Capitalism

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Capitalism

Additional info

Abolitionism

History · Antiquity · Aztec · Ancient Greece · Rome · Medieval Europe · Thrall · Kholop · Serfdom · Spanish New World colonies

Absolute monarchy

Absolute monarchy is a monarchical form of government where the monarch exercises ultimate governing authority as head of state and head of government, thus wielding political power over the sovereign state and its subject peoples. In an absolute monarchy, the transmission of power is two-fold, hereditary and marital; as absolute governor, the monarch’s authority is not legally bound or restricted by a constitution.

Adam Smith

Adam Smith (baptised 16 June 1723 – 17 July 1790 [OS: 5 June 1723 – 17 July 1790]) was a Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Adam Smith is widely cited as the father of modern economics.^[1]^[2]

Advanced capitalism

Advanced capitalism is an expression used to refer to the features of those societies in which the capitalist model has been integrated and developed deeply and extensively and for a prolonged period of time. The expression distinguishes such societies from the historical previous forms of capitalism, mercantilism and industrial capitalism, and partially overlaps with the concepts of developed country, post-industrial age, finance capitalism, post-Fordism, spectacular society, modern capitalism and complex capitalism.

Age of Enlightenment

The Age of Enlightenment (or simply the Enlightenment) is a term used to describe a time in Western philosophy and cultural life, centered upon the eighteenth century, in which reason was advocated as the primary source and legitimacy for authority^[1].

Agency (law)

Agency is an area of commercial law dealing with a contractual or quasi-contractual tripartite, or non-contractual set of relationships when an agent is authorized to act on behalf of another (called the Principal) to create a legal relationship with a Third Party.^[1] Succinctly, it may be referred to as the relationship between a principal and an agent whereby the principal, expressly or impliedly, authorizes the agent to work under his control and on his behalf. The agent is, thus, required to negotiate on behalf of the principal or bring him and third parties into contractual relationship. This branch of law separates and regulates the relationships between:

Aggregate demand

In macroeconomics, aggregate demand (AD) is the total demand for final goods and services in the economy (Y) at a given time and price level^[1]. It is the amount of goods and services in the economy that will be purchased at all possible price levels. ^[2]This is the demand for the gross domestic product of a country when inventory levels are static. It is often called effective demand, though at other times this term is distinguished.

Alfred Marshall

Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge, England) was an English economist and one of the most influential economists of his time, being one of the founders of neoclassical economics. His book, Principles of Economics (1890), brings the ideas of supply and demand, of marginal utility and of the costs of production into a coherent whole. It became the dominant economic textbook in England for a long period.

Ananda Marga

Ananda Marga, officially known as Ananda Marga Pracharaka Samgha (AMPS) meaning "the organization for the propagation of the path of bliss" is a "social and spiritual movement"^[1] founded in Jamalpur, Bihar, India in 1955 by Prabhat Ranjan Sarkar (1921-1990).

Anarchism

Anarchism is a political philosophy encompassing theories and attitudes which consider the state to be unnecessary, harmful, or otherwise undesirable, and favor instead a stateless society or anarchy.^[1]^[2]^[3]^[4]^[5]^[6] Individual anarchists may have additional criteria for what they conceive to be anarchism, and there is often broad disagreement concerning these broader conceptions. According to The Oxford Companion to Philosophy, "there is no single defining position that all anarchists hold, and those considered anarchists at best share a certain family resemblance."^[7]

Anti-capitalism

Anti-capitalism describes a wide variety of movements, ideas, and attitudes which oppose capitalism. Anti-capitalists, in the strict sense of the word, are those who wish to completely replace capitalism with another system.

Anti-globalization

The anti-globalization movement is critical of the globalization of capitalism. The movement is also commonly referred to as the global justice movement^[1], alter-globalization movement, anti-corporate globalization movement^[2], or movement against neoliberal globalization. Corresponding terms in other languages are mouvement antimondialiste^[3] (French), globalisierungskritische Bewegung (German), Movimento no-global (Italian), or Movimento anti-globalização (Portuguese).

