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Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. The defining characteristics of capitalism include private property,capital accumulation,competitive markets,price systems,recognition of property rights,self-interest,economic freedom,meritocracy,work ethic,consumer sovereignty,economic efficiency,profit motive,a financial infrastructure of money and investment that makes possible credit and debt,entrepreneurship,commodification,voluntary exchange,wage labor,production of commodities and services,and a strong emphasis on innovation and economic growth. In a 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.
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A market economy is an economic system in which the decisions regarding investment,production,and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
In finance,default is failure to meet the legal obligations of a loan,for example when a home buyer fails to make a mortgage payment,or when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national debt.
Debt relief or debt cancellation is the partial or total forgiveness of debt,or the slowing or stopping of debt growth,owed by individuals,corporations,or nations.
Nexum was a debt bondage contract in the early Roman Republic. A debtor pledged his person as collateral if he defaulted on his loan. Details as to the contract are obscure and some modern scholars dispute its existence. It was allegedly abolished either in 326 or 313 BC.
Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. Historically,debtors could face debt slavery,debtor's prison,or coercive collection methods. In the 21st century in many countries,legislation regulates debt collectors,and limits harassment and practices deemed unfair.
Andrew Ross,a Scottish-born social activist and analyst,is Professor of Social and Cultural Analysis at New York University (NYU). He has authored and edited numerous books,and written for The New York Times,The Guardian,The Nation,Newsweek,and Al Jazeera. Much of his writing focuses on labor,the urban environment,and the organisation of work,from the Western world of business and high-technology to conditions of offshore labour in the Global South. Making use of social theory as well as ethnography,his writing questions the human and environmental cost of economic growth.
In American political theory,fiscal conservatism or economic conservatism is a political and economic philosophy regarding fiscal policy and fiscal responsibility with an ideological basis in capitalism,individualism,limited government,and laissez-faire economics. Fiscal conservatives advocate tax cuts,reduced government spending,free markets,deregulation,privatization,free trade,and minimal government debt. Fiscal conservatism follows the same philosophical outlook as classical liberalism. This concept is derived from economic liberalism.
Lizabeth Cohen is the current Howard Mumford Jones Professor of American Studies in the History Department at Harvard University,as well as a Harvard University Distinguished Service Professor. From 2011-2018 she served as the Dean of Harvard's Radcliffe Institute for Advanced Study. Currently,she teaches courses in 20th-century America,with a focus on urbanism,the built environment,and public history. She has also served as the Chair of the History Department at Harvard,director of the undergraduate program in history,and director of the Charles Warren Center for Studies in American History,among other administrative duties.
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In the United States,student loans are a form of financial aid intended to help students access higher education. In 2018,70 percent of higher education graduates had used loans to cover some or all of their expenses. With notable exceptions,student loans must be repaid,in contrast to other forms of financial aid such as scholarships,which are not repaid,and grants,which rarely have to be repaid. Student loans may be discharged through bankruptcy,but this is difficult. Research shows that access to student loans increases credit-constrained students' degree completion,later-life earnings,and student loan repayment while having no impact on overall debt.
Sumner Huber Slichter was an American economist and the first Lamont University Professor at Harvard University. An expert on unions and economic forecasting,he was well-known to the public through his popular writing,and was considered by many to be the pre-eminent labor economist of the 1940s and 1950s. He was an advocate of collective bargaining,but at times supported legislation limiting unions. He was also a critic of the New Deal.
Michael Hudson is an American economist,Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College,former Wall Street analyst,political consultant,commentator and journalist. He is a contributor to The Hudson Report,a weekly economic and financial news podcast produced by Left Out.
Lawrence B. Glickman is an American history professor and author or editor of four books and several articles on consumerism. He has taught at Cornell University since 2014,where he is Stephen and Evalyn Milman Professor in American Studies. Previously he taught at the University of South Carolina. Glickman earned a Princeton University B.A. in history magna cum laude in 1985,a M.A. in 1989 and his Ph.D. in 1992 both from University of California,Berkeley. He has written three books,A Living Wage:American Workers and the Making of Consumer Society,Buying Power:A History of Consumer Activism in America,and Free Enterprise:An American History.
Debtor Nation:The History of America in Red Ink is a book written by Harvard economic historian Louis Hyman and published by Princeton University Press in 2011.
Economic democracy is a socioeconomic philosophy that proposes to shift ownership and decision-making power from corporate shareholders and corporate managers to a larger group of public stakeholders that includes workers,consumers,suppliers,communities and the broader public. No single definition or approach encompasses economic democracy,but most proponents claim that modern property relations externalize costs,subordinate the general well-being to private profit and deny the polity a democratic voice in economic policy decisions. In addition to these moral concerns,economic democracy makes practical claims,such as that it can compensate for capitalism's inherent effective demand gap.
Jessica Silver-Greenberg is a business reporter for The New York Times whose investigative reporting on consumer financial issues has been cited in the U.S. Supreme Court and the U.S. Congress.
References
- ↑ "Louis R. Hyman". History. January 9, 2024. Retrieved July 19, 2024.
- ↑ "Program Resources – U.S. Student Grantees". Us.Fulbrightonline.Org. Archived from the original on July 31, 2007. Retrieved February 1, 2012.
- ↑ Hyman, L.: Debtor Nation: The History of America in Red Ink. Press.princeton.edu. January 24, 2012. ISBN 9780691156163 . Retrieved February 1, 2012.
- ↑ "Choice Reviews Online". Cro2.org. Retrieved February 1, 2012.
- 1 2 "Biography". Archived from the original on June 16, 2012. Retrieved February 3, 2012.
- ↑ Hyman, Louis (2008). "Debtor Nation: How Consumer Credit Built Postwar America". Enterprise & Society. 9 (4): 614–618. doi:10.1093/es/khn083. Project MUSE 255462.
- ↑ "Publications". Archived from the original on June 16, 2012. Retrieved February 3, 2012.
- ↑ CNBC
- ↑ "The Wilson Quarterly: The Debt Bomb by Louis Hyman". Archived from the original on February 12, 2012. Retrieved February 3, 2012.
- ↑ Hyman, Louis (October 11, 2011). "Wal-Mart's Layaway Plan". The New York Times.
- ↑ "'Borrow' by Louis Hyman: Life and debt".
- ↑ Hyman, Louis (October 28, 2012). Debtor Nation. Princeton University Press. ISBN 9780691156163.
- ↑ "Louis Hyman".
- ↑ "Weddings/Celebrations; Katherine Howe, Louis Hyman". New York Times. June 29, 2003.
- ↑ "Patty Kuzbida". AVAM. Retrieved June 1, 2022.
- ↑ "Not Your Average Art Museum". www.arts.gov. Retrieved June 1, 2022.
