and around the world it appears to be the new fad. The governments may be different, but the underlying logic is the same. State presence in the economy, however, does not automatically make a country state capitalist. Unfortunately for market capitalism, the great crash of 2008 has greatly burnished state capitalism’s credentials. Nonetheless, state capitalism is not the way to go, according to The End of the Free Market. Since the end of the Cold War, one authoritarian country after another — from Asia to the Middle East, from Russia to Latin America — has embraced capitalism. Of course, no country can rival China as the granddaddy of state capitalism today.