StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Moral and economic category in capitalism - Essay Example

Cite this document
Summary
In the paper “Moral and economic category in capitalism” the author analyzes the disruption of capitalism and define the factors, which lead to it. If the gap between poor and rich is growing, it threatens the dominance by demonstrating its negative moments such as, for example, too much materialism.
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.8% of users find it useful
Moral and economic category in capitalism
Read Text Preview

Extract of sample "Moral and economic category in capitalism"

? Capitalism Through the history capitalism has developed into a powerful prosperity engine. However,for now it is possible to say that the system underwent the number of changes, which lead to destruction of market capitalism. It happens due to multiple factors: active migration from poor countries to rich and racial intolerance in rich countries, large gap between poor and wealthy, weak financial system, the change of climate. The crisis of 2008 happened namely due to these factors. Scholars defined different factors that could destroy the world financial system in future. As market capitalism represents a complex system, these factors are derived from many other factors. The scholars Branko Milanovic and Niall Ferguson examine the disruption of capitalism and define the factors, which lead to it. Branko Milanovic asks the question if the large gap between poor and wealthy can destroy capitalism. According to the scholar, in order to answer this question, we should divide it into several parts: (1) if the gap between poor and wealthy destroys capitalism; (2) if democratic capitalism represents reliable system; (3) if the gap between rich and poor destroys democratic capitalism in Europe. The answer to first question is not positive, according to Milanovic. Actually, capitalism is a leading system in the modern world. In the past capitalism had a competitor – centrally planned socialism, but now it is eliminated. Capitalism is so popular that even those who are not satisfied with it, can’t offer anything else. If the gap between poor and rich is growing, it threatens the dominance by demonstrating its negative moments such as, for example, too much materialism. However, if to take into account the fact that capitalism is the most popular political system in the world, it is not at risk to be destroyed as any system has its negative sides. “But since no ideological alternatives currently exist — and even less, political parties or groups to implement them — the hegemony of capitalism looks pretty unassailable. Of course, nothing guarantees that it would look like that to our children or grandchildren, for new ideologies can be invented. But this is how it looks to a reasonable observer today” (Milanovic). The second question is difficult to answer as the combination of capitalism and democracy was not popular throughout history. Capitalism and democracy were usually separate. In the modern society there is also a tendency to separate capitalism and democracy and this is caused by inequality. “Thus, it does not take huge leaps of imagination to see that capitalism and democracy can be decoupled. And inequality can play an important role in that. It already does so by politically empowering the rich to a much greater extent than the middle class and the poor” (Milanovic). Actually, capitalism prescribes preserving the interests of the elite, than the interests of the middle-class. Such a tendency can be met in all the countries with capitalist regime. The answer for third question is positive as Europe has its own problems. First, there are certain difficulties connected with globalization. Globalization also increases inequality as wealthy people still benefits from it more than middle class and poor. Moreover, globalization is connected with migration. Migration represents problem for any country as brings such problems as racial intolerance and cultural differences, which prevent state from the development. “Both the property-rich and the highly skilled gain because their financial and human capital is more mobile and cannot be easily taxed unless one wants them to flee the country. Low taxation in turn increases inequality between the rich and the poor because it undercuts the funding sources on which the modern European welfare state was built” (Milanovic). Niall Ferguson is a historian the views of whom are rather controversial. “There are two common assumptions about Ferguson. One is that his newspaper columns and telegenic persona, including expensive sunglasses and seductive Scottish burr, must imply a lack of intellectual bottom. The other is that he strikes a pose of contrariness for its own sake, arguing against conventional liberal wisdom, most famously by defending some aspects of imperialism, in order to shock, amaze and sell books” (Smith). He also considers capitalism to be the best system, but he does not consider inequality to be harmful. On the contrary he considers it to be beneficial. Ferguson also talks about its failure but the reasons he names are different However, he takes United States as an example of capitalist society that is going to fail. Ferguson is relentlessly accused the government in failure of capitalism. He stated that Margaret Thatcher's laws can serve as examples. However, the examples of modern politics are destructive according to him. According to Ferguson, slavery was abolished, notwithstanding that it was beneficial. Notwithstanding that Ferguson on the one hand values democracy high as any person in democratic state, he is still a bit confused about it as considers homosexuals to be the reason of state’s failure. He is sure that homosexuals, who can’t have children are the reason of the failure of the state as its welfare is dependent on demography. Certainly, such opinion is also relentless and historian himself is considered to be relentless by many scholars. “These may seem like completely out-of-this-world claims, but if you scratch the surface they’re not so surprising. There is a fairly well-known conspiracy that claims that Big Guv’ment are trying to spread homosexuality in order to control population growth. Not to say that Ferguson buys into this conspiracy, of course, but it is reflective of a certain aspect of the mind-set of some conservatives – that is, the fear of a masculinity under threat from nefarious and possibly camp forces. The roots of such fear should be obvious to anyone with a passing interest in pop psychology and need not be repeated here”(Pikington). His views are severely criticized as they are unique and quite opposite to the views of the previous historian discussed, Branko Milanovic. Milanovic first of all considered the gap between poor and rich to be the main reason of capitalism downfall, while Ferguson’s views are quite opposite. The views of Branko Milanovic and Niall Ferguson are quite opposite. The both are famous scholars and very bright personalities with. Both of them consider capitalism to be the best system and are sure that people benefit from it. They recognize its popularity. However, speaking about the reasons of the capitalism failure, the views are quite opposite. Branko Milanovic has more relevant point of view, he is sure that capitalism suffers from inequality, while Niall Ferguson can’t support these ideas as his own ideas are unique. On the contrary he states that capitalism should have the element of inequality and some democratic principles such as the support of homosexuals only spoil the welfare of the states. “Ferguson, no doubt under the advice of his publisher, quickly made an apology. But if the debacle has taught us one thing it is that many of the academics on the anti-austerity bus are not primarily arguing from the position of rationality at all. Their work likely relies on, and has always relied on, elements of urban myth and fear. At the end of the day many of them are no more sophisticated than the loony right-wing in the US – the only difference is that they come wearing cloaks and gowns rather than baseball hats with teabags stapled to the front” (Pilkington). Also the historian accuses modern politicians in capitalism failure and thus of the failure of the state. References Milanovic, Branko. Inequality and Democratic Capitalism n.d., accessed May 19, 2013 http://www.theglobalist.com/storyid.aspx?storyid=9934 Pilkington, Philip 2013, Homosexuality Leading Cause of Economic Crisis, Harvard’s Niall Ferguson accessed May 19, 2013 Reports http://www.nakedcapitalism.com/2013/05/philip-pilkington-homosexuality-leading-cause-of-economic-crisis-harvards-niall-ferguson-reports.html Smith, David 2006, Niall Ferguson: The empire rebuilder accessed May 19, 2013 http://www.guardian.co.uk/education/2006/jun/18/academicexperts.highereducation Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Moral and economic category in capitalism Essay”, n.d.)
Moral and economic category in capitalism Essay. Retrieved from https://studentshare.org/management/1478601-moral-and-economic-category-in-capitalism
(Moral and Economic Category in Capitalism Essay)
Moral and Economic Category in Capitalism Essay. https://studentshare.org/management/1478601-moral-and-economic-category-in-capitalism.
“Moral and Economic Category in Capitalism Essay”, n.d. https://studentshare.org/management/1478601-moral-and-economic-category-in-capitalism.
  • Cited: 0 times

