Download or read book Capitalism Socialism and Democracy written by Joseph A. Schumpeter and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the relation between a socialist view of society and the democratic method of government; argues that socialism is probably inevitable, for political rather than economic reasons. The book developes five principal themes, presented in five parts. Part I, "The Marxian Doctrine," attests to Schumpeter's belief in the importance of Karl Marx's thought, and discusses Marx in the roles of prophet, sociologist, economist, and teacher. His strength lay in synthesis of history, economics, and politics into a vision and system (which Schumpeter admires) that that can be used for solving problems and contributing to knowledge and insight; the value of Marx's theories and conclusions are found wanting. Part II "Can Capitalism Survive?" shows that a socialist form of society will inevitably emerge from the inevitable decomposition of capitalist society. Essential to capitalism is the process of "creative destruction," which constantly revolutionizes the system from within; this revolutionary transformation of capitalism, which spells its doom, results from its success--not, as Marx argued, from its failure. In Schumpeter's view of capitalism, monopolistic policies promote stability and increase efficiency; unemployment and business cycles accompany economic growth; and without political interference, output would increase and standard of living increase. The entrepreneurial function, which revolutionizes production by exploiting innovation, becomes routine and obsolete due to technical development and rise of big firms; the entrepreneur becomes a bureaucrat. Without innovating enterprise, profit will vanish or become unimportant. Capitalism's success undermines the social conditions that protect it. Capitalism will not survive because public opinion will not support it: the bourgeoisie is not equipped for politics; corporate evolution and decline of the family have reduced the bourgeois sense of property and incentives; destruction of monarchy and aristocracy have deprived the bourgeois of its protectors; and disenchanted intellectuals inflame discontent with free enterprise. Establishment of socialism can be expected. Part III, "Can Socialism Work?" answers, "Of course it can." Socialism for Schumpeter is centralized control over the means of production. Necessary for the success of socialism is reaching the requisite stage of industrial development and resolution of transitional problems. The assessment of a socialist society should be based less on economic efficiency than on the quality of the bureaucratic apparatus operating the system. Socialism may likely be as successful in satisfying consumers, promoting economic progress, and enforcing discipline and efficiency. Part IV, "Socialism and Democracy" argues one can have autocratic, theocratic, or democratic socialism. Socialism's economic problem should only be discussed referring to the given state of the social environment and historical situation. Schumpeter alternatively defines democracy as people's selection of a government. Socialism may be democratic if certain conditions are met: politics must be culturally valued, range of political decisions must be fairly narrow, a well-trained bureaucracy exists, and the public exercises democratic self control. Part V, "Historical Sketch of Socialist Parties" analyzes the history of the most important socialist parties in England, Sweden, U.S., France, Germany, and Austria, emphasizing how they tried to live within the structure of a Marxist system and to remain alive and grow politically. Socialism, though, is likely to present fascist features. (TNM).

Download or read book The Roles of Immigrants and Foreign Students in US Science Innovation and Entrepreneurship written by Ina Ganguli and published by University of Chicago Press. This book was released on 2020-02-19 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The number of immigrants in the US science, technology, engineering, and mathematics (STEM) workforce and among recipients of advanced STEM degrees at US universities has increased in recent decades. In light of the current public debate about immigration, there is a need for evidence on the economic impacts of immigrants on the STEM workforce and on innovation. Using new data and state-of-the-art empirical methods, this volume examines various aspects of the relationships between immigration, innovation, and entrepreneurship, including the effects of changes in the number of immigrants and their skill composition on the rate of innovation; the relationship between high-skilled immigration and entrepreneurship; and the differences between immigrant and native entrepreneurs. It presents new evidence on the postgraduation migration patterns of STEM doctoral recipients, in particular the likelihood these graduates will return to their home country. This volume also examines the role of the US higher education system and of US visa policy in attracting foreign students for graduate study and retaining them after graduation.

Download or read book The Power of Creative Destruction written by Philippe Aghion and published by Harvard University Press. This book was released on 2021-04-20 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: From one of the world’s leading economists and his coauthors, a cutting-edge analysis of what drives economic growth and a blueprint for prosperity under capitalism. Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every crack in the system. We hear more and more calls for radical change, even the overthrow of capitalism. But the answer to our problems is not revolution. The answer is to create a better capitalism by understanding and harnessing the power of creative destruction—innovation that disrupts, but that over the past two hundred years has also lifted societies to previously unimagined prosperity. To explain, Philippe Aghion, Céline Antonin, and Simon Bunel draw on cutting-edge theory and evidence to examine today’s most fundamental economic questions, including the roots of growth and inequality, competition and globalization, the determinants of health and happiness, technological revolutions, secular stagnation, middle-income traps, climate change, and how to recover from economic shocks. They show that we owe our modern standard of living to innovations enabled by free-market capitalism. But we also need state intervention with the appropriate checks and balances to simultaneously foster ongoing economic creativity, manage the social disruption that innovation leaves in its wake, and ensure that yesterday’s superstar innovators don’t pull the ladder up after them to thwart tomorrow’s. A powerful and ambitious reappraisal of the foundations of economic success and a blueprint for change, The Power of Creative Destruction shows that a fair and prosperous future is ultimately ours to make.

