Word: capitalisme
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Rather than pushing workers deeper into poverty, as Marx predicted, capitalism has lifted the vast majority of laborers into the middle class. In addition, modern unions have given employees a counterforce to management's power. An economic downturn now hits harder at corporate profits than at wages, which are usually...
Contemporary economic policies have attenuated, though not eliminated, the peaks and troughs of the business cycle. Recessions are not only unavoidable but often beneficial?despite the pain they cause some individuals?to society as a whole. They can purge the system of excesses, failed products and mismanaged companies. Since World...
(16 of 17) Communist theory assumes that people are instinctively good and cooperative, but in practice does not trust them to be free, capitalism has never had any such illusions. Adam Smith maintained that among the most powerful forces in society was "the desire of bettering our condition." Capitalism seeks...
The type of material goods produced by capitalism, or by any economic system, returns to what Lenin called the question of "who-whom." Who is to direct and dominate whom? Where is society's Solomon? Who is to decide that this year a nation should produce heart valves rather than...
For all capitalism's proven success in producing material prosperity, the ultimate justification for the system does not rest on its output of cars or cosmetics. Capitalism's fundamental rationale is that it permits and promotes freedom by enhancing the rights of the individual and limiting the power of the...