Anton LaVey

Anton Szandor LaVey,^[1] (April 11, 1930 – October 29, 1997) born Howard Stanton Levey, was the American founder and High Priest of the Church of Satan as well as a writer, occultist, and musician. He was the author of The Satanic Bible and the founder of LaVeyan Satanism, a synthesized system of his understanding of human nature and the insights of philosophers who advocated materialism and individualism.

Arabia

The Arabian Peninsula (in Arabic: شبه الجزيرة العربية šibh al-jazīra al-ʻarabīya or جزيرة العرب jazīrat al-ʻArab), Arabia, Arabistan,^[1] and the Arabian subcontinent^[2] is a peninsula in Southwest Asia at the junction of Africa and Asia. The area is an important part of the Middle East and plays a critically important geopolitical role because of its vast reserves of oil and natural gas.

Aristippus

Aristippus (Greek: Ἀρίστιππος) of Cyrene, (c. 435-c. 356 BCE), was the founder of the Cyrenaic school of Philosophy.^[1] He was a pupil of Socrates, but adopted a very different philosophical outlook, teaching that the goal of life was to seek pleasure by adapting circumstances to oneself and by maintaining proper control over both adversity and prosperity. Among his pupils was his daughter Arete.

Aristotle

Aristotle (Greek: Ἀριστοτέλης, Aristotélēs) (384 BC – 322 BC) was a Greek philosopher, a student of Plato and teacher of Alexander the Great. His writings cover many subjects, including physics, metaphysics, poetry, theater, music, logic, rhetoric, politics, government, ethics, biology, and zoology. Together with Plato and Socrates (Plato's teacher), Aristotle is one of the most important founding figures in Western philosophy. Aristotle's writings constitute a first at creating a comprehensive system of Western philosophy, encompassing morality and aesthetics, logic and science, politics and metaphysics.

Artisan

An artisan (from Italian: artigiano) is a skilled manual worker who crafts items that may be functional or strictly decorative, including furniture, clothing, jewelry, household items, and tools. The term can also be used as an adjective to refer to the craft of hand making food products, such as bread, beverages and cheese.

Asia

Asia is the world's largest and most populous continent, located in the eastern and northern hemispheres. It covers 8.6% of the earth's total surface area (or 29.9% of its land area) and with approximately 4 billion people, it hosts 60% of the world's current human population.

Assignment (law)

An assignment (Latin cessio) is a term used with similar meanings in the law of contracts and in the law of real estate. In both instances, it encompasses the transfer of rights held by one party—the assignor—to another party—the assignee. The legal nature of the assignment determines some additional rights and liabilities that accompany the act.

Atlas Shrugged

Atlas Shrugged is a novel by Ayn Rand, first published in 1957 in the United States. This was Rand's fourth, longest and last novel, and she considered it her magnum opus in the realm of fiction writing.^[1] As indicated by its working title The Strike, the book explores a dystopian United States where leading innovators, ranging from industrialists to artists, refuse to be exploited by society. The protagonist, Dagny Taggart, sees society collapse around her as the government increasingly asserts control over all industry, while society's most productive citizens, led by the mysterious John Galt, progressively disappear. Galt describes the strike as "stopping the motor of the world" by withdrawing the "minds" that drive society's growth and productivity; with their strike these creative minds hope to demonstrate that the economy and society would collapse without the profit motive and the efforts of the rational and productive.

Augusto Pinochet

Augusto José Ramón Pinochet Ugarte^{[note 1]} (25 November 1915 – 10 December 2006) was a Chilean army general and later head of state as president. He was the Commander-in-Chief of the Chilean army from 1973 to 1998, president of the Government Junta of Chile from 1973 to 1981 and President of the Republic from 1974 until the return of democratic rule in 1990.^[1]

Austrian School

The Austrian School (also known as the Vienna School or the Psychological School) is a school of economic thought that emphasizes the spontaneous organizing power of the price mechanism or price system. Austrians hold that the complexity of human behavior makes mathematical modeling of the evolving market extremely difficult (or undecidable) and advocate a laissez faire approach to the economy. Austrian School economists advocate the strict enforcement of voluntary contractual agreements between economic agents, and hold that commercial transactions should be subject to the smallest possible imposition of forces they consider to be coercive (in particular the smallest possible amount of government intervention).

