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This system argues that many businesses would ensure the presence of diverse products and services of topmost quality at a minimal cost. (1)
Probably, the biggest criticism leveled by Marxism is that, Capitalism does not ensure equitable distribution of resources as the economy is primarily controlled by few powerful entities in the market, rather than any authority of the state. This leads to a scenario where the less powerful are subjected to exploitation by the mighty market forces. (2)
In capitalistic economy, a substantial chunk of the manufacturers and producers pertain to the private sector, and are propelled by the major objective of enhancing profit. In this quest of theirs’, there is every possibility of the interests of the weak market entities getting jeopardized. (2)
Over the past two decades, there has been a phenomenal surge in growth of technology and telecommunications. The advent of Internet has made the globe a very small place, with the geographical distances being of almost no relevance. As a matter of fact, this technological surge played a pivotal role in speeding up the process of globalization. Interactions, both commercial and political, among various countries have now become the order of the day. The rapid strides taken by the sphere of telecommunications led to the advent of many business entities, which are being enabled to carry on operations in many economies in a highly amicable environment.
These state of affairs led to a scenario conforming to the tenets of Capitalism – countless business conglomerates have emerged, and which are now wielding tremendous economic power. Capital in the market is now being controlled by numerous forces. An extensive range of products and services are now being offered to consumers, especially in relation to the scenario of the past era where choices for consumers were limited. At
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The basic dialectical viewpoint displays the significance of contradictions in nature. To understand historical change, it is necessary to understand and accept contradiction as existing reality. It also shows that social change is driven by the contradictory nature that exists in society.
To some, the concepts denote positivity that create wealth and progress, while others associate them with ill effects in society such as degradation of values, poverty and war. This paper posits that the present generation’s pursuit to universal development can be made easy due to the powerful engines of globalisation.
The US monetary policy of 1979 was based on the decisions of Paul Volcker – the chairman of Federal Reserve Bank (Rugman et al. 2003). Paul Volcker, who was appointed in the particular position in August 1979 (Rugman 2003, p.110), introduced a series of radical changes in the US monetary.
The period spanning the last two centuries has seen the emergence of many competing theoretical explanations for the nature and organization of civil society over the course of recorded history. These theories cover such fields of enquiry as sociology, psychology, political science and economics.
Hegemony is a critical issue when trying to explain political economy. This is because hegemony represents a post-war issue. Most economists understand it as an issue explainable in terms of international relationship. Hegemony to economists can be simply defined as a form of dominance.
To characterise those properties of the market which it possesses in virtue of the kind of economic institution it is, as against accidental features of this or that market, Aristotle starts by considering the features of the market that distinguish it from non-market economic institutions, specifically the household.
The history f 'civilized' society, for Marx, has been the history f different forms f class exploitation and domination. It is the form f class domination present which determines the general character f the whole social structure. For example, the growing f wheat using traditional, non-mechanical techniques is compatible with a wide range f social relations f production.
To begin with, an exposition of Marx’s “First Premises” in relation to a society’s economic organization is necessary. These premises are presented by Marx as the real and empirically verifiable components of the materialist method. Marx uses these first premises to effectively explain his theory.
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