Download or read book Rethinking Capitalism written by Michael Jacobs and published by John Wiley & Sons. This book was released on 2016-07-21 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Thought provoking and fresh - this book challenges how we think about economics.” Gillian Tett, Financial Times For further information about recent publicity events and media coverage for Rethinking Capitalism please visit http://marianamazzucato.com/rethinking-capitalism/ Western capitalism is in crisis. For decades investment has been falling, living standards have stagnated or declined, and inequality has risen dramatically. Economic policy has neither reformed the financial system nor restored stable growth. Climate change meanwhile poses increasing risks to future prosperity. In this book some of the world’s leading economists propose new ways of thinking about capitalism. In clear and compelling prose, each chapter shows how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of policies informed by it. The chapters examine a range of contemporary economic issues, including fiscal and monetary policy, financial markets and business behaviour, inequality and privatisation, and innovation and environmental change. The authors set out alternative economic approaches which better explain how capitalism works, why it often doesn’t, and how it can be made more innovative, inclusive and sustainable. Outlining a series of far-reaching policy reforms, Rethinking Capitalism offers a powerful challenge to mainstream economic debate, and new ideas to transform it.

Download or read book Creative Destruction and the Sharing Economy written by Henrique Schneider and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: While creative destruction and disruptive innovation change the entrepreneurial landscape; regulation - especially regulation of sectorial markets and competition regulation - can delay this change or even bring it to a halt. Uber plays an active role between these two forces: first as an agent of creative destruction and then possibly in championing regulation on its own terms. Grounded in a particular understanding of the economic concept of the market as a series of processes, this book explores the implications of creative destruction, competition regulation and the role that businesses play. Instead of discussing these relations in a purely abstract manner, this book uses Uber as a case study.

Download or read book Prophet of Innovation written by Thomas K. McCraw and published by Harvard University Press. This book was released on 2010-03-30 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pan Am, Gimbel’s, Pullman, Douglas Aircraft, Digital Equipment Corporation, British Leyland—all once as strong as dinosaurs, all now just as extinct. Destruction of businesses, fortunes, products, and careers is the price of progress toward a better material life. No one understood this bedrock economic principle better than Joseph A. Schumpeter. “Creative destruction,” he said, is the driving force of capitalism. Described by John Kenneth Galbraith as “the most sophisticated conservative” of the twentieth century, Schumpeter made his mark as the prophet of incessant change. His vision was stark: Nearly all businesses fail, victims of innovation by their competitors. Businesspeople ignore this lesson at their peril—to survive, they must be entrepreneurial and think strategically. Yet in Schumpeter’s view, the general prosperity produced by the “capitalist engine” far outweighs the wreckage it leaves behind. During a tumultuous life spanning two world wars, the Great Depression, and the early Cold War, Schumpeter reinvented himself many times. From boy wonder in turn-of-the-century Vienna to captivating Harvard professor, he was stalked by tragedy and haunted by the specter of his rival, John Maynard Keynes. By 1983—the centennial of the birth of both men—Forbes christened Schumpeter, not Keynes, the best navigator through the turbulent seas of globalization. Time has proved that assessment accurate. Prophet of Innovation is also the private story of a man rescued repeatedly by women who loved him and put his well-being above their own. Without them, he would likely have perished, so fierce were the conflicts between his reason and his emotions. Drawing on all of Schumpeter’s writings, including many intimate diaries and letters never before used, this biography paints the full portrait of a magnetic figure who aspired to become the world’s greatest economist, lover, and horseman—and admitted to failure only with the horses.

