¶ … Nature of Capitalism
Susan Strange's theories of capitalism
Giovanni Arrighi's theories of capitalism
Capitalism, an economic which has dominated the Western world after the catastrophic failure of feudalism (Encyclopedia Britannica,2006). No consensus exists for an accurate definition of the term as well as how the term has been employed as a historical category (Rowman & Littlefield, 1999, p.1). . In this paper however, we analyze and define the capitalism while also comparing as well as contrasting the theories of Susan Strange, Karl Polanyi and Giovanni Arrighi on capitalism. We also explain how the three of them handled the issues of capitalism.
Capitalism, an economic which has dominated the Western world after the catastrophic failure of feudalism (Encyclopedia Britannica,2006). No consensus exists for an accurate definition of the term as well as how the term has been employed as a historical category (Rowman & Littlefield, 1999, p.1).However, a general agreement exists that capitalism has elements of private ownership as an important method of production, accumulation of capital, creation of various goods and services, wage labor as well as participation in voluntary exchange (Heilbroner,2008; Tormey,2004). The term capitalism has often been used in various historical contexts all of which vary with geography, time, culture as well as politics (Scott,1995).The analysis of capitalism has been approached in various perspectives by historians, economists as well as political economists. Economists have been noted to make an emphasis on the degree to which the government has no control over the existing and emerging markets (laissez faire) as well as over rights to property (Tucker,1997;Case,2004).Political economists on the other hand have an emphasis on the power relations, class, wage labor, private property as well as the historical formulation of capitalism (Stilwell,2002).Generally, capitalism has been observed as a concept that encourages economic growth (Encyclopaedia Britannica, 2009).Several political ideologies have been advanced in support of various cases of capitalism with economic liberalism being the most dominant. In this paper however, we analyze and define the capitalism while also comparing as well as contrasting the theories of Susan Strange, Karl Polanyi and Giovanni Arrighi on capitalism. We also explain how the three of them handled the issues of capitalism.
The definition and nature of capitalism
Capitalism is a concept which is usually defined as an economic system that involves private actors who are given permission to own as well as control the usage of property in accordance to their own interests under the influence of the invisible hand of demand and supply which controls the pricing mechanism in the markets for the sake of our society (Scott,2006).In a capitalistic system, the government is responsible for the maintenance of peace as well as justice. Capitalism is also defined as a system that is fueled by indirect governance of the eco9nomic relationships in which all the markets exist within the institutional frameworks that are put in pca by the dominant political authorities (governments). Capitalism is noted by Scott (2006) to be a three level system. The first level is occupied by the markets and is marked by stiff competition between the actors. The second level is dominated by the institutional foundations that govern these markets.The third level is occupied by the political authority that govern these markets. Even though markets with the assistance of the invisible hand play a role in the coordination of the forces of demand and supply, the government is noted by Scott (2006) to play a role in the coordination of the modernization of the market frameworks according to the changing nature of market conditions.
Susan Strange's theories of capitalism
Susan Strange was a very astute British academic who became very influential in the International Political Economy arena. One of her most influential publications within the context of capitalism is Casino Capitalism (Strange,1997).
What is Casino Capitalism?
Casino capitalism is a term which was coined by Strange (1986) and became the titled of her book called Casino Capitalism...
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