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The Origins and Development of Capitalism
The Origins and Development of Capitalism
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Introduction
In a capitalist system, businesses compete with one another to produce the most innovative merchandise at the most competitive prices; in turn, consumers freely select the most desirable products. According to Adam Smith, this competition, when left unregulated, fosters maximum wealth and the common good (Economist 2-3). Indeed, unmanaged competition may ensure prices are affordable for consumers (2). However, in a global free market that exploits cheap labour; market demand dwindles, resulting in excessive credit lending and debt crises (Li 295-6). In this way, capitalism’s efficiency and promotion of the common good is questionable.
Since the resurgence of unregulated capitalism in the late 20th century, social inequalities have grown significantly, with one percent of the most powerful countries attaining more wealth than half the world (Dunklin 2). Canada’s income gap has also risen, exacerbating morbidity and mortality (Bryant 47). However, the extent that government should reduce social inequities is controversial in a liberal democracy, which prioritizes economic freedom. That being said, social inequalities may lead to wealthier individuals gaining an advantage in policy making (Bryant 54; Rein 63), undermining the liberal democratic value of political equality. Moreover, the ideal of economic freedom is shrinking in today’s global economy, which exhibits massive enterprises stifling competition and creating economic instability (Foster 2). In light of these issues, the aim of this essay is to detail how unregulated capitalism detracts from a liberal democracy by undermining political equality and economic freedom.
Ideals of a Liberal Democracy
The values of freedom and equality, which are pr...
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...21-134. Retrieved from Academic Search Complete.
Raphael, D., Curry-Stevens, A., & Bryant, T. (2008). Barriers to addressing the social determinants of health: Insights from the Canadian experience. Health Policy, 88, 222-235. doi: 10.1016/j.healthpol.2008.03.015.
Reich, R. (2007). How capitalism is killing democracy. Foreign Policy, Sep/Oct2007, 38-42. Retrieved from Academic Search Complete.
Rein, S. (2009). Radical politics. In J. Brodie & S. Rein (Eds.), Critical concepts: An introduction to politics (4th ed.) (pp. 60-71). Toronto, Ontario: Pearson Education Canada.
Shahrokhi, M. (2011). The global financial crises of 2007-2010 and the future of capitalism. Global Finance Journal, 22, 193-210. doi: 10.1016/j.gfj.2011.10.010.
Workman, T. (2010). Renewing the left in Canada. Canadian Dimension, 44(3), 49-52. Retrieved from the Canadian Reference Centre.
According to the World Health Organisation (2017) the social determinants of health are defined as the conditions where people are born, grown, work and live, which also includes the health system. The social determinants of health determined populations health’s outcomes and therefore linked with health inequalities (WHO, 2017)
Stevenson, Garth. "Canadian Federalism: The Myth of the Status Quo." Reinventing Canada: Politics of the 21st Century. Ed. M. Janine Brodie and Linda Trimble. Toronto: Prentice Hall, 2003. 204-14. Print.
Wilkinson, R. G., & Marmot, M. G. (2003). Social determinants of health: The solid facts.
Carnegie states, “Under the law of competition, the employer of thousands is forced into the strictest economies, among which the rates paid to labor figure prominently, and often there is friction between employer and the employed, between capital and labor, between rich and poor” (393). It is this competitive nature which allows the hardest working individuals to rise above their peers, create personal wealth and continue to accumulate wealth. Competition is a beneficial to capitalism. A company can produce an item and sell the
Wilkinson, R. M. (2003). Social determinants of health - the solid facts. [S.l.]: World Health Organization.
Social determinants of health have attracted the attention of governments, policy makers and international health organisations over the last three decades (Hankivsky & Christoffersen 2008). This is because social conditions which people are born in, live and work play an important role in their health outcomes (WHO 2015). According to Kibesh (1200) social determinants drive health disparities, disrupts the human developmental process and undermine the quality of life and opportunities for people and families (ref). Thus, several theories have been developed over the years to provide in-depth understanding of the social determinants of health and to reduce health inequalities (Hankivsky & Christoffersen, 2008). However, there is still significant
Wilkinson, R.G. & Marmot, M.G. 2003, Social determinants of health: the solid facts, World Health Organization.
New York, NY: McGraw-Hill, 2004. Romance, Joseph. Political Science 6 class lectures. Drew University, Summer 2004.
Critiques of social contract theories abound, even including criticisms from social contract theorists themselves, such as Jean-Jacques Rousseau. John Locke’s social contract theory remains one of the prominent theories to this day, and includes the idea that a thing owned in common can be obtained by adding one’s labor to it. Critics of social contract theories aren’t simply seeking to negate the theories of social contract theories, but in many cases are seeking to enhance them and show how they can be applied to certain principles. Georg Wilhelm Friedrich Hegel is one critic of social contract theory, who begins his work with an alternative to foundational state of nature conjectures used by social contract theorists such as Thomas Hobbes, Locke, and Rousseau. Karl Marx then critiques and refines Locke’s work to fit his purpose, while using Hegel’s theories to supplement his work. Marx uses Hegel’s “lord and bondage” critique to utilize Locke’s social contract theory from a different perspective; Marx alters the reason why Locke’s theory of property is important.
...an, P., Egerter, S., & Williams, D. R. (2011). The social determinants of health: coming
This essay will examine the causes of the 2008 Global Financial Crisis (GFC) from a Marxist perspective. This paper will specifically examine and critique how Marx’s Theory of Crisis can be applied to understand and interpret the underlying structural causes of the 2008 Global Financial Crisis.
There has always been a debate nowadays over the topic of capitalism. Those who favor capitalism argue that it is doing more goods than bads for us. But people who criticize capitalism, on the other hand, hold...
For thousands of years, individuals have been discussing the benefits of capitalism, socialism, or concepts fundamentally similar to those models within society. Winston Churchill managed to sum up a more modern view of socialism by stating, “The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries,” (Winston Churchill). The world recognizes that capitalism is not inherently equal, but economists are united in the notion that capitalism is more efficient than socialism. Gerald Cohen, one of the most vocal advocates of socialism, even noted that market societies function well, but Cohen ultimately argued that capitalism is immoral. In this essay, I will argue that self-interest within market societies is morally justifiable. Cohen misinterprets the concept of selfishness in much the same why he misconstrues ideal socialism to realistic capitalism.
Capitalism dominates the world today. Known as a system to create wealth, capitalism’s main purpose is to increase profits through land, labor and free market. It is a replacement of feudalism and slavery. It promises to provide equality and increases living standards through equal exchanges, technological innovations and mass productions. However, taking a look at the global economy today, one can clearly see the disparity between developed and developing countries, and the persistence of poverty throughout the world despite the existence of abundant wealth. This modern issue was predicted and explained a hundred and fifty years ago in Karl Marx’s Capital.
Warwick J. McKibbin, and Andrew Stoeckel. “The Global Financial Crisis: Causes and Consequences.” Lowy Institute for International Policy 2.09 (2009): 1. PDF file.