Evolution of Capitalism Essay Example for Free

Evolution of Capitalism Essay Capitalism is an economic process in which the means of production are privately owned; supply, demand and price are generally formed by market forces not by an economic planning; and profit it is distributed to holder of means of production who invest in businesses. Capitalism also refers to the process of capital accumulation. Evolution of Capitalism Economists mostly focused on the degree that government does not have control over markets (laissez faire), and on private property rights, while most of political economists focused on private property, wage labor, class and power relations. It is clear that there is a general statement that capitalism encourages economic growth. The present collapse of the global economy puts a serious question such as: Is current economic arrangement fundamentally sound, needing only slight correctives, or has it reached its restrictions, requiring fundamental rethinking? American economic thinking for the last 35 year has been a hijacking of the evolutionary growth of capitalism that could offer sustainable economics. The word â€Å"economics† comes from two Greek words, oikos or â€Å"house† and nomos, â€Å"one who manages,† so etymologically economics has a wide meaning, incredibly like â€Å"concerned for the household. † The reason of our economy is to be concerned for our ordinary household, what are the principles that should direct our modernism? Sufficient care for the national household must give at a minimum: †¢ A job for everybody who can support a family †¢ Good quality education for each of our children †¢ Sufficient universal health care †¢ Essential safety for old age or in the occasion of unemployment or illness, and †¢ Environmental sustainability. Monopoly Capitalism A large part of capitalism is determined by monopoly. The term monopoly has always been a feature of capitalism and capitalist competition presumes monopoly. This capitalist competition has further led to the centralization and concentration. For Marx: Capital is here directly endowed with the form of social capital (a capital of directly associated individuals), as distinguished from private capital, and its enterprises assume the form of social enterprises as distinguished from individual enterprises. It is the abolition of capital as private property within the boundaries of capitalist production itself. - ( as cited by Mattick, 2010) The monopoly capitalism made a pathway for a Socialist society. Lenin argued The socialist society as a huge factory steered by the state. â€Å"There are surplus of manufactured goods, of labor, and of farm produce: â€Å"always too much, but never too little†. (Baran Sweezy, 1966). One of the discussed solutions was to cutting the production whereas other was in favor of stimulating demand, The price cut for the surplus can result to vanishing of the over production where consumers and manufacturers would benefit. However this would have consequences on the overall viability of the industry (Baran Sweezy, 1966). Banking Capitalism In any world financial system market, banks hold a very important position in money manufacture and speculation. Banks are the only most significant mediator for indirect money across the world. The securities (such as stocks and bonds) market is also another important ubiquitous presence for direct finance. However, usually growths and gains in importance ‘Pari Passu’ with financial growth; in common, the higher the per capita income, banks securities play higher source of the business investment and it also make clear that securities engage greater economic risks than bank loans. If we take a case of America than its economic has became more dependent on securities than on bank for business development. Due to large form of pension, mutual funds American estimated to be shareholders in way or the other. As being a developed country American financial industry development is world most famous and undisputed leader in innovation in certain areas of the securitization and derivative and due to this American market securities rapidly grow and in this respect American capitalism called as securities-market capitalism. If we look on other case like Japans financial industry which is actually remodeled on the American system right after world war II, Japans financial industry dominated American banks that Japanese-style capitalism characterized as bank-loan capitalism, particularly in light of the relatively in corporate bond market. Bank loan have been dangerous in Japans economic growth in the postwar era and paradoxically because of this banking whole Japanese economy was affected. Any continuous deployment of economy needs increased finance. There is two possible solution exist. a) To borrow from overseas by running current- account (CA) and CA is domestic saving CA deficit-based finance. This however makes hot global money. b) To create credit through countrys banking system and with the help of central banks, central bank-based finance [Ozawa 1998]. Central bank-based finance entails the risk of rise if prolonged praise is used for nonproductive reason such as expenditure and speculative investments. It needs direction and judicious management of the banking industry by both the government and the central bank concerned. There are two methods of financing capital configuration for economic growth: (1) Selling equities (stocks) and (2) Borrowing by issuing debt instruments (bonds and other securities). These two alternatives guide for growth of the securities market development. In the early postwar era, initially stock market played very important role as a source of funds for corporate in Japan, but soon after some time Japan overwhelmed by bank loans. This was clearly reflected that Japans high-growth era(1950-1974) for all industries and its declined from 26. 