Furthermore, socialism argued that a society entrenched in capitalism, where profits from entrepreneurs are reinvested into capital goods increases unemployment by replacing the worker with technology. ... Much like the biological theory of evolution, workers who help societal progress will be those who embrace a profit motive, who understand their entitlement to profit for their labor. ... Sumner aptly justifies self-interest by explaining; "The person with ability, intelligence, and drive will rise to the prominence by successfully competing with all others result(ing) in both a more vi...

• Word Count: 1068
• Approx Pages: 4
• Has Bibliography
• Grade Level: Graduate

The article "Economics against Democracy" by Manuel Couret Branco argues that a capitalist economy actually weakens political equality by the uneven distribution of wealth that inevitably occurs in a capitalist society. ... Branco's assertion does not, however, stop with the implication that capitalism can lead to corruption. ... In this sense a capitalist economy not only supports the values of a liberal democracy but it also helps to extend them on a global front. ... In summarizing, the arguments against the thesis, a capitalist economy supports liberal democracy, mostly have to do...

• Word Count: 1285
• Approx Pages: 5
• Has Bibliography
• Grade Level: Graduate

As part of the 'New Left', an emerging stance on the left wing of politics, Miliband disagreed with the notion of pluralism being a means of spreading political power across a wider spectrum than what he called the 'dominant class', which he asserted to maintain not only the majority of the wealth, but also the majority of political power with which it has come to be associated. ... It will predominantly focus on the second chapter, Economics and Dominant Class, as it is here that Miliband most clearly outlines his gripes with capitalist Western democracies in terms of in...

• Word Count: 2635
• Approx Pages: 11
• Has Bibliography
• Grade Level: Graduate

Most liberals are enthusiastic about the economics of the free market. ... Liberals argue that trade benefits everyone because it helps people concentrate on what they are best at (the formal version of this argument is the theory of ˜comparative advantage'). ... Globalization has helped to reduce transport and transaction costs so the potential gains from specialization are increased. ... As with liberalism, there is no single Marxist viewpoint, but instead degrees of Marxist variation. Indeed, much anti-globalization writing is not compatible with classical Marxist thought. ...

• Word Count: 7309
• Approx Pages: 29
• Grade Level: Graduate