Characteristics of Market System
Economics Internet Library
H. Creative Destruction
1. Let Us Now Praise Private Equity explores the application of creative destruction
to poor job creation since the great recession.
2. Carnival of Creative Destruction a futurist predicts change
3. Rust Belt Almanac Mid-West decline and Creative Destruction
1. Capitalism is DynamicC affecting and being affected by participants. 4 min.
2. BBC audio on the History of Capitalism series
3. The Success and Price of Capitalism 61 min
J. Understanding Capitalism Readings updated 11/26/15
Prelude: The Theory of Moral Sentiments
1. Myth of Market Capitalism
2. Business Isn't Capitalism 5/3/14
3. The Fall of Rome reviews the market system of the Roman empire and
how the author believes government failures caused its demise.
4. Great Economists: Classical Economics and its Forerunners
5. Capitalism.org has a somewhat conservative view of capitalism.
6. Byron Wien successful capitalist states lessons of his first 80 year.
7. American Misconceptions about Capitalism Please
Unit 1 ReviewPrivate Property, Free Enterprise, Freedom of Economic Choice,
Role of Self-interest, Competitive Market System, Limited Government
Skip to II. Modern Capitalism 2 videos
Sundry Free Stuff
Modern Western Civilization Economic History
History of Economic Thought Video
U.S. Economic History
U.S. Economic History 1900-2017
U.S. Political Economy
Political Economy 1788-2016
Building America's Democratic Federalist Capitalist Republic
A Very Brief Political History of the United States
US Political Economy Basics
U.S. Political Economy Handbook
U.S. Political Economy
Quick Reviews 1-page per chapter
Preface: Do Economists Lie?
Will Inflation/Growth Tame Deficits
Free Video Courses
History of American Capitalism from Cornell University
History of American Capitalism The Virginia Company
Capitalism: Success, Crisis and Reform Yale University
Animal Farm? 72 minute Video
Modern Capitalism Has Many New Features
A. Importance of Capital Goods and Technology
1) Complexity limits product lines.
2) Division of Labor allows specialization by ability, training.
C. Modern Capitalism has many "rent seekers" trying to
increasing profit through politics.
1. Corporate Capitalism: a capitalist marketplace
characterized by the dominance of hierarchical,
2. State Capitalism: economy driven by the state, less
reliance on markets as practiced in China.
See China's State Capitalism
3. Money Manager Capitalism: money managers
dominate savings, investing and markets impacting
4. Patrimonial Capitalism is living off of inherited wealth
5. Crony Capitalism has been around from the beginning.
a. New name is Corporate Welfare
b. How crony capitalism corrupts thefree market 30 min video
c. Hunter Lewis on crony-capitalism 30
d. Geithner and Summers Crony Capitalist?
e. Crony Capitalism Index
f. The Rise and Fall of Nations 2016 goes after
6. Neoliberal Capitalism began with the Reagan
era of deregulation
7. Late Capitalism happens after the golden age
as society moves toward Communism
D. Democratic Capitalism vs. Capitalistic Democracy
is about Democracy cost effectiveness of.
1. Capital in the Twenty-First Century was a very popular
2014 book by Thomas Pikett.
