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Jessica Olsen

capitalism Facts, information, pictures | Encyclopedia.com articles about capitalism - 0 views

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  • Yet capitalism cannot function if violence is too great or if it is continuous.
  • There must be substantial pauses between wars and revolutions. Government must be able to prevent mob violence. The typical entrepreneur of early capitalism, unlike the feudal lord, was unwarlike by temperament and motivated by the search for profit. Bourgeois civilization, compared with the forms of social organization that preceded it or with the totalitarian forms that now compete with it, has remained inherently peaceable, rationalistic, and materialistic.
  • The enforcement of commercial contracts by the state and the extension and protection of property rights—all essential to the development of capitalism—required a strong government. The process of saving, investment, risk-taking, and profit-making flourished best, however, when the powers of the state were restricted so that their exercise would not be arbitrary
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  • With the coming of the New Deal in the early 1930s, however, it became impossible to maintain the sacrosanct character of private property. A series of decisions by the Supreme Court validating New Deal legislation removed the constitutional barrier to governmental action in the economic field.
  • e series of economic measures of the New Deal, including control of agricultural prices, production, and marketing; the sanctioning and support of collective bargaining; social security legislation; the increase in the progressivity of income taxes; regulation of the security exchanges; increased governmental control over money and banking; the conscious use of deficit financing; the great increase in the proportion of national income flowing through the governmental budget; and the great increase in the proportion of the labor force in governmental employment, meant a significant change in the capitalistic system. The later legislative acceptance, which came about after World War ii, of the responsibility of the federal government to attempt to maintain full employment represented another step in the same direction. All these changes served to differentiate modified capitalism from old-style capitalism. [SeeWelfare state.]
  • "Capitalism." International Encyclopedia of the Social Sciences. 1968. Encyclopedia.com. 11 Jan. 2013 <http://www.encyclopedia.com>.
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