9% in 1950 to 16. 1% in 1970 and manufacturing declined from 31. 4% -19. 95% over the same period [Caves and Uekusa 1976: 479]. Central bank based finance, the bank of Japan (BOJ) pumped funds into Japans city banks, which extended industrial loans to their self groups of corporation and this group known as the bank-let kinyu keiretsu. There are six kinyu keiretsu that competed vigorously in arranging a set of chemical industries and this kinyu keiretsu is also know as the main bank system [Aoki and Patrick 1994]. In addition, Japans postal investments agenda played a very important part in financial intermediation. At the time of high-growth period of 1950-1973, nearly one-third of total private investments were captured by the administration in the form of postal investments financial records. In fact, Japans postal savings system called the worlds largest bank [Brown 1986, 128]. It has more than 20,000 post offices throughout Japan, in that mostly are in rural agricultural regions. It means that â€Å"there are more postal savings windows than in all the branches of Japans city hanks combined [Brown 1986, 128]. Under heavy regulations, Japans banking institutions are also compartmentalized into particular actions and markets (e. g. , division of the lending business from underwriting of, separation of short- and long-term finance; securities and the trust business; and trading in separation of markets by size of customers and banking system of city and local bank). Money Manager Capitalism At the beginning of 2009, the world faces the worst economic crisis since the 1930s. Possibility of depression were talked everywhere. there was a huge loss of jobs in the end of year 2008. Minsky always insisted that there are two essential propositions of his â€Å"financial instability hypothesis† (See Papadimitriou and Wray 1998 for a summary of Minsky’s approach. ). The first is that there are two financing â€Å"regimes†Ã¢â‚¬â€one that is consistent with stability and the other in which the economy is subject to instability. The second proposition is that â€Å"stability is destabilizing,† so that endogenous processes will tend to move a stable system toward fragility. There is small hesitation that the world faces the nastiest economic disaster since the 1930s, with a little economists and policymakers beginning to speak concerning the option of a depression. Keynesian economics references are ordinary, with only committed liberal marketers quarrelling against administration involvement. Still the wizards on Wall Street are begging for re-regulation of fiscal markets. The Obama government has projected present year federal budget deficits at $1. 75 trillion (12% of GDP) and $1. 17 trillion for 2010—although some private forecasters project $1. 9 trillion for 2009, representing 13. 5% GDP and it is clear that it will not fall till next year. If anything, prospects facing the rest of the world are worse. The Federal Government has become the worldwide lender of final resort, providing up to $600 billion in loans of dollar reserves to foreign central banks. The run to relative security in US treasuries has endangered exchange rates, increased risk and spreads around the world. Political and Social unrest is scattering around the periphery nations. Randall Wray considers that the US has at its sufficient policy space to decide its crisis. Mark Thoma has called for international coordinationa good thought, but one that Randall Wray panic has little political hold. Euro-land will not enlarge its economy out of fear that markets will run governments debts. All sorts of explanations preferred for the reason of the crisis: lax regulation and omission, growth of inequality that uplift households to borrow to support spending, greed and illogical enthusiasm, and extreme global liquidity—spurred by easy money policy in the US and by US current account deficits said to overflow the world with lots of dollars. Hyman Minskys work has enjoyed extraordinary interest, with many calling this a Minsky Moment. R. Wray calls it the Minsky half-century in recognition and its seeds of crisis were planted 50 years ago. A paper from the Levy Economics Institute of Bard College confirms that money manager capitalism is the basic cause of current global financial crisis. â€Å"The current stage of capitalism is dominated by highly leveraged funds seeking maximum returns in an environment that systematically under-prices risk. We must return to a more sensible model, with enhanced oversight of financial institutions and with a financial structure that promotes stability rather than speculation ( Randall Wray,2009). † Conclusion As it known economists always focused on the degree and does not like government control over markets (laissez faire), which mean no interference of government in market policy and as well as on private property rights, while on the side most of political economists focused on private property, wage labor , class and power relations. It’s clear that there is a general statement that capitalism encourages economic growth. The recent collapse of the global economy puts before us a serious question such as: Is current economic understanding fundamentally sound, needing