a. Capitalism vs. Democracy editorial 1/28/14
b Capitalism in the Twenty-First Century 3/25/14
c. Taking on Adam Smith and Karl Marx NYT 4/19/14
d. Sequester Capitalism, Democracy and Money Theories
2. Capitalism is Not to Blame for Middle-Class Plight
3. Capitalism is a concise overview from reference.com
4. Calvin and Hobbes Explain Modern Capitalism
Unit 2 Review
Importance of Capital Goods and Technology, Specialization, Rent Seekers
Criticism of Modern
A. Business Downturns Continue
1. Post WW2 International Economic Competitive Adjustment
2. U.S. Normality Changed by 7 Competitive Adjustments
3. World Changed and Good Jobs Disappeared
1. The Successes and Price of Capitalism
2. Capitalism in Crisis 1:40 is well-done.
Crisis of Capitalism 11:10 also well done
3. Seven Bad Ideas from the left and
Ten Reasons to be Bullish on U.S. Economy
4. The Crisis of Capitalism, The Critique from the right
5. Unfettered Capitalism, Chris Hedges Michael Moore video
6. The End of Capitalism
7. The Private Sector against corruption 30 min
8. Great Recession from a Classical-Keynesian View
from Roger Farmer Pepperdine School of Public Policy
a. How the Economy Works 9.11 min. video
b. Refining Classical Economics 9.29
c. Effect of the Great Depression 9.14
d. 1970's oil shock shocks the world of economics 8.52
e. How bad is the economy and where is it going 7.41
f. American Government: Republic Not Democracy 10.0
Some Question his motives as Michael Moore's estimated net worth is 50 million dollars.
Investigative journalist Ida Tarbell journalist called a Muckrakers known. She exposed Standard Oil Trust. Working for McClure Magazine and other monthly magazines they help educated the public from 1890 to 1929 in what is known as the Progressive Era. Her work represents hw we slowly improve the people properly represented by our democratic republic. See Inequality and the monopolies of unfettered techno markets
1. Why Intellectuals Hate Capitalism by Robert Nozick
2. Is Capitalism Moral? A Commonwealth Club Podcast
3. Coercive power of capitalism
4. Capitalism and Inequality (Jerry Z. Miller, Foreign Affairs)
Without social safety nets capitalism is doomed through
social disorder. Editor's Note: I've seen a lot of verbiage
blaming Capitalism for the inequality in the United States.
Inequality is a political question. It is the responsibility of
voters through politicians to equitably distribute production
without substantially limiting the productive capabilities of
capitalism . An example would be how well the economy
adjusted to the 2007-8 Balance Sheet Great Recession.
The income distribution problem it caused has been helped
by Obama Care and now its up to our economy to make
sure it is economically efficient.
5. Capitalism Versus the Philosophers
See People Not Voting Their Pocketbook is Killing the Poor
D. Capitalism and Business
1. Reimagining Capitalism: Documentary of the Week
2. Chinese Capitalism Better than American Capitalism
3. Hoodwinked An Economic Hit Man Reveals Why the
World Financial Markets Imploded--and What We
Need to Do to Remake Them, by John Perkins
4. How Will Capitalism End
5. Has Capitalism Reform Reached a Turning Point Forbes
6. Revisiting Old Argument About Impact Capitalism
7. Economic Report of the President 2014 is positive
8. The Great Recession looks at a recent capitalistic failures.
9. The Chicken Shit Club: Why the Justice Department Fails
to Prosecute Executives.” video 15 min
Other Economic Systems
1. Pure capitalism of Adam Smith never existed.
2. Recent economic systems are Mixed Economies
(a mixture of Capitalism and Socialism) See
Democratic Capitalism vs. Capitalistic Democracy
3. Quick History of Economics video 10 min.
2. Mercantilism explained 3 min video
3. Mercantilism 5 min video
1. Socialism has collective ownership and
management of economic resources that
are more equally distributed.
See History of Socialism
2. Democratic Socialism as practiced in Western
Europe has public ownership of key industries such
as transportation and communication.
a. Economic systems of Europe began moving away
from socialism toward capitalism in the late 1970's.
b. Margaret Thatcher former prime minister of England
started this trend.
c. Ronald Reagan agreed and stressed the market
system during his presidency.
d. Social Market Economy is a social and economic
system combining free market capitalism which
supports private enterprise, alongside social policies
which establish both fair competition within the
market and a welfare state and strong anti-inflation
e. Democratic Socialism in America is a negative view
f. Fabian Economics "came from a British socialist
organization whose purpose was to advance
socialism as gradualist, reformist rather than
3. Capitalism and Socialism
a. Capitalism vs. Socialism a 14 min video from
Crash Course Video in World History
#33 uses humor teaching the basics.
b. Laissez fair Capitalism vs. Socialism Video
See Social Democracy
c. What is China's State Capitalism?