Austrian school

Authoritarian

Authoritarianism describes a form of government characterized by an emphasis on the authority of state in a republic or union. It is a political system controlled by typically non-elected rulers who usually permit some degree of individual freedom.^[1] ^[2]

Autonomy

Autonomy (Ancient Greek: αὐτονομία autonomia from αὐτόνομος autonomos from αὐτο- auto- "self" + νόμος nomos, "law" "one who gives oneself his/her own law") is a concept found in moral, political, and bioethical philosophy. Within these contexts, it refers to the capacity of a rational individual to make an informed, un-coerced decision. In moral and political philosophy, autonomy is often used as the basis for determining moral respectibility for one's actions. One of the best known philosophical theories of autonomy was developed by Kant. In medicine, respect for the autonomy of patients is an important goal, though it can conflict with a competing ethical principle, namely beneficence. Politically, it is also used to refer to the self-governing of a people.

Ayn Rand

Ayn Rand (pronounced /ˈaɪn ˈrænd/; born Alisa Zinov'yevna Rosenbaum; February 2 [O.S. January 20] 1905 – March 6, 1982), was a Russian-American novelist, philosopher,^[1] playwright, and screenwriter. She is known for her two best-selling novels and for developing a philosophical system she called Objectivism. Born and educated in Russia, Rand emigrated to the United States in 1926. She worked as a screenwriter in Hollywood and had a play produced on Broadway in 1935–1936. She first achieved fame with her novel The Fountainhead, published in 1943,^[2] which in 1957 was followed by her best-known work, the philosophical novel Atlas Shrugged.

Baghdad

Baghdad (Arabic: بغداد‎ Baġdād, Turkish: Bağdat) (meaning: "the fair garden") is the capital of Iraq and of Baghdad Governorate, with which it is coterminous. Having a municipal population estimated between 5 and 7.5 million, it is the largest city in Iraq^[1]^[2] and one of the two largest in the Arab World (including Cairo).

Bank

A bank is a financial institution licensed by a government. Its primary activities include providing financial services to customers while enriching its investors. Many financial activities were allowed over time. For example banks are important players in financial markets and offer financial services such as investment funds. In some countries such as Germany, banks have historically owned major stakes in industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies. In Japan, banks are usually the nexus of a cross-share holding entity known as the zaibatsu. In France, bancassurance is prevalent, as most banks offer insurance services (and now real estate services) to their clients.

Bank of England

The Bank of England (formally the Governor and Company of the Bank of England) is, despite its name, the central bank of the whole of the United Kingdom and is the model on which most modern, large central banks have been based. It was established in 1694 to act as the English Government's banker, and to this day it still acts as the banker for the UK Government. The Bank was privately owned and operated from its foundation in 1694 until it was nationalized in 1946. In 1997 it became an independent public organisation, wholly-owned by Government, with independence in setting monetary policy.^[2]^[3]^[4] The Bank has a monopoly on the issue of banknotes in England and Wales, although not in Scotland or Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibility for managing the monetary policy of the country. The Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances" but such orders must be endorsed by parliament within 28 days.^[5]

Banking

Barter

Bartering is a medium in which goods or services are directly exchanged for other goods and/or services without a common unit of exchange (without the use of money).^[1] It can be bilateral or multilateral, and usually exists parallel to monetary systems in most developed countries, though to a very limited extent. Barter usually replaces money as the method of exchange in times of monetary crisis, when the currency is unstable and devalued by hyperinflation. Bartering is still common in the present, but in developed countries usually with the help of the Internet on sites like Craigslist.^[2]

Ben Bernanke

Ben Shalom Bernanke^[1] (pronounced /bərˈnænki/ bər-NAN-kee;^[2] born December 13, 1953) is an American economist, and the current Chairman of the United States Federal Reserve. Bernanke, a Republican who was appointed by President George W. Bush in October 2005 and who had briefly served as chairman of President Bush’s Council of Economic Advisers,^[3] succeeded Alan Greenspan on February 1, 2006. He was nominated for a second term by President Barack Obama in 2009 as the Chairman of the Federal Reserve.