only slight correctives, or has it reached its restrictions, requiring fundamental rethinking? American economic thinking for the last 35 year has been a hijacking of the evolutionary growth of capitalism that could offer sustainable economics. If we see large part of capitalism is determined by monopoly. The term monopoly has always been a feature of capitalism and capitalist competition presumes monopoly. This capitalist competition has further led to the centralization and concentration. Even Alexander Gerschenkron [1962] observed that rising countries are tended to became reliant on institutional arrangements rather than a market, especially in finance and industrialization. Japan growth depends on central bank-based finance in which bank play important role in capital formation with keiretsu groups. References:- Baran Sweezy, Monopoly Capital. available at http://skeptically. org/socialism/id13. html, accessed at May 25,2010. Boaz, David. 2005. â€Å"Defining an Ownership Society. † www. cato. org/special/ownership_society/boaz. html, accessed at May 25,2010. Borger, Julian. 2005. â€Å"Hurricane aid used ‘to test out right-wing social policies’†, The Guardian UK, 22 September. , accessed at May 25,2010. Bernanke, Ben S. , â€Å"The Great Moderation†, speech given at the meetings of the Eastern Economics Association, Washington, DC, February 20, 2004; www. federalreserve. gov/Boarddocs/Speeches/2004/20040220/default. htm, accessed at May 25,2010. Black, William. 2005. The Best Way to Rob a Bank is to Own One, Austin Tx: University of Texas at Austin, accessed at May 25,2010. Cassidy, John. â€Å"The Minsky moment†, The New Yorker, Feb 4, 2008, www. newyorker. com, accessed at May 25,2010. McCulley, Paul, Saving Capitalist Banking from Itself,available at www. investorsinsight. com/ /saving-capitalist-banking, accessed at May 25,2010. Mattick, Paul,Chapter 4: On the Concept of State-Monopoly Capitalism,Available at http://libcom. org/library/economics-politics-and-the-age-of-inflation-mattick-four, accessed at May 25,2010. Ozawa, Seiji, The rise and fall of bank-loan capitalism: institutionally driven growth and crisis in Japan Journal of Economic Issues, (June 1999),available at http://findarticles. com/p/articles/mi_qa5437/is_2_33/ai_n28733724/? tag=content;col1, accessed at May 25,2010. Wray L. R. ,The Death of Money Manager Capitalism? ,(April 15, 2009). Available at tpmcafe. talkingpointsmemo. com/ /the_death_of_money_manager_capitalism, accessed at May 25,2010. Wray L. R. ,Money Manager Capitalism and the Global Financial Crisis (September 2009),available at http://www. levyinstitute. org/pubs/wp_578. pdf, accessed at May 25,2010.

Stereotypes about Homelessness in America in Dumpster Diving by Lars Ei

Stereotypes about Homelessness in America in Dumpster Diving by Lars Eighner Lars Eighner's short essay, "Dumpster Diving," reveals the stereotypes about homelessness in America. In order to confirm these known stereotypes about American culture, Eighner includes autobiographical accounts of the economically inferior class, as well as revealing his elitist rules that governs the life of a homeless person. According to Eighner, homeless people fall into the following categories, 'can scroungers', 'Dumpster divers', and 'scavengers.' (Eighner, 1993). In addition, Eighner's blatant demonstration of his superiority to the people he scavenges from reveals his true character of snobbery. Although Eighner reveals that his chosen lifestyle was to live on another's refuge, he kept in accordance with his acts of superiority and snobbishness by excluding himself from the term "Dumpster Diving." Instead, he preferred to be called a "scavenger because of its frankness in the term." (Eighner, 1993). Furthermore, Eighner, explains that there are rules to abide by when successfully "scavenging" through dumpsters, "using the senses†¦knowing the dumpsters of a given area†¦. [and] Why was this discarded?" It is the explanation of the three guidelines Eighner asserts to be superior to 'can scroungers' (Homeless people who rummage through the dumpsters for money). The author further elaborates his snobbishness by revealing that he has tried the heinous lifestyle of "can scroungers," and deduced that only a few dollars could be obtained. Moreover, Eighner states, "one can extract the necessities of life from the dumpsters directly with far less effort than would be requir ed to accumulate the equivalent of cans." (Eighner, 1993). The author stereoty... ...ghner, 1993). It is the authors belief that consumers are aware of their consumption, as well as realize how wasteful they are with food in general For the students who do not fit into Eighner's wasteful category, he presents a grouping of frugal consumers who, "carefully wrap up even the smallest leftover[s] and shove it into the back of the refrigerator for six months or so before discarding it" (Eighner, 1993). Through the essay, "Dumpster Diving," Eighner impresses his superiority by illustrating disinterested people and their lack to complete certain tasks the author is skillful at. His disdain and impudence of students†¦ Eighner's autobiographical essay not only shows the degradation homeless people indure, but his personal snobbery of those around him Works Cited Eighner, Lars. Dumpster Diving. http://www1.broward.edu/~nplakcy/docs/dumpster_diving.htm

Music Baritone Sax