Question: Will China's system morph into
D. Communism is the ideal of those practicing a
1. 19th century philosopher Karl Marx created the system
a. Marx extensively criticized Capitalism
b. Mark described a Utopian worker's world.
c. He was not concerned with getting from a to b.
2. Wealth is collectively owned and managed in this
planned command economy.
3. The Paris Commune of 1871 along with the French
Revolution explains why so many feared change
promised by new liberal economic systems.
4. Some equate communism with a totalitarian political
system democratic communism has never existed.
5. This very left pro-labor anti religious economic
philosophy was despised by most Western Oligarchs
many of whom Nazi Fascism over any brand of
6. How Marx Got On The Wrong Side Of History
7. In 1917 Bolsheviks who wanted immediate revolution
defeated the evolutionary oriented Mensheviks
Click to enlarge.
Editors Note: Most unbiased observers would feel uncomfortable calling U.S. Democratic social radical. Followed by many of the great countries of Europe after WWII, it did very well but some would feel it drifted toward communism. by trying to redistribute too much wealth from the top toward the bottom. Prime Minister Margaret Thatcher pushed Great Britan toward capitalism by selling many large state owned industries and instituted business deregulation. Ronald Reagan followed suit in the U.S. though he concentrated on deregulation. Some 30 years later Thatcher's Great Britan has fared tter than more socialistic continental European cous as politicians have allowed government spending and borrowing to get out of control. Conservatives in America feel they must stop U.S. politicians from doing the same thing.
Less Dominate Systems
V. Country Economic Policies
Greece, Endgame of Neocolonial Exploitation
Editor's notes on U.S. government
Political science developed during the Age of Enlightenment . In the United State a philosophy State Liberalism developed with many ideas coming from John Lock's Second Treaties on civil government. Liberalism seeks individual freedom under the law.
Liberal values from Lock concern an individual's natural rights of equality, liberty, property, the necessity of consent, and limited government. Order and importance of these rights was then and still is the focal point of U.S. political discussions. For about three-hundred years these discussions have centered on minimal state liberalism (today's conservatism) vs. active state liberalism (today's liberalism). The question was to what degree should government get involved with the protection of which of an individual's natural rights. How much property through taxes should be used to foster equality?
recurring themes have been present in these political
a. Controlling majority factions is more difficult in
times of war when freedom of speech is
questioned to maximize the state's police powers.
b. Gilbert v. Minnesota (1920) dealt with a state
law prohibiting interference with the military's
enlistment efforts. It was the beginning of a
movement away from property rights and toward
the liberty rights of individual.
c. Whitney v. California (1927) dealt with the
prosecution of a woman for aiding the Communist
Labor Party. It also furthered the individual liberty
d. Beginning in the 1950's the movement toward
individual liberty morphed into the Civil Rights
C. Kinds of Democracy
Presidential Democracy has a president and the legislative
Making Laws in a Democracy
History of Democracy
Republic vs. Democracy
G. Democracy and Capitalism
G. Democracy and Capitalism
Amendment to the United
Commonwealth, Republic, Democracy, Federalism, Polyarchy,
The US constitution was seen as very important because republican government had not succeeded very often due to an inability to limit majority power. It was written at a time when the science of politics developed by John Lock and others would help develop a document that would promote stability and control majority factions. Controls included Separation of powers/ authority among three branches of government, the legislature, the President, and the courts. Within the legislature power was again separated such that the Senate could stop a bill passed by the House of Representatives, the President could veto a passed Congressional bill, Congress could override said veto with a 2/3 vote, and the Supreme Court could stop the President and Congress by declaring a law unconstitutional. These checks and balances between the branches were to protect minority rights from factions.