Big business

Big Business is a term used to describe large corporations, in either an individual or collective sense. The term first came into use in a symbolic sense subsequent to the American Civil War, particularly after 1880, in connection with the combination movement that began in American business at that time. Organizations that fall into the category of "big business" include ExxonMobil, Wal-Mart, Google, Microsoft, General Motors, and Citigroup.

Bills of exchange

A negotiable instrument is a specialized type of "contract" for the payment of money that is unconditional and capable of transfer by negotiation. Common examples include cheques, banknotes (paper money), and commercial paper.

Bolivarian Republic of Venezuela

Venezuela (pronounced /ˌvɛnɨˈzweɪlə/ or /ˌvɛnɨˈzwɛlə/; in Spanish pronounced [be̞ne̞ˈswe̞la]), officially titled Bolivarian Republic of Venezuela (Spanish: República Bolivariana de Venezuela), is a tropical country on the northern coast of South America. It is a continental mainland with numerous islands located off its coastline in the Caribbean Sea. The republic won its independence from Spain in 1821.

Boom and bust

The term boom and bust refers to a great buildup in the price of a particular commodity or, alternately, the localized rise in an economy, often based upon the value of a single commodity, followed by a downturn as the commodity price falls due to a change in economic circumstances or the collapse of unrealistic expectations.

Branko Horvat

Branko Horvat (24 July 1928 - 18 December 2003) was a Croatian economist and politician. He worked a long time at the Institute of Economic Sciences, the former Planning Institute of the Socialist Federal Republic of Yugoslavia. He was the editor of the journal Economic Analysis and Worker’s Self-Management, and collaborator of the journal Praxis, to which he contributed much from the economic viewpoint, though he was not a member of that group. He was also a member of the Economic Institute of Zagreb.

Bullionism

Bullionism is an economic theory that defines wealth by the amount of precious metals owned. Bullionism is an early or primitive form of mercantilism. It was derived, in the 16th century, from the observation that the English state possessed large amounts of gold and silver, in spite of the fact that there was no mining of precious metals on English soil, because of its large trade surplus.

Business

A business (also called a company, enterprise or firm) is a legally recognized organization designed to provide goods and/or services to consumers.^[1] Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include cooperative enterprises and state-owned enterprises. Businesses can also be formed not-for-profit or be state-owned.

Business organisation

Companies law (or the law of business associations) is the field of law concerning companies and other business organizations. It is an establishment formed to carry on commercial enterprises.^[1] This includes corporations, partnerships and other associations which usually carry on some form of economic or charitable activity. The most prominent kind of company, usually referred to as a "corporation", is a "juristic person", i.e. it has separate legal personality, and those who invest money into the business have limited liability for any losses the company makes, governed by corporate law. The largest companies are usually publicly listed on stock exchanges around the world. Even single individuals, also known as sole traders may incorporate themselves and limit their liability in order to carry on a business. All different forms of companies depend on the particular law of the particular country in which they reside.

Byzantium

Byzantium (Greek: Βυζάντιον / Byzántion, Latin: BYZANTIVM, Byzantium) was an ancient Greek city, which was founded by Greek colonists from Megara in 667 BC and named after their king Byzas or Byzantas (Βύζας or Βύζαντας in Greek). The name "Byzantium" is a Latinization of the original name Byzantion. The city is what later evolved to be the center of the Byzantine Empire (the Greek-speaking Roman Empire of late Antiquity and the Middle Ages) under the name of Constantinople. Constantinople fell to the Turkish Ottoman Empire in 1453. The name of the city was changed to Istanbul in 1930 following the establishment of modern Turkey.

