Answer To: Essay 1 Assignment Essay Assignment 1 Prompt Find an argument broadly related to capitalism that you...
Komalavalli answered on Oct 06 2022
Introduction
Karl Marx's historical theory highlights the transition from feudalism to capitalism, which then leads to socialism. His materialist logic is a social good since it meets the demands of the impoverished while also elevating the working class in an economic and social system. Marx's dialectic was identified by Joseph Schumpeter. He considered the shift from feudalism to socialism as beneficial because it released workers from an oppressive and unfair market system, regretted the Schumpeter transition, and that the proletariat's fight against the effects of the market system is misinterpreted. Marx and Schumpeter are both specialists in market systems, and it appears that we are no longer in the Profile of scholars investigating market complexity.
Former US Federal Reserve Chairman Alan Greenspan, on the other hand, is a policy advocate who has built a career of doing market research and presenting their interests. Although Greenspan is not an academic who has published many articles about the benefits of the market system, he is a prominent policymaker who appreciates and understands the complexities and benefits of the market system, with a deep appreciation of the organization and knowledge that resembles Marx and Schumpeter. In this context, Alan Greenspan and Adrian Wooldridge authored The Development of the US Capitalist Market in the United States: A History. Alan Greenspan quoted that “Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.” In this article let us discuss more about the view of Alan Greenspan capitalism.
When new products enter the market, existing merchants and unwary speculators are unable to appropriately analyze these developments, resulting in florid. These are the times when the real price of a new product exceeds its unknown inherent value, or when the market is more prone to bubble. At the opposite end of the innovation cycle, economies are losing steam and, as Alvin Hanson anticipated, growth is slowing in advanced nations due to economic structure maturation, leading to secular stagnation.
Inside the history of economic thought, these three themes - creative destruction, irrational exaggeration, and secular stagnation - are fundamental economic theories that Greenspan and Wooldridge use to create dynamic stages in US economic growth, such as the second half of the nineteenth century with the rise of rapid economic growth, accompanied by periods of financial crisis. They speak with policymakers about the times they feel have steered American economic history away from capitalism and market efficiency. Production decreased and unemployment surged throughout the Great Depression. Following that were national and worldwide appeals for socialism.
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