The History of the baritone saxophone was very interesting to research giving that I have played this beautiful instrument for 4 years. Finding a little more about the history of this beautiful instrument was a very interesting time. The baritone saxophone features a low pitch. It is a single reed instrument that is made from brass and has a tapered conical bore. Despite the baritone's low pitch, its music is written in treble clef instead of bass clef. In modern music, the baritone saxophone is usually the largest sax featured in contemporary ensembles alongside its more common cousins, the alto and the tenor saxophone.The saxophone was invented in 1841 by Belgian manufacturer and instrument maker Adolphe Sax. His intent was to create a new instrument that would fill the gap between the loud woodwinds and the brass instruments. In 1844, Sax introduced his saxophone to the public during the Paris Industrial Exhibition. In February of that year, Berlioz conducted a concert that perfor med his choral work, â€Å"Chant Sacre,† which featured segments that included the new saxophone. Near the end of 1844, the saxophone enjoyed a successful orchestra debut in Georges Kastner's opera â€Å"Last King of Juda† at the Paris Conservatory.Adolphe Sax obtained his original patents in 1846 for the baritone variation of the saxophone along with thirteen of its cousins, including the tenor, bass, alto, contrabass and sopranino saxophones. The following year, the first saxophone school was opened at the Gymnase Musical, a military band school. Ten years later, Adolphe Sax wanted to share his love and knowledge of music, so he took on a professorship at the Paris Conservatory. â€Å"Also, in 1866, Sax's patents expired, leaving the way open for the Millereau Co. o obtain patents for their own variation of the saxophone that featured a forked F sharp key†. In 1881, Adolphe Sax extended his patent for the baritone sax and other variations, and made changes to the design of the instruments. In response to its growing popularity, Gus Buesher was the first person in the United States to build a saxophone in 1885. Over the next few years, the baritone and other variations underwent more design changes, â€Å"such as the addition of the right hand C trill key and the invention of the single octave key†.Adolphe Sax died in 1894, but his legacy lived on when his son, Adolphe Edouard, continued his life's work. During the 1900s, the baritone saxophone enjoyed increasing popularity, and was incorporated into Jazz bands and other musical formats. It was also used in classical compositions, but rarely for orchestral music. Notable orchestral exceptions include Richard Strauss's â€Å"Symphonia Domestica† of 1903 and Charles Ives's â€Å"Symphony no. 4,† composed from 1910 through 1916. Famous musicians who played the baritone sax include Harry Carney, Pepper Adams, Valentin Alvarez, Bruce Kapler, Lou Marini and LeRoi Moore. â⠂¬  In conclusion the Baritone Sax is a beautiful instrument that should be appreciated. Giving such a beautiful tone. By far the baritone sax is my favourite saxophone giving it shape, color, quality of tone and pitch, and allowing a player to have the control to play with dynamics. I hope you have learned alittle more about my instrument thank you.

Discussion About Genetically Modified Foods - 1529 Words

Do we encourage or ban genetically modified foods Discussion about Genetically Modified Foods Outline Introduction a. The genetically modified foods are a long issue which is widely debated. b. People feel confused about their safety. I. Views a.) Magana-Gomez’s argument. b.) He argues that negative effects of GM food were identified â€Å"at molecular and microscopic levels†. c.) Curieux-Belfond CL contends that the benefits of genetically modified foods far outweigh the disadvantages. II. Genetically modified foods: Beneficial views Adverse views a. What is the possible risk for genetically modified crops considering nutrition and health? b. Whether the economic effects are the most†¦show more content†¦At present, the transgenic enzymes are widely used in the food industry, such as maltose enzymes amylase, pectinase and the juice protease. The food nutritional quality modified by genetic engineering has also made remarkable achievements. For instance, the genetic engineering technology has been applied for seed protein improvement, which renders it possible to change the plant composition and amino acid content. Secondly, transgenic food has successfully lowered food prices and ensured food safety, which helps increase production and food supply while reducing the farm labor and pesticide applications, agricultural inputs and production costs (Weasel LH, 2009). In the future, GM crops have great potential in solving the food crisis. For instance, by applying transgenic technology to the human staple foods of rice and wheat, people can increase food production and improve nutritional quality, which will prov ide mankind with higher-quality food. Furthermore, GM foods have also proved effective in alleviating poverty and hunger. The world’s poorest 50% of the population are small and resource-poor farmers, while 20% living in rural areas without their own land actually depend on agriculture. Therefore, the increase in small-scale and resource-poor farmers’ income will directly assist 70% of the world’s poorest people (Curieux-Belfond O, 2009). So far, genetically modified cotton inShow MoreRelatedGenetically Modified Foods For The Health Of The General Public And The Environment1062 Words   |  5 Pagesgrocery store and food stand in the U.S. Packed full of full flavor and nutrition, granny smith apples hold another hidden secret in its sweet and sour flesh..it’s