Cambridge University Press

Cambridge University Press is the publishing business of the University of Cambridge. Granted a Royal Letters Patent by Henry VIII in 1534, it is the world's oldest continually operating book publisher. Cambridge is both an academic and educational publishing house, with a regional structure operating in Europe, the Middle East and Africa (EMEA); the Americas; and Asia-Pacific.

Capacity utilization

Capacity utilization is a concept in economics which refers to the extent to which an enterprise or a nation actually uses its installed productive capacity. Thus, it refers to the relationship between actual output that 'is' produced with the installed equipment and the potential output which 'could' be produced with it, if capacity was fully used.

Capital accumulation

Most generally, the accumulation of capital refers simply to the gathering or amassment of objects of value; the increase in wealth; or the creation of wealth. Capital can be generally defined as assets invested with the expectation that their value will increase, usually because there is the expectation of profit, rent, interest, royalties, capital gain or some other kind of return.

Capital expenditure

Capital expenditures (CAPEX or capex) are expenditures creating future benefits. A capital expenditure is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset with a useful life that extends beyond the taxable year. Capex are used by a company to acquire or upgrade physical assets such as equipment, property, or industrial buildings. In accounting, a capital expenditure is added to an asset account ("capitalized"), thus increasing the asset's basis (the cost or value of an asset as adjusted for tax purposes). Capex is commonly found on the Cash Flow Statement as "Investment in Plant Property and Equipment" or something similar in the Investing subsection.

Capital goods

In Marxian economics, capital goods originally referred to the means of production.^[1] Individuals, organizations and governments use capital goods in the production of other goods or commodities. Capital goods include factories, machinery, tools, equipment, and various buildings which are used to produce other products for consumption. Capital goods, then, are products which are not produced for immediate consumption; rather, they are objects that are used to produce other goods and services. These types of goods are important economic factors because they are key to developing a positive return from manufacturing other products and commodities.

Capitalist mode of production

In Marxian economic discourse the capitalist mode of production refers to the socio-economic base of capitalist society which began to grow rapidly in Western Europe from the end of the eighteenth century, and later extended to most of the world. It is characterised by the predominantly private ownership of the means of production, distribution and exchange in a mainly market economy. The owners of capital are the dominant capitalist class (bourgeoisie). The working class (proletariat) who do not own capital must live by selling their labour power in exchange for a wage.

Carl Adolph Douai

Carl Daniel Adolph Douai (February 22, 1819 – 1888) was a notable German Texan. He was an educational reformer, abolitionist, newspaper editor, and labor leader from Altenburg, Saxe-Gotha-Altenburg. He married Baroness Agnes von Beust on September 26, 1843, in the city of Königsberg. Together they had ten children.

Carl Menger

Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics, famous for contributing to the development of the theory of marginal utility, which contested the cost-of-production theories of value, developed by the classical economists such as Adam Smith and David Ricardo.

Cartel

A cartel is a formal (explicit) agreement among competing firms. It is a formal organization of producers that agree to coordinate prices, marketing and production.^[1] Cartels usually occur in an oligopolistic industry, where there is a small number of sellers and usually involve homogeneous products. Cartel members may agree on such matters as price fixing, total industry output, market shares, allocation of customers, allocation of territories, bid rigging, establishment of common sales agencies, and the division of profits or combination of these. The aim of such collusion is to increase individual members' profits by reducing competition. Competition laws forbid cartels. Identifying and breaking up cartels is an important part of the competition policy in most countries, although proving the existence of a cartel is rarely easy, as firms are usually not so careless as to put agreements to collude on paper.^[2]^[3]

