Capitalism

Capitalism

The distinguished in the nineteenth century and it’s collapse in the twentieth century have led to similar, though much slower and less obvious, process in the course of modern science. Today’s frantic development in the field of technology has a quality reminiscent of the days preceding the economic crash of 1929. The clearest evidence of it may be seen in such comparatively young sciences such as psychology and political economy. In psychology, one may observe the attempt to study human behavior without reference to the fact that man is conscious. In political economy, one may observe the attempt to study and device social systems without reference to man. Political economy came into prominence in the 19th century, in the era of philosophies post kantian disintegration, and no one rose to check its premises or to challenge its base. Political economist-including the advocates of capitalism-defined their sciences as the study of management or direction or organization or manipulation of “community’s” or nations resources. The author goes on to say that the European culture regarded material productions as work that should be done by slaves or serfs but not first class citizens. It must be remembered that the institution of private property, in the full, legal meaning of the term, was brought into existence only by capitalism. In the pre-capitalist eras, private property existed de facto but not de jure, i.e. by custom and sufferance, not by right or by law. In law and in principle all land belonged to the head of the tribe, the king, and was held only by permission, which could be revoked at any time. CAPITALISM, a term used to donate the economic systems that has been dominate in the western world since the breakup of feudalism. Fundamental to any system called capitalist are the relations between private owners of non-personal means of production (land mines, industrial plants, etc.... collectively known as capital) and free but capitalizes workers, who sell their labor services to employers. The resulting wage bargains determines the proportion in which the total products of society will be shared between the class of laborers and the class of capitalist entrepreneurs. Productive use of the “social surplus” was special virtue that enabled capitalism to outstrip all prior economic systems. Instead of building pyramids and cathedrals, those in command of the social surplus chose to invest in ships, warehouses, raw materials, finished goods and other material forms of wealth.