Nobody downloaded yet

Economic liberals argue that ecomonic exchange is a positive-sun game - Essay Example

Comments (0) Cite this document
Economic liberals argue that economic exchange is a positive-sun game. In the Marxist approach, the economy is a site of exploitation and inequality. Who is right? The capitalistic economic exchange is the permeating economic model in the world today. Even socialist and autocratic regimes such as those in China are adopting some elements of free market, highlighting the economic liberalism’s perceived efficiency…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.9% of users find it useful
Economic liberals argue that ecomonic exchange is a positive-sun game
Read TextPreview

Extract of sample
"Economic liberals argue that ecomonic exchange is a positive-sun game"

Download file to see previous pages These two explain the prevailing capitalistic economic exchange in opposing light. The former upholds the capitalistic ideal while the latter criticize it based on the argument that it such exchange is a breeding ground of exploitation and inequality. Although both of these schools have valid arguments, this paper will argue that the liberal point of view holds more legitimate positions than Marxism in explaining the economic exchange in the capitalist system. Free Market The fundamental features of a capitalist economy are right to private property, profit-motive, freedom of choice, market forces, and minimal role of government. It promotes individualism and is consisted of individual units like workers, people, capitalists, consumers and firms and that social forces determine the formation of a capitalist economy. A critical aspect of capitalism that is relevant to the subject of this investigation is the labor market. In this case, individuals play an important role in the exchange of goods. First, they are incapable to produce what they need and what they consume. This is the reason why a highly specialized division of labor emerged so that people rely on others, particularly, the producers, in order to survive. Callero explained that when someone is looking for a job in a capitalist economy, that individual is engaging in a capitalistic exchange using his skill and abilities as a commodity to be traded for wage, which is necessary in the procurement of food, shelter, clothing and other goods (25). The labor market also collectively demonstrates the flow of goods in capitalism and depicts several capitalistic principles. If there is excess in the labor force, unemployment and low wage emerge as a result. The implication of this situation demonstrates two important points. First is that the unemployed or the labor force in general will be engaged in fierce competition for the scarce work and this is often characterized by enhancing competitive advantage (Todorova 31). Finally, there is the profit motive characteristic wherein people engaging in the economic exchange, especially the producers, operate with profit and self-interest as their primary concern. Each individual, grouping and organization relegate concern for others or the society secondary to their own interests. At first glance, this appears cruel and unjust but economists argue that emphasizing profit is a driving force behind free market economies. It functions as a reward for people, entrepreneurs, and organizations who work hard, invest time and money, take risks and innovate. According to Mink, profit, which critics such as those coming from the Marxist school assails, is behind efficiency in production because it is behind – through competition – the efforts of economic actors to constantly innovate (125). The Marxist Criticism Karl Marx’s investigation of the late twentieth-century capitalism resulted in several important criticisms to the economic system. But these criticisms are based on an important Marxist theory, the theory of exploitation and inequality. Here, an unequal exchange develops between workers and capitalists. Solimano explains: While the workers’ only asset is labor (in flow terms, “labor power”), capitalists are in advantageous position due to ownership of the productive capital that allows them to organize ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Economic liberals argue that ecomonic exchange is a positive-sun game Essay”, n.d.)
Retrieved from https://studentshare.org/history/1435773-critical-essay-economic-liberals-argue-that
(Economic Liberals Argue That Ecomonic Exchange Is a Positive-Sun Game Essay)
“Economic Liberals Argue That Ecomonic Exchange Is a Positive-Sun Game Essay”, n.d. https://studentshare.org/history/1435773-critical-essay-economic-liberals-argue-that.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Positive Impacts of Free Trade on Economic Development
It is argued in the essay, that free trade brings numerous benefits, which should be tapped by developing countries in order to enhance their economic growth. Free trade increases competition and efficiency. A national economy that is accessible to other economies often benefits from global division of labor and acquires innovative technologies.
5 Pages(1250 words)Essay
Ecomonic Systems
Primarily, circulating entails how diverse merchandise from the manufacturing firms reaches their destination with minimal expenditure (Duffy, 2008, p. 1). These commodities normally utilize diverse infrastructures to their destination and mainly provided by state’s regime.
4 Pages(1000 words)PowerPoint Presentation
How the neo-liberals ideas has influenced the world order
Though this has created inequality where some countries in the Western advance countries are the reapers of the gains emanating from globalization while Third world countries still lavish in their state of penury and underdevelopment.
7 Pages(1750 words)Essay
Adam Smith's (positive economic) view of slavery
Adam Smith is a one who has applied his mind to definite problems. To present his thoughts he did not explicitly cite Franklin's essay, which had achieved considerable fame by the publication date of the Wealth of Nations, but he obviously had it in mind when he asserted that slave labor was more costly than free labor "even at Boston, New York, and Philadelphia where the wages of common labor are so high."Adam Smith's view that slavery could "afford the expense of slave cultivation" in the production of sugar and tobacco, but that this was not true for corn.
6 Pages(1500 words)Essay
Party of Liberals
But we strongly support the arguments of a section of society that pregnancy can be terminated if a woman desires even in the absence of any health hazard. When a woman desires not to continue with her pregnancy at any point of time before a medically terminable stage, she can go ahead with her idea and opt for the termination of the pregnancy.
2 Pages(500 words)Essay
LIberals and Conservatives
This mini-paper compares and contrasts liberals and conservatives. Liberals talk about human freedom to the point where even unconventional norms, beliefs and values are accepted. Liberals promote open-mindedness, and
1 Pages(250 words)Essay
What is the difference between positive economic analysis and normative economic analysis Give one example each of positive and normative economic issue or question or statement
Positive economic analysis encompasses such economic statements, and /or theories that can actually be tested and therefore become empirically proven (Mukherjee 29). Statements made under positive economic
1 Pages(250 words)Essay
Sun Exposure
In so doing, patients need to be equipped with vast information about the functionality of the skin and the influence of sun exposure on the skin. Among the
1 Pages(250 words)Essay
Games and simulations have entirely changed the face of entertainment in the contemporary technologies. Appropriate simulations and gaming incidences take advantage of
1 Pages(250 words)Essay
Radicals and Liberals in USA
They identified injustice in the system and were determined to establish a more equal society. However, despite the fact these groups aimed to create a just society in the U.S.A, their disagreements elicited different views on the changing roles of American’s role in the world.
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Economic liberals argue that ecomonic exchange is a positive-sun game for FREE!
logo footer
Contact us:
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us