Cartels

Catallaxy

Catallaxy is influenced by Ludwig von Mises’s term Catallactics and was first used by the Austrian economist Friedrich Hayek. He was unhappy with the usage of the term Economy, feeling that the Greek root of the word, which could be translated as ‘household management’, implied that economic agents in a market economy possessed shared goals. Economy is used by Aristotle as ‘the art of household management’^[1] and part of the virtue of wisdom. Keeping in mind that the ‘household’ at Aristotle is used in a broader sense either for a private household or for the household of a state^[2] and even if the household at the times of Aristotle could have been a large business unit containing family and thousands of slaves, it was lead towards shared goals which differs from what a market economy is about. Catallaxy as a ‘Science of Exchange’^[3] describes according to Hayek,^[4]

Central planning

Economic interventionism is an action taken by a government in a market economy or market-oriented mixed economy, beyond the basic regulation of fraud and enforcement of contracts, in an effort to affect its own economy.^{[citation needed]} Economic intervention can be aimed at a variety of political or economic objectives, such as promoting economic growth, increasing employment, raising wages, raising or reducing prices, promoting equality, managing the money supply and interest rates, increasing profits, or addressing market failures. The term economic intervention assumes the state and economy are inherently separate, and therefore state action in the economy is an intervention in a market or market-oriented mixed economy.

Chattel

Personal property, roughly speaking, is private property that is moveable^[1], as opposed to real property or real estate. In the common law systems personal property may also be called chattels or personalty. In the civil law systems personal property is often called movable property or movables - any property that can be moved from one location to another. This term is in distinction with immovable property or immovables, such as land and buildings. Movable property on land, that which was not automatically sold with the land, included many kinds of livestock; in fact the word cattle is derived from Middle English chatel, which was once synonymous with general movable personal property.^[2]

Cheque

A cheque, also spelled check (see below), is a negotiable instrument^{[nb 1]} instructing a financial institution to pay a specific amount of a specific currency from a specified demand account held in the maker/depositor's name with that institution. Both the maker and payee may be natural persons or legal entities.

Circulating capital

Circulating capital is a term used by classical economists such as Adam Smith, David Ricardo and Karl Marx. It refers to physical capital and operating expenses, i.e., short-lived items that are used in production and used up in the process of creating other goods or services. This is roughly equal to Intermediate consumption. It includes raw materials, intermediate goods, inventories, ancillary operating expenses and (working capital). It is contrasted with fixed capital.

Class struggle

Class struggle is the active expression of class conflict looked at from any kind of socialist perspective. Karl Marx and Friedrich Engels, leading ideologists of communism, wrote "The [written]^[1] history of all hitherto existing society is the history of class struggle".^[2]

Classical economics

Classical economics is widely regarded as the first modern school of economic thought. Its major developers include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus and John Stuart Mill. Sometimes the definition of classical economics is expanded to include William Petty and Johann Heinrich von Thünen.

Classical liberalism

Classical liberalism is a political ideology that developed in the 19th century in England, Western Europe, and the Americas. It followed earlier forms of liberalism in its commitment to personal freedom and popular government, but differed from earlier forms of liberalism in its commitment to free markets and classical economics.^[1] Notable classical liberals in the 19th century include Jean-Baptiste Say, Thomas Malthus, and David Ricardo. Classical liberalism was revived in the 20th century by Ludwig von Mises and Friedrich Hayek, and further developed by Milton Friedman, Robert Nozick, Loren Lomasky, and Jan Narveson.^[2]

Collectivism

Collectivism is a term used to describe any moral, political, or social outlook, that emphasizes the interdependence of every human in some collective group and the priority of group goals over individual goals. Collectivists focus on community and society, and seek to give priority to group goals over individual goals.^[1]^[2]

Collectivist

Colonialism

Colonialism is the building and maintaining of colonies in one territory by people from another territory. Colonialism is a process whereby sovereignty over the colony is claimed by the metropole and social structure, government and economics within the territory of the colony are changed by the colonists. Colonialism is a certain set of unequal relationships, between metropole and colony and between colonists and the indigenous population.