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Perspectives On Capitalism By School Of Thought
Throughout modern history, a variety of perspectives on capitalism have evolved based on different schools of thought. Overview Adam Smith was one of the first influential writers on the topic with his book ''The Wealth of Nations'', which is generally considered to be the start of classical economics which emerged in the 18th century. To the contrary, Karl Marx considered capitalism to be a historically specific mode of production and considered capitalism a phase of economic development that would pass and be replaced by pure communism. In conjunction with his criticism of capitalism was Marx's belief that exploited labor would be the driving force behind a social revolution to a socialist-style economy.Wheen, Francis ''Books That Shook the World: Marx's Das Kapital''. 1st ed. London: Atlantic Books, 2006 For Marx, this cycle of the extraction of the surplus value by the owners of capital or the bourgeoisie becomes the basis of class struggle. This argument is intertwined wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Modern History
The term modern period or modern era (sometimes also called modern history or modern times) is the period of history that succeeds the Middle Ages (which ended approximately 1500 AD). This terminology is a historical periodization that is applied primarily to European and Western history. The modern era can be further divided as follows: * The early modern period lasted from c. AD 1500 to 1800 and resulted in wide-ranging intellectual, political and economic change. It brought with it the Age of Enlightenment, the Industrial Revolution and an Age of Revolutions, beginning with those in America and France and later spreading in other countries, partly as a result of upheavals of the Napoleonic Wars. * The late modern period began around 1800 with the end of the political revolutions in the late 18th century and involved the transition from a world dominated by imperial and colonial powers into one of nations and nationhood following the two great world wars, World War I and W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Max Weber
Maximilian Karl Emil Weber (; ; 21 April 186414 June 1920) was a German sociologist, historian, jurist and political economist, who is regarded as among the most important theorists of the development of modern Western society. His ideas profoundly influence social theory and research. While Weber did not see himself as a sociologist, he is recognized as one of the fathers of sociology along with Karl Marx, and Émile Durkheim. Unlike Durkheim, Weber did not believe in monocausal explanations, proposing instead that for any outcome there can be multiple causes. Also unlike Durkheim, Weber was a key proponent of methodological anti-positivism, arguing for the study of social action through interpretive rather than purely empiricist methods, based on a subjective understanding of the meanings that individuals attach to their own actions. Weber's main intellectual concern was in understanding the processes of rationalisation, secularisation, and the ensuing sense of "disenchan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Historical School Of Economics
The historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century. The professors involved compiled massive economic histories of Germany and Europe. Numerous Americans were their students. The school was opposed by theoretical economists. Prominent leaders included Gustav von Schmoller (1838–1917), and Max Weber (1864–1920) in Germany, and Joseph Schumpeter (1883–1950) in Austria and the United States. Tenets The historical school held that history was the key source of knowledge about human actions and economic matters, since economics was culture-specific, and hence not generalizable over space and time. The school rejected the universal validity of economic theorems. They saw economics as resulting from careful empirical and historical analysis instead of from logic and mathematics. The school also preferred reality, historical, politi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
School Of Economic Thought
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern (Greco-Roman, Indian, Persian, Islamic, and Imperial Chinese), early modern (mercantilist, physiocrats) and modern (beginning with Adam Smith and classical economics in the late 18th century, and Karl Marx and Friedrich Engels' Marxian economics in the mid 19th century). Systematic economic theory has been developed mainly since the beginning of what is termed the modern era. Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'orthodox economics'). Economists generally specialize into either macroeconomics, broadly on the general scope of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institutional Economics
Institutional economics focuses on understanding the role of the Sociocultural evolution, evolutionary process and the role of institutions in shaping Economy, economic Human behavior, behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 ''American Economic Review'' article by Walton H. Hamilton. Institutional economics emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions (e.g. individuals, firms, states, social norms). The earlier tradition continues today as a leading Heterodox economics, heterodox approach to economics.Warren J. Samuels ([1987] 2008). "institutional economics," ''The New Palgrave: A Dictionary of Economics''Abstract. "Traditional" institutionalism rejects the ''reduction'' of institutions to simply tastes, technology, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Manorialism
Manorialism, also known as the manor system or manorial system, was the method of land ownership (or "tenure") in parts of Europe, notably France and later England, during the Middle Ages. Its defining features included a large, sometimes fortified manor house in which the lord of the manor and his dependents lived and administered a rural estate, and a population of labourers who worked the surrounding land to support themselves and the lord. These labourers fulfilled their obligations with labour time or in-kind produce at first, and later by cash payment as commercial activity increased. Manorialism is sometimes included as part of the feudal system. Manorialism originated in the Roman villa system of the Late Roman Empire, and was widely practiced in medieval western Europe and parts of central Europe. An essential element of feudal society, manorialism was slowly replaced by the advent of a money-based market economy and new forms of agrarian contract. In examining the o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peasant
