Brown's Capitalism and Social Progress: The Future of Society in a PDF

By Brown

ISBN-10: 0333922913

ISBN-13: 9780333922910

ISBN-10: 0333985389

ISBN-13: 9780333985380

Why are the USA and Britain wealthier than ever yet thousands of kids stay in poverty, neighbourhoods wish for simple facilities and the center periods worry for his or her households, jobs and futures? the answer's to not be present in globalization, technological innovation, or our own failings to conform to altering conditions as we're so usually informed. the reply lies ordinarily with the old legacy of the 'golden period' and the obsession with industry individualism. An obsession that the recent Democrats in the United States and the recent Labour in Britain have did not exorcize. but the forces of knowledge-driven capitalism supply an exceptional chance firstly of the twenty-first century to construct societies in keeping with the person and collective intelligence of all. Capitalism and Social growth exhibits how this is achieved.

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Extra resources for Capitalism and Social Progress: The Future of Society in a Global Economy

Sample text

For economic nationalism to become a reality, ways had to be found to tame the anti-social features inherent in capitalist economies, especially the unequal distribution of wealth. As Karl Polanyi has observed `To allow the market mechanism to be sole director of the fate of human beings and their natural environment . . 3 Equally, through the inheritance of social and cultural capital the successful in a capitalist system can reproduce their privilege from generation to generation unless some method is devised by which the opportunities for success and status are, at least in principle, open to all.

Little, however, was said about the risks taken by ordinary working people in participating in a capitalist economy. The idea of the family wage was developed as a means of addressing this issue by entering the true costs to workers of participating in a market economy into wage negotiations. In effect a fair day's wage for a fair day's work is substantially higher than that received in the weekly pay packet since it does not take into account health, pensions, and unemployment insurance. In the post-war period the notion of the family wage came into its own.

As Karl Polanyi has observed `To allow the market mechanism to be sole director of the fate of human beings and their natural environment . . 3 Equally, through the inheritance of social and cultural capital the successful in a capitalist system can reproduce their privilege from generation to generation unless some method is devised by which the opportunities for success and status are, at least in principle, open to all. The problem created by this tension is not merely about injustice but also economic efficiency.

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Capitalism and Social Progress: The Future of Society in a Global Economy by Brown


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