Politically, the U.S. had a difficult beginning as the violence and anarchy surrounding the French Revolution made many Americans uneasy about their republican democracy. Historically, the Federalist and their active state liberalism ruled and then Jefferson and Jackson governed based on minimal state liberalism. Then Lincoln used a strong federal government to preserve the Union and it lasted until the end of reconstruction when limited government helped by the Supreme Court fostered the Gilded Age. The Progressivism Teddy Roosevelt and Windrow Wilson ruled with active state liberalism until the First Red Scare and unionism following WW I brought back minimal state liberalism. The Great recession allowed FDR to use active state liberalism to tame the Great Recession and while active government was slowed by a Second Red Scare and the Korean War, the Kennedy assassination in 1962's gave LBJ's the ability to use active state liberalism to pass The Great Society anti-poverty programs. A difficult 1970's because of Stagflation allowed Ronald Regan to blame big government and he returned to minimal state liberalism. Neither branch of state liberalism has controlled the 21st Century with society allowing a strong governmental response to 9/11 and then allow President Obama, a strong active state liberalism president, to pass Obamacare.
Federalist George Cabot of Massachusetts feared ..."the terrible evils of democracy," and felt Jefferson was unstoppable,..." From p368 of Thomas Jefferson: The Art of Power, 2012 a biography by Jon Meacham as summarized by Walter Antoniotti Democracy and a Republics are often interchangeably. Source
Does Current Political Economy Questions substantiate that democracy has not controlled government spending.
Editor's Note: Building a Democratic Republic is aninteresting study of the 250 years of trial and tribulations required to build our government. It is from Part 2 of Turning Points in American History covers these topics.
toured the U.S. and made some
Listen on YouTube Listen on LibriVox See Universal male suffrage began in 1884 France and
was an important milestone in the history of democracy.
Summary:We seek individual liberty, social justice and economic efficiency with a Democratic Republic that uses a constitution to protects the minority, a Supreme Court to enforce the constitution and an ever expanding electorate deciding who does what, when and how. This continually changing electorate both legally and in practice has led to a somewhat dynamic Republic of the United States
Editors Note: Voter rules are again a hot 2015 political topic and equal rights have apparently been granted to homosexuals.
VII. Politics in
the U.S. Democratic Republic
A. Current Discussions
1.It’s Time to Found a New Republic
2. Income Inequality Analysis and Cures
3. Election Issues 2016
B. U.S Voting Rights Timeline
1. Primary Voting attempt to restrict in 2016
2. New-Voting Restrictions-2010-election
C. 20th Century U.S. Political Economy
D. Money in U.S. Politics Using 40 charts.
E. Presidential Politics is a concise summary of Presidential Elections.
F. Presidential Courage depicts great presidents serving democracy.
G. The End Game for Democracy Bill Moyer's 3 minute video on all
aspects of public and private life.
H. A Republic No More Video 1:03 explores of U.S. Democracy and
the concept of a Republic.
I. Are representatives trustees representing the nation or are they
delegates representing their constituency?
J. Have you read the federalist papers of American-conservatism?
has student articles with a conservative view.
K. Our Republican Constitution podcast on concerning Judicial Review
and congressional power is a must for political science students
L. New President Power Proposed podcast from T. Moe of Stanford
M. Why Trump-Sanders Phenomenon Signals an Oligarchy on then
Brink of a Civilization-Threatening Collapse
N. Democracy new book by the author of changes his see as needed by US political Economy
O. U.S. Government and Politics
VIII. Conclusion: Four Horsemen 1:39 video is a collection of today's greatest sociological, political and economic voices that analyze and put into historical perspective the decisions and results of our economic and political systems.
IX. Market System Capitalism and Political Economy Videos A. Provided with answers from steponicseconomics
B. Exam Strategies + has comprehensive testing advise.
States With New Voting Restrictions Since the 2010 Election
U.S. Political Economy
Median Income Hurt Our Children?
