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.
Corporatocracy or corpocracy is an economic, political and judicial system controlled or influenced by business corporations or corporate interests.
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants.
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.
Neoliberalism is both a political philosophy and a term used to signify the late-20th-century political reappearance of 19th-century ideas associated with free-market capitalism. The term has multiple, competing definitions, and is often used pejoratively. In scholarly use, the term is often left undefined or used to describe a multitude of phenomena. However, it is primarily employed to delineate the societal transformation resulting from market-based reforms.
In economic policy, austerity is a set of political-economic policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both. There are three primary types of austerity measures: higher taxes to fund spending, raising taxes while cutting spending, and lower taxes and lower government spending. Austerity measures are often used by governments that find it difficult to borrow or meet their existing obligations to pay back loans. The measures are meant to reduce the budget deficit by bringing government revenues closer to expenditures. Proponents of these measures state that this reduces the amount of borrowing required and may also demonstrate a government's fiscal discipline to creditors and credit rating agencies and make borrowing easier and cheaper as a result.
Ordoliberalism is the German variant of economic liberalism that emphasizes the need for government to ensure that the free market produces results close to its theoretical potential but does not advocate for a welfare state and did not advocate against one either.
Leo Victor Panitch was a Canadian research professor of political science and a Canada Research Chair in comparative political economy at York University. From 1985 until the 2021 edition, he served as co-editor of the Socialist Register, which describes itself as "an annual survey of movements and ideas from the standpoint of the independent new left". Panitch himself saw the Register as playing a major role in developing Marxism's conceptual framework for advancing a democratic, co-operative and egalitarian socialist alternative to capitalist competition, exploitation, and insecurity.
The culture of capitalism or capitalist culture is the set of social practices, social norms, values and patterns of behavior that are attributed to the capitalist economic system in a capitalist society. Capitalist culture promotes the accumulation of capital and the sale of commodities, where individuals are primarily defined by their relationship to business and the market. The culture is composed of people who, behaving according to a set of learned rules, act as they must act in order to survive in capitalist societies.
The philosophy of biology is a subfield of philosophy of science, which deals with epistemological, metaphysical, and ethical issues in the biological and biomedical sciences. Although philosophers of science and philosophers generally have long been interested in biology, philosophy of biology only emerged as an independent field of philosophy in the 1960s and 1970s, associated with the research of David Hull. Philosophers of science then began paying increasing attention to biology, from the rise of Neodarwinism in the 1930s and 1940s to the discovery of the structure of DNA in 1953 to more recent advances in genetic engineering. Other key ideas include the reduction of all life processes to biochemical reactions, and the incorporation of psychology into a broader neuroscience.
Capitalism is an economic system based on the private ownership of the means of production. This is generally taken to imply the moral permissibility of profit, free trade, capital accumulation, voluntary exchange, wage labor, etc. Its emergence, evolution, and spread are the subjects of extensive research and debate. Debates sometimes focus on how to bring substantive historical data to bear on key questions. Key parameters of debate include: the extent to which capitalism is natural, versus the extent to which it arises from specific historical circumstances; whether its origins lie in towns and trade or in rural property relations; the role of class conflict; the role of the state; the extent to which capitalism is a distinctively European innovation; its relationship with European imperialism; whether technological change is a driver or merely a secondary byproduct of capitalism; and whether or not it is the most beneficial way to organize human societies.
Criticism of capitalism is a critique of political economy that involves the rejection of, or dissatisfaction with the economic system of capitalism and its outcomes. Criticisms typically range from expressing disagreement with particular aspects or outcomes of capitalism to rejecting the principles of the capitalist system in its entirety.
Monopoly Capital: An Essay on the American Economic and Social Order is a 1966 book by the Marxian economists Paul Sweezy and Paul A. Baran. It was published by Monthly Review Press. It made a major contribution to Marxian theory by shifting attention from the assumption of a competitive economy to the monopolistic economy associated with the giant corporations that dominate the modern accumulation process. Their work played a leading role in the intellectual development of the New Left in the 1960s and 1970s. As a review in the American Economic Review stated, it represented "the first serious attempt to extend Marx’s model of competitive capitalism to the new conditions of monopoly capitalism." It attracted renewed attention following the Great Recession.
William H. Sewell Jr. is an American academic. He is the Frank P. Hixon Distinguished Service Professor Emeritus of History and Political Science at the University of Chicago.
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotative and denotative differences. An example of this can be found in the works of Soviet economists like Lev Gatovsky, who sought to apply Marxist economic theory to the objectives, needs, and political conditions of the socialist construction in the Soviet Union, contributing to the development of Soviet Political Economy.
Maurizio Lazzarato is an Italian sociologist and philosopher, residing in Paris, France. In the 1970s, he was an activist in the workers' movement in Italy. Lazzarato was a founding member of the editorial board of the journal Multitudes. He is a researcher at Matisse/CNRS, Pantheon-Sorbonne University, and a member of the International College of Philosophy in Paris.
Wolfgang Streeck is a German economic sociologist and emeritus director of the Max Planck Institute for the Study of Societies in Cologne.
Progressive capitalism is an economic framework that seeks to recalibrate the roles of the market, state, and civil society to enhance societal well-being. This approach advocates for a new social contract that leverages market forces and entrepreneurship while addressing issues such as market dominance, inequality, and the consequences of globalization. Progressive capitalism emphasizes the need for government investment in technology, education, healthcare, and green infrastructure, alongside implementing public options for essential services.
Catherine Waldby is an Australian academic, researcher and author. She is the Director of the Research School of Social Sciences at the Australian National University and a visiting professor at King's College London.
Rudolf Goldscheid was an Austrian writer and sociologist, co-founder of the German Sociological Association, known for his theory of human economy and for developing the topic of fiscal sociology. He has been described as "the founder of scientific sociology in Vienna", though he never had a job with a university.
