Word: capitalisme
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In order to cope with the inadequacies of the market, a rising number of experts urge capitalist governments to adopt some form of economic planning. But a grave problem is that command planning, in which government bureaucrats decide how much and just what goods are to be produced, is the...
Vast disparities in income and wealth are the deepest philosophical and moral problems of capitalism. Adam Smith candidly acknowledged that "wherever there is great property, there is great inequality." And in his day, "for one very rich man, there must be at least 500 poor." He proposed to ameliorate that...
From 1960 through 1973, economic growth dramatically reduced the number of Americans living below the Government's officially defined poverty line, from 40 million out of 179 million to fewer than 23 million out of 211 million. But last year, according to Government estimates, 800,000 to 1.5 million slipped...
Philosophers of capitalism defend inequality on two grounds. Economist Friedrich A. Hayek, a Nobel Laureate, argues persuasively that the only alternative to the market's unequal apportionment of rewards is distribution of income on the basis of each person's moral worth?and who could possibly judge that fairly? Pragmatically...
Largely because the colonial powers were capitalist, many peoples of the Third World harbor bitter resentments against capitalism and have chosen socialism for their economies. In quite a few cases, this has retarded their development. For example, Daniel P. Moynihan, former U.S. Ambassador to India, points out that in 1947...