Essay on Capitalist System

Essay on Capitalist System

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From the French Revolution (1789) to Modern Times, various significant theories created by philosophers, scholars, social scientists, politicians, and economists. Rousseau to Kant, Adam Smith to John Stuart Mill, Proudhon to Comte, Marx to Bernstein, Ricardo to Mazzini, many approaches considered as milestones introduced to the environment’s of different studies. However, during the timeline which consists four (18th, 19th, 20th, 21st) centuries, societies evolved significantly while the fundamental assumptions of earlier communities are replaced. As the bases of political theories evolved from state centralism to individualism, the study of economy, consequently, evolved in the favor of individual based environment. As the concepts and theories are introduced, subsequently, new systems in both political and economical terms are emerged. After centuries of war and destruction, starting with the second half of the 20th century, the capitalist system started to adumbrate its dominancy. Efficiency of armed struggles and armament race among states is queried. Especially after the collapse of the Berlin Wall, the superiority of liberal ideals accepted more precisely. Within this context of conventional process, analysis of this evolutionary timeline will expose an answer to the question of “Why today we seem to focus “more” on distribution of income among households or individuals?” On the other hand, it will be unfair to say that individualist approaches emerged just recently.
When Adam Smith explained his thoughts on “private interests” and “public benefit” at late 18th century, no one can precisely argue that those ideas will change the flow of the social sciences. He told that annual revenue of society is always equal to exchange...


... middle of paper ...


...ficient welfare state. However, as we analyze individuals separately, the study will show that there are groups of peoples whose belong to different economic sections within the society. As the crucial issues like growth theory and many other requires the integration of sub-disciplines of economy including labor economics by using both macro and micro approaches on analysis.



Works Cited

A. Atkinson “Factor shares: the principal problem of political economy?” Oxford Review of Economic Policy, Volume 25, Number 1, 2009, pp.3–16

Marx, Karl, Friedrich Engels, Samuel Moore, and David McLellan. The Communist Manifesto. Oxford: Oxford University Press, 1992.

Mill, John. S., “On Liberty”, The Floating Press, 2009 (From a 1909 ed.).

Smith, Adam, An Inquiry into the Nature and Causes of the Wealth of Nations. Edwin Cannan, ed. 1904 . Library of Economics and Liberty.

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