Median Income Hurt Our Children?
G. Course project/discussion
Editor's Note: To solve the problem of not enough income for the middle classes in the 1980's capitalism changed the name of Home Improvement Loans to Home Equity Loans. People were encouraged to immediately spend what had been a retirement nest egg. There is nothing wrong with this as long as people realize that they may be delaying retirement.
More Chapter Stuff
Videos on One Page
Economic Normality Changed Seven
Economic Normality Changed Seven Times 1945-2015
Democratic Federalist Republic
Building America's Democratic Federalist Republic
US Political Economy one page
Is This Divergence an Economic or Political Issue?
Political Economy Controversies
More Project Data For many years, Americans have worked hard, produce more, and voted to give more and more of the income gains to the rich.
Editors Note: A closer look would reveal that these same voters allowed governments to build up debt, governments and businesses to have large unfunded pension liabilities, and individuals to spend unrealized home equity using home equity loans.
version from Gutenberg is easily searchable by topic.
Fun Stuff with Calvin and Hobbes, Modern Feudalism
and Two Cows on World Capitalismalvin and Hobbes Explain Modern Capitalism
from The Daily Beas
Here is a visual version of the well-known cow based analogy of capitalism.
US Produces Most Per Capita
Voters Hire Politicians That Overspend and
Promise More in the Future at all levels of Government
Cheap Imports Allow Even More Consumption.
We Borrow on Home Equity for Current Consumption.
Yet Many Seem Dissatisfied?
|Market System Capitalism and Political Economy Videos|
- by 1870s countries developing second industrial revolution facing double problem:
1 need to sell overproduction, new markets
2 need to buy larger amounts of raw materials at cheapest price
Besides: wish to invest surplus of capital in places with cheaper hand labour in order to get larger profits
RESULT: most developed countries occupied territories esp. in Africa and Asia – areas with weak political and economic structures. This is known as colonialism.
Main countries: Britain, France, Germany, Belgium, Italy later also the United States and Japan
Population excess of industrialised countries: search better living conditions creating colonies in areas having similar climate, i.e. South Africa, Australia, Algeria.
RESULT: millions of Europeans emigrated to colonies preventing further social discomfort to the metropolis i.e. strikes, stoppage or workers rioting
POLITICAL the “national pride” forcing to increase the number of colonies
MILITARY need to occupy ports, build strategic canals to guard commercial routes in competition with nations aiming the same
JUSTIFICATION FOR COLONIALISM
Some countries mentioned moral or ethical reasoning: Europe’s civilising mission: due to technological supremacy + religious = sanitary, educational, improving lifestyles, social peace,…
Joseph Rudyard Kipling (December 30, 1865–January 18, 1936) was an English author and poet, born in Bombay, British India, and best known for his works The Jungle Book (1894), The Second Jungle Book (1895
(The heavy responsibility of the white man)
"The White Man's Burden" is a poem by the English poet Rudyard Kipling. I
RESULT: ideas lead to racism: white man superior to other races
JUST only a few intellectuals and socialist leaders opposed colonialism charging brutal and inhuman exploitation in colonies.
"The East India Company foreshadowed the modern world in all sorts of striking ways. It was one of the first companies to offer limited liability to its shareholders. It laid the foundations of the British empire. It spawned Company Man. And—particularly relevant at the moment—it was the first state-backed company to make its mark on the world.
State-controlled companies account for 80% of the market capitalization of the Chinese stock market, more than 60% of Russia's, and 35% of Brazil's."
In the early 19th century, the East India Company
(EPIC) , had cut off the hands of hundreds of weavers in Bengal in order to
destroy the indigenous weaving industry in favor of British textile
imports (some anecdotal accounts say the thumbs of the weavers of
The violent deaths inflicted by the British are
overshadowed by the excess deaths due to deprivation - the British managed
to hold onto