CHECK THESE SAMPLES OF Moral and economic category in capitalism

Work Is Both a Moral Category and Economic Category in Capitalism

The author of the paper critically evaluates the idea that work is both a moral category and an economic category in capitalism.... Work as a Social category in capitalism is explicable using the theory of Capitalism as developed by Marx.... nbsp; The firms and individuals in capitalism have the right of purchasing and selling labor without any government control.... in capitalism, labor power is a commodity that is responsible for giving the economic structure an original appearance....
6 Pages (1500 words) Research Paper

Criticism of the Capitalism as an Economic System

This paper presents a retrospective reviews of the convictions of the critics of the capitalism system throughout last centuries.... It clearly shown in the paper, that a viable alternative to capitalism system still does not exists.... Generally, capitalism lower poverty levels, instead of increasing it.... hellip; The main focus of the essay is on the economic views of the vigorous critics of the capitalism systems.... In the start of nineteenth century, England the major evident look of capitalism was the fabric industries that employed females and children....
4 Pages (1000 words) Essay

Economic Factor, Socialism, and Communism

As explained above, capitalism is driven by the amount of profit, which interprets that in capitalism, work should be such that it maximizes profit for the company and should be exploited as possible for making profit be realized in the maximum possible way (Merino 2010, p.... To further explain the importance of work in capitalism, reference is made to the industrial revolution when there were many people involved in the production sector.... Work Categorized as a Moral in capitalism With the view of capitalism considering work as a fundamental part of production for the economy to be driven, there are several ways through which work has been considered....
4 Pages (1000 words) Essay

Culture of Capitalism

This paper "Culture of capitalism" discusses capitalism as a social formation that started to replace feudalism.... Various factors led to the creation of a culture of capitalism, which includes profit motive, commodity, human desire, and the market economy.... hellip; The culture of capitalism refers to the lifestyle of the people living within a capitalist society.... The culture of capitalism could imply the international influence that a capitalist nation has on others....
8 Pages (2000 words) Essay

Marx's objectives to individual rights

Or more specifically, that everyone… The division of labor created by capitalism is claimed by the capitalists to be beneficial to all of society; the freedom of competition allows for products on the market to be sold to the However, Karl Marx and Friedrich Engels are convinced otherwise, affirming that bourgeois private property is the final and most complete expression of the system of producing and appropriating products, that is based on class antagonisms, on the exploitation of the many by the few....
17 Pages (4250 words) Research Paper

Rethinking Marxist Communication Theory in the Light of the Information Society

For instance; Marxist offered the theory of society that explains how a particular society operates, how and why history has developed and in particular an account of the nature of capitalism.... Similarly, Marx believed that capitalism is highly unsatisfactory and was very concerned with its elimination through revolution and creation of communist society.... Many believe that capitalism is important and others do not need to see it ruined.... One can recognize Marx's ideas as being very important for the purpose of knowing our society without accepting his criticism about capitalism, his recognition for political action, and his political values....
6 Pages (1500 words) Essay

Marxs Theory of Ideology

However, the productive forcefulness of capitalism is quickly ceasing to be compatible with this exploitative kinship (Sprinker, 1987, p.... he argument presented in the manifesto admits to the inevitable nature of development and the unstable nature of capitalism.... hellip; The proletariat is becoming knowledgeable by fighting its category struggle; it is eliminating itself of the prejudices of bourgeois society; it is rallying its positions ever more carefully and is studying to evaluate its successes; it is stealing its causes and is increasing irresistibly (Cowling & Marx, 1998, p....
6 Pages (1500 words) Essay

Marxist Theory and the Gramscian Theory

Besides that, Gramsci also asserts that the developments associated with Ford in US industry during the early twentieth century was actually a passive revolution that reflected common international notions especially those ones in Europe that supported economic individualism as well as free enterprise societies....
14 Pages (3500 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.
Contact Us