Word: capitalisme
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When capitalism took root in the 18th century, religion exercised a strong influence within a rigid social structure. The principles of the new economic system coincided in large measure with those of religious faith. Free enterprise demanded sacrifice and delayed satisfaction in order to build savings as a source of...
The decline of religion's dominant influence starting early in this century opened a conflict between contemporary social values and economic virtues. Capitalism still needs savings, hard work and postponed rewards, but consumers want immediate satisfaction. This conflict is visible within the business corporation itself. Writes Sociologist Daniel Bell in...
Consumer expectations exploded during the quarter-century of seemingly endless prosperity following World War II. Capitalism created the affluent society, but the more prosperity the public enjoyed, the more it wanted. If hard work, talent and savings no longer provided the affluence, the public demanded it from the government. The...
In short, people today ask things from capitalism that no system can deliver. They confuse hope with promise. When everyone begins demanding more, the Inevitable result is a madder scramble for a nation's limited output and a bidding up of prices. Says Albert T. Sommers, chief economist of the...
In its bid to find a political scapegoat for roaring inflation, the Carter Administration has tried to place the blame almost entirely on OPEC for raising energy prices. While the foreign oil cartel is a major force behind inflation, it is far from the only one. Energy costs amount to...