A peasant is a pre-industrial agricultural laborer or a farmer with limited land-ownership, especially one living in the Middle Ages under feudalism and paying rent, tax, fees, or services to a landlord. In Europe, three classes of peasants existed: slave, serf, and free tenant. Peasants might hold title to land either in fee simple or by any of several forms of land tenure, among them socage, quit-rent, leasehold, and copyhold. In some contexts, "peasant" has a pejorative meaning, even when referring to farm laborers. As early as in 13th-century Germany, the concept of "peasant" could imply "rustic" as well as "robber", as the English term villain/villein. In 21st-century English, the word "peasant" can mean "an ignorant, rude, or unsophisticated person". The word rose to renewed popularity in the 1940s–1960s as a collective term, often referring to rural populations of developing countries in general, as the "semantic successor to 'native', incorporating all its conde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord
Lord is an appellation for a person or deity who has authority, control, or power over others, acting as a master, chief, or ruler. The appellation can also denote certain persons who hold a title of the peerage in the United Kingdom, or are entitled to courtesy titles. The collective "Lords" can refer to a group or body of peers. Etymology According to the Oxford Dictionary of English, the etymology of the word can be traced back to the Old English word ''hlāford'' which originated from ''hlāfweard'' meaning "loaf-ward" or "bread-keeper", reflecting the Germanic tribal custom of a chieftain providing food for his followers. The appellation "lord" is primarily applied to men, while for women the appellation " lady" is used. This is no longer universal: the Lord of Mann, a title previously held by the Queen of the United Kingdom, and female Lords Mayor are examples of women who are styled as "Lord". Historical usage Feudalism Under the feudal system, "lord" had a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guild
A guild ( ) is an association of artisans and merchants who oversee the practice of their craft/trade in a particular area. The earliest types of guild formed as organizations of tradesmen belonging to a professional association. They sometimes depended on grants of letters patent from a monarch or other ruler to enforce the flow of trade to their self-employed members, and to retain ownership of tools and the supply of materials, but were mostly regulated by the city government. A lasting legacy of traditional guilds are the guildhalls constructed and used as guild meeting-places. Guild members found guilty of cheating the public would be fined or banned from the guild. Typically the key "privilege" was that only guild members were allowed to sell their goods or practice their skill within the city. There might be controls on minimum or maximum prices, hours of trading, numbers of apprentices, and many other things. These rules reduced free competition, but sometimes mainta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journeyman
A journeyman, journeywoman, or journeyperson is a worker, skilled in a given building trade or craft, who has successfully completed an official apprenticeship qualification. Journeymen are considered competent and authorized to work in that field as a fully qualified employee. They earn their license by education, supervised experience and examination. Although journeymen have completed a trade certificate and are allowed to work as employees, they may not yet work as self-employed master craftsmen. The term "journeyman" was originally used in the medieval trade guilds. Journeymen were paid daily and the word "journey" is derived from ''journée'', meaning "whole day" in French. Each individual guild generally recognised three ranks of workers: apprentices, journeymen, and masters. A journeyman, as a qualified tradesman could become a master and run their own business, but most continued working as employees. Guidelines were put in place to promote responsible tradesmen, who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Master Craftsman
Historically, a master craftsman or master tradesman (sometimes called only master or grandmaster) was a member of a guild. The title survives as the highest professional qualification in craft industries. In the European guild system, only masters and journeymen were allowed to be members of the guild. An aspiring master would have to pass through the career chain from apprentice to journeyman before he could be elected to become a master craftsman. He would then have to produce a sum of money and a masterpiece before he could actually join the guild. If the masterpiece was not accepted by the masters, he was not allowed to join the guild, possibly remaining a journeyman for the rest of his life. History Craftsman or Artisan was who made things or provided services. Mastercraftsman was the superior, and expert craftsman called ''ustad'' and apprentice was called ''shagird'' in Medieval India. The grand vizier of the Mughal emperor Akbar discussed their social status and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productivity (economics)
Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time. The most common example is the (aggregate) labour productivity measure, one example of which is GDP per worker. There are many different definitions of productivity (including those that are not defined as ratios of output to input) and the choice among them depends on the purpose of the productivity measurement and/or data availability. The key source of difference between various productivity measures is also usually related (directly or indirectly) to how the outputs and the inputs are aggregated to obtain such a ratio-type measure of productivity. Productivity is a crucial factor in the production performance of firms and nations. Increasing national productivit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
