Portal:Capitalism

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Portal:Capitalism

The Capitalism Portal

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor. In a capitalist market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.

Economists, historians, political economists and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation as well as the scope of state ownership vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.

Market economies have existed under many forms of government and in many different times, places and cultures. Modern capitalist societies developed in Western Europe in a process that led to the Industrial Revolution. Capitalist systems with varying degrees of direct government intervention have since become dominant in the Western world and continue to spread. Economic growth is a characteristic tendency of capitalist economies. (Full article...)

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The slate industry in Wales began during the Roman period when slate was used to roof the fort at Segontium, modern Caernarfon. The slate industry grew slowly until the early 18th century, from when it expanded rapidly and reached its peak output in the late 19th century, at which time the most important slate producing areas were in north-west Wales. These included the Penrhyn Quarry near Bethesda, the Dinorwig Quarry near Llanberis, the Nantlle Valley quarries and Blaenau Ffestiniog, where the slate was mined rather than quarried. Penrhyn and Dinorwig were the two largest slate quarries in the world, and the Oakeley mine at Blaenau Ffestiniog was the largest slate mine in the world. The Great Depression and the Second World War led to the closure of many smaller quarries, and competition from other roofing materials, particularly tiles, resulted in the closure of most of the larger quarries in the 1960s and 1970s. Slate production continues on a much reduced scale. (Full article...)

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Karl Emil Maximilian "Max" Weber (German: [ˈmaks ˈveːbɐ]; 21 April 1864 – 14 June 1920) was a German sociologist, philosopher, jurist, and political economist whose ideas profoundly influenced social theory and social research. Weber is often cited, with Émile Durkheim and Karl Marx, as among the three founders of sociology.

Weber is best known for his thesis combining economic sociology and the sociology of religion, elaborated in his book The Protestant Ethic and the Spirit of Capitalism, in which he proposed that ascetic Protestantism was one of the major "elective affinities" associated with the rise in the Western world of market-driven capitalism and the rational-legal nation-state. He argued that it was in the basic tenets of Protestantism to boost capitalism. Thus, it can be said that the spirit of capitalism is inherent to Protestant religious values.

After the First World War, Max Weber was among the founders of the liberal German Democratic Party. He also ran unsuccessfully for a seat in parliament and served as advisor to the committee that drafted the ill-fated democratic Weimar Constitution of 1919. After contracting Spanish flu, he died of pneumonia in 1920, aged 56. (Full article...)

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(a) When the individual has become associated with a cooperative enterprise he has accepted a position of contact with others similarly associated. From this contact there must arise interactions between these persons individually, and these interactions are social. It may be, and often is, true that these interactions are not a purpose or object either of the cooperative systems or of the individuals participating in them. They nevertheless cannot be avoided. Hence, thought not sought, such interactions are consequences of cooperation, and constitute one set of social factors involved in cooperation.

These factors operate on the individuals affected; and, in conjunction with other factors, become incorporated in their mental and emotional characters. This is an effect which makes them significant. Hence, cooperation compels changes in the motives of individuals which otherwise would not take place. So far as these changes are in a direction favorable to the cooperative system they are resources to it. So far as they are in a direction unfavorable to cooperation, they are detriments to it or limitations of it.

— Chester Barnard (1886 – 1961)
The Functions of the Executive , 1938

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Capitalism .. Private property .. Capitalist mode of production .. Laissez-faire .. Ludwig Von Mises .. Murray N. Rothbard .. Economic freedom .. Adam Smith .. Money .. Ronald Reagan .. American capitalism .. Criticisms of socialism .. Patent .. The Wealth of Nations .. Corporate capitalism .. Democratic capitalism .. Milton Friedman

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