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Capitalism, Socialism And Democracy
''Capitalism, Socialism, and Democracy'' is a book on economics, sociology, and history by Joseph Schumpeter, arguably his most famous, controversial, and important work. It's also one of the most famous, controversial, and important books on social theory, social sciences, and economics—in which Schumpeter deals with capitalism, socialism, and creative destruction. It is the third most cited book in the social sciences published before 1950, behind Marx's '' Capital'' and ''The Wealth of Nations'' by Adam Smith. Introduction Part I: The Marxian Doctrine Schumpeter devotes the first 56 pages of the book to an analysis of Marxian thought and the place within it for entrepreneurs. Noteworthy is the way that Schumpeter points out the difference between the capitalist and the entrepreneur, a distinction that he claims Marx would have been better served to make (p. 52). The analysis of Marx is broken down into four roles that Schumpeter ascribes to the writer (prophet, s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Schumpeter
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized the term "creative destruction", which was coined by Werner Sombart. Early life and education Schumpeter was born in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary) in 1883 to German-speaking Catholic parents. Both of his grandmothers were Czech. Schumpeter did not acknowledge his Czech ancestry; he considered himself an ethnic German. His father owned a factory, but he died when Joseph was only four years old. In 1893, Joseph and his mother moved to Vienna. Schumpeter was a loyal supporter of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Democratic
Social democracy is a political, social, and economic philosophy within socialism that supports political and economic democracy. As a policy regime, it is described by academics as advocating economic and social interventions to promote social justice within the framework of a liberal-democratic polity and a capitalist-oriented mixed economy. The protocols and norms used to accomplish this involve a commitment to representative and participatory democracy, measures for income redistribution, regulation of the economy in the general interest, and social welfare provisions. Due to longstanding governance by social democratic parties during the post-war consensus and their influence on socioeconomic policy in Northern and Western Europe, social democracy became associated with Keynesianism, the Nordic model, the social-liberal paradigm, and welfare states within political circles in the late 20th century. It has been described as the most common form of Western or modern soci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monopoly
A monopoly (from Greek language, Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situation where a specific person or company, enterprise is the only supplier of a particular thing. This contrasts with a monopsony which relates to a single entity's control of a Market (economics), market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market. Monopolies are thus characterized by a lack of economic Competition (economics), competition to produce the good (economics), good or Service (economics), service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit. The verb ''monopolise'' or ''monopolize'' refers to the ''process'' by which a company gains the ability to raise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product, or real GDP. Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income). The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Entrepreneurs
Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones. An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards.The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, which is often similar to a small business, or as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit." The people who create these businesses are often referred to as entrepreneurs. While de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arnold Kling
Arnold Kling (born 1954) is an American economist, scholar, and blogger known for his writings on EconLog, an economics blog, along with Bryan Caplan and David R. Henderson. Kling also has his own blog, askblog, which carries the motto: "taking the most charitable views of those who disagree." The "ask" in askblog stands for "Arnold S. Kling." He is an Adjunct Scholar for the Cato Institute and is affiliated with the Mercatus Center. Kling graduated from Swarthmore College in 1975 and received a Ph.D. in economics from Massachusetts Institute of Technology. He worked as an economist in the Federal Reserve System from 1980 to 1986. He served as a senior economist at Federal Home Loan Mortgage Corporation (Freddie Mac) from 1986 to 1994. He started, developed, and sold homefair.com between 1994 and 1999. He teaches statistics and economics at the Berman Hebrew Academy in Rockville, Maryland. In 2004 and 2005, he taught "Economics for the Citizen" at George Mason University in Fair ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edmund Phelps
Edmund Strother Phelps (born July 26, 1933) is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career, he became known for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth. His demonstration of the golden rule savings rate, a concept related to work by John von Neumann, started a wave of research on how much a nation should spend on present consumption rather than save and invest for future generations. Phelps was at the University of Pennsylvania from 1966 to 1971 and moved to Columbia University in 1971. His most seminal work inserted a microfoundation, one featuring imperfect information, incomplete knowledge and expectations about wages and prices, to support a macroeconomic theory of employment determination and price-wage dynamics. That led to his development of the natural rate of unemployment: its existence and the mechanism governing its size. In the ear ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Prize
The Nobel Prizes ( ; sv, Nobelpriset ; no, Nobelprisen ) are five separate prizes that, according to Alfred Nobel's will of 1895, are awarded to "those who, during the preceding year, have conferred the greatest benefit to humankind." Alfred Nobel was a Swedish chemist, engineer, and industrialist most famously known for the invention of dynamite. He died in 1896. In his will, he bequeathed all of his "remaining realisable assets" to be used to establish five prizes which became known as "Nobel Prizes." Nobel Prizes were first awarded in 1901. Nobel Prizes are awarded in the fields of Physics, Chemistry, Physiology or Medicine, Literature, and Peace (Nobel characterized the Peace Prize as "to the person who has done the most or best to advance fellowship among nations, the abolition or reduction of standing armies, and the establishment and promotion of peace congresses"). In 1968, Sveriges Riksbank (Sweden's central bank) funded the establishment of the Prize in Economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cold War
The Cold War is a term commonly used to refer to a period of geopolitical tension between the United States and the Soviet Union and their respective allies, the Western Bloc and the Eastern Bloc. The term '' cold war'' is used because there was no large-scale fighting directly between the two superpowers, but they each supported major regional conflicts known as proxy wars. The conflict was based around the ideological and geopolitical struggle for global influence by these two superpowers, following their temporary alliance and victory against Nazi Germany and Imperial Japan in 1945. Aside from the nuclear arsenal development and conventional military deployment, the struggle for dominance was expressed via indirect means such as psychological warfare, propaganda campaigns, espionage, far-reaching embargoes, rivalry at sports events, and technological competitions such as the Space Race. The Western Bloc was led by the United States as well as a number of other First W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Béla Kun
Béla Kun (born Béla Kohn; 20 February 1886 – 29 August 1938) was a Hungarian communist revolutionary and politician who governed the Hungarian Soviet Republic in 1919. After attending Franz Joseph University at Kolozsvár (today Cluj-Napoca, Romania), Kun worked as a journalist before the First World War. He served in the Austro-Hungarian Army and was captured by the Imperial Russian Army in 1916, after which he was sent to a prisoner-of-war camp in the Urals. Kun embraced communist ideas during his time in Russia, and in 1918 he co-founded a Hungarian arm of the Russian Communist Party in Moscow. He befriended Vladimir Lenin and fought for the Bolsheviks in the Russian Civil War. In November 1918, Kun returned to Hungary with Soviet support and set up the Party of Communists in Hungary. Adopting Lenin's tactics, he agitated against the government of Mihály Károlyi and achieved great popularity despite being imprisoned. After his release in March 1919, Kun led a success ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Nozick
Robert Nozick (; November 16, 1938 – January 23, 2002) was an American philosopher. He held the Joseph Pellegrino University Professorship at Harvard University,"Robert Nozick, 1938-2002". ''Proceedings and Addresses of the American Philosophical Association'', November 2002: 76(2). and was president of the . He is best known for his books '''' (1974), a |
Private Property
Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property and personal property, which is owned by a state entity, and from collective or cooperative property, which is owned by a group of non-governmental entities. Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit. The distinction between private and personal property varies depending on political philosophy, with socialist perspectives making a hard distinction between the two. As a legal concept, private property is defined and enforced by a country's political system. History Ideas about and discussion of private property date back to the Persian Empire, and emerge in the Western tradition at least as far back as Plato. Prior to the 18th century, English speakers generally used the word "property" in reference ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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