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Overview
Product Details
| ISBN-13: | 9781622753598 |
|---|---|
| Publisher: | Rosen Publishing Group, Incorporated, The |
| Publication date: | 07/30/2014 |
| Series: | Britannica Political and Economic Systems Series |
| Pages: | 208 |
| Product dimensions: | 6.00(w) x 9.00(h) x 0.60(d) |
| Age Range: | 13 - 17 Years |
Table of Contents
Introduction x
Chapter 1 What Is Capitalism? 1
Preconditions for Market Society 5
The Evolution of Capitalism 10
From Mercantilism to Commercial Capitalism 10
Adam Smith 14
From Commercial to Industrial Capitalism 16
From Industrial to State Capitalism 21
The Great Depression's Economic Impact 24
Modern Disruptive Forces 26
Information Technology 27
Globalization 28
Chapter 2 Elements and Characteristics of Free Markets 30
Goods and Services 31
Division of Labour 32
Industrialization 35
Labour 36
The Market 38
Supply and Demand 40
Demand Curve 41
Supply Curve 42
Market Equilibrium 44
Competition 45
Price Systems 47
Profit 48
Rules 49
Money 50
Interest 53
Capital Markets 54
Distribution Channels 55
Channel Functions and Flows 58
Management of Channel Systems 59
Marketing 60
Consumption 62
Chapter 3 Business and Market Cycles 64
Statistical Studies of Cycles 70
The Juglar Cycle 71
Kondratieff Waves 72
Patterns of Economic Depression and Upswing 72
Deviations from Cycle Patterns 73
Dynamic Analyses of Cycles 75
Theories of Economic Fluctuation 78
Agricultural and Climatic Theories 78
Psychological Theories 79
Political Theories 80
Technological Theories 80
Demographic Theories 81
Underconsumption Theories 81
Investment Theories 81
Monetary Theories 82
Rational Expectations Theories 83
Monetary Policy 84
Historical Role 85
Recent Activity 87
The Rising Profile of the Federal Reserve Chair 88
Market Cycles and Business Cycles 91
Financial Markets 91
Relationship with Business Cycles 94
Market Booms and Busts 95
Chapter 4 Types of Market Economies 100
Theoretical Extremes 100
Mercantilism 101
Laissez-faire Economics 102
Variations in Practice 104
State Capitalism 104
Welfare State 105
Social Market Economies 108
Command Economies 109
Corporatist Economies 111
Mixed Economies 112
Recurring Issues 114
Crony Capitalism 114
Protectionism 116
The Costs and Benefits of Free Trade 118
Differing Priorities of Emerging and Developing Economies 119
Chapter 5 Perspectives on Capitalism 122
Schools of Thought 122
Classical Economics 123
Austrian School 125
Historical School 127
Marxism 128
Weber's Protestant Ethic 130
Institutional Economics 132
Keynesian Economics 133
Monetarism 134
Changing Policy Perspectives 136
Lyndon Johnson's "Great Society" 137
Ronald Reagan's "Trickle Down" Economics 137
Barack Obama's Concern with Income Inequality 139
Economic Incentives and Job Creation 140
Chapter 6 Defense and Criticisms of Capitalism 141
Advocating Capitalism 141
Growth 142
Productivity Gains 147
Criticisms of Capitalism 150
The Unreliability of Growth 150
The Quality of Growth 152
Equity 152
Corrective Measures 154
A Real-life Tug of War: The Robber Barons and the Trust Busters 158
Robber Barons 158
Conclusion 163
Glossary 165
Bibliography 169
Index 186