genetically engineered. Tangelos, nectarines, and plums are also among the foods that have been genetically engineered (ISAAA). Although GMOs (genetically modified organisms) and GM foods have been deemed safe for the environment and human consumption, there is an ongoing debate regarding the safety of genetically modified foods. Some peopleRead MoreThere Have Been Ongoing Debates About The Adoption Of Gmos1487 Words   |  6 PagesThere have been ongoing debates about the adoption of GMOs over natural food growth. Out of these discussions, there is a rising need to do research on genetically modified food verses naturally grown food. According to (Mary Colson., 2017), Genetically Modified food can be defined as a growing plant or animal that is modified and grows not a normal, natural way. The growth of this plant, animal or microorganism is triggered by altering its genetic material. The genetic material is usually changedRead MoreThe Ethics Of Genetically Modified Food1220 Words   |  5 Pagesproducing food for the population. One of these methods is genetically engineering food. Though genetically modified food is consumed by the majority of the American population, one must wonder, what are the ethics of it? How will it affect the consumer and the environment? Based on prior knowledge of this topic, I know that scientists change the genetic makeup of certain foods. I also know that different genes are inserted into different organisms. I imagine that the effects are genetically modifiedRead MoreGentically Modified Organisms are the Topic of Conversation718 Words   |  3 Pagesdecade or so, genetically modified foods and genetically modified organisms, also known as GM Foods and GMO’s, have been a never ending topic of discussion. GM Foods and GMO’s have adversely affected people’s health all over the world. GMO’s are developed through taking genes of different species, then combining them through genetic engineering. Neither of those things can happen naturally or out in nature. That should raise lots of red flags to our society already. Adding these altered foods into ourRead MoreGenetically Modified Organisms ( Gmo )879 Words   |  4 PagesWith a growing population there is fear that the world won’t have enough food to keep up. Genetically Modified Organisms (GMO) have been introduced as safe for human consumption to our market since 1996 without sufficient safety testing. Evidence points to no necessity for GMO food (not to mention harmful affects) and therefore it should be banned from the United States just like it has been in multiple other countries. Some things this paper will cover is how GMOs are made, who makes them, whatRead MoreGenetic Material From A Species1293 Words   |  6 Pagesthat we didn’t have to worry about during our simpler times; Things that we previously never thought about. When you’re a child, you just assume that the way things are is the way they are supposed to be. (If your parents seem okay with it like that, then can it even be any other way?) For example, it wasn’t until just recently that I’ve become concerned with student loans, car insurance, a career, and so forth. Something else that I’ve recently become concerned with is food. If genetic material fromRead MoreGmo Lab Report Essay1304 Words   |  6 Pagescertain processed foods contained Genetically Modified Organisms. Genetically modified food is an important subject in the world today. Ever since Flavr Savr came out with their tomatoes grown from genetically modified seeds in 1994 genetically modified foods has become ever more popular amongst distributors of produce (Mestel, 2013). The world’s population has grown by around one billion in the last decade (US Bureau of the Census). At this rate, Genetically Modified Organisms within food products willRead MoreGenetically Modified Crops - Essay1749 Words   |  7 PagesGenetically modified crops; what are they? Crops that have been scientifically altered, to create a better species. Though crops can sometimes breed through cross-breeding, with genetically modified crops this is not the case. These crops have had pieces of DNA inserted into them to create a superior race. The reason we produce th ese superior species of crops are because they are often stronger, resistant to herbicides, quicker growing, and therefore cheaper to produce. That way, the community asRead Moreâ€Å"Challenges And Risks Of Genetically Engineered Organisms†.1655 Words   |  7 Pagesand Risks of Genetically Engineered Organisms†. Paris: OECD Publishing, 2004. I found this book through IUCAT and it is available as an online resource. This book was written and published as the result of an OECD, the Organization for Economic Cooperation and Development, Workshop on Challenges and Risks of - What Risk Analysis is Appropriate? Options for Future Policy Making Towards Integrated Agro-Food Systems. This book covers a wide variety of risks associated with genetically engineering ourRead MoreThe Effects Of Genetic Modification On The Environment And The Human Race1475 Words   |  6 Pagessolution to world hunger. There are other solutions that would not negatively harm the environment. The effects of genetic modification, good or bad, would affect everyone as this process is already wide spread. Although everyone has different opinions about the genetic modification of crops, it really comes down to whether solving world hunger is worth hurting the earth. Although the one possible way of addressing world hunger is the genetic modification of crops, there are other methods and negative