Download or read book Openness to Creative Destruction written by Arthur M. Diamond and published by . This book was released on 2019 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: Life improves under the economic system often called "entrepreneurial capitalism" or "creative destruction," but more accurately called "innovative dynamism." Openness to Creative Destruction: Sustaining Innovative Dynamism shows how innovation occurs through the efforts of inventors and innovative entrepreneurs, how workers on balance benefit, and how good policies can encourage innovation. The inventors and innovative entrepreneurs are often cognitively diverse outsiders with the courage and perseverance to see and pursue serendipitous discoveries or slow hunches. Arthur M. Diamond, Jr. shows how economies grow where innovative dynamism through leapfrog competition flourishes, as in the United States from roughly 1830-1930. Consumers vote with their feet for innovative new goods and for process innovations that reduce prices, benefiting ordinary citizens more than the privileged elites. Diamond highlights that because breakthrough inventions are costly and difficult, patents can be fair rewards for invention and can provide funding to enable future inventions. He argues that some fears about adverse effects on labor market are unjustified, since more and better new jobs are created than are destroyed, and that other fears can be mitigated by better policies. The steady growth in regulations, often defended on the basis of the precautionary principle, increases the costs to potential entrepreneurs and thus reduces innovation. The "Great Fact" of economic history is that after at least 40,000 years of mostly "poor, nasty, brutish, and short" humans in the last 250 years have started to live substantially longer and better lives. Diamond increases understanding of why.

Download or read book A Political Science Manifesto for the Age of Populism written by David M. Ricci and published by Cambridge University Press. This book was released on 2020-03-19 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Populism and authoritarian-populist parties have surged in the 21st century. In the United States, Donald Trump appears to have become the poster president for the surge. David M. Ricci, in this call to arms, thinks Trump is symptomatic of the changes that have caused a crisis among Americans - namely, mass economic and creative destruction: automation, outsourcing, deindustrialization, globalization, privatization, financialization, digitalization, and the rise of temporary jobs - all breeding resentment. Rather than dwelling on symptoms, Ricci focuses on the root of our nation's problems. Thus, creative destruction, aiming at perpetual economic growth, encouraged by neoliberalism, creates the economic inequality that fuels resentment and leads to increased populism. Ricci urges political scientists to highlight this destruction meaningfully and substantively, to use empirical realism to put human beings back into politics. Ricci's sensible argument conveys a sense of political urgency, grappling with real-world problems and working to transform abstract speculations into tangible, useful tools. The result is a passionate book, important not only to political scientists, but to anyone who cares about public life.

Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Download or read book The Orange Economy written by Inter American Development Bank and published by Inter-American Development Bank. This book was released on 2013-10-01 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This manual has been designed and written with the purpose of introducing key concepts and areas of debate around the "creative economy", a valuable development opportunity that Latin America, the Caribbean and the world at large cannot afford to miss. The creative economy, which we call the "Orange Economy" in this book (you'll see why), encompasses the immense wealth of talent, intellectual property, interconnectedness, and, of course, cultural heritage of the Latin American and Caribbean region (and indeed, every region). At the end of this manual, you will have the knowledge base necessary to understand and explain what the Orange Economy is and why it is so important. You will also acquire the analytical tools needed to take better advantage of opportunities across the arts, heritage, media, and creative services.

Download or read book Equilibrium Unemployment Theory second edition written by Christopher A. Pissarides and published by MIT Press. This book was released on 2000-03-02 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This approach to labor market equilibrium and unemployment has been successful in explaining the determinants of the "natural" rate of unemployment and new data on job and worker flows, in modeling the labor market in equilibrium business cycle and growth models, and in analyzing welfare policy. The second edition contains two new chapters, one on endogenous job destruction and one on search on the job and job-to-job quitting. The rest of the book has been extensively rewritten and, in several cases, simplified.

Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-04-12 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.

Download or read book Job Reallocation Employment Fluctuations and Unemployment written by Dale Mortensen and published by . This book was released on 1999 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A World of Three Zeros written by Muhammad Yunus and published by PublicAffairs. This book was released on 2017-09-26 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: A winner of the Nobel Peace Prize and bestselling author of Banker to the Poor offers his vision of an emerging new economic system that can save humankind and the planet Muhammad Yunus, who created microcredit, invented social business, and earned a Nobel Peace Prize for his work in alleviating poverty, is one of today's most trenchant social critics. Now he declares it's time to admit that the capitalist engine is broken -- that in its current form it inevitably leads to rampant inequality, massive unemployment, and environmental destruction. We need a new economic system that unleashes altruism as a creative force just as powerful as self-interest. Is this a pipe dream? Not at all. In the last decade, thousands of people and organizations have already embraced Yunus's vision of a new form of capitalism, launching innovative social businesses designed to serve human needs rather than accumulate wealth. They are bringing solar energy to millions of homes in Bangladesh; turning thousands of unemployed young people into entrepreneurs through equity investments; financing female-owned businesses in cities across the United States; bringing mobility, shelter, and other services to the rural poor in France; and creating a global support network to help young entrepreneurs launch their start-ups. In A World of Three Zeros, Yunus describes the new civilization emerging from the economic experiments his work has helped to inspire. He explains how global companies like McCain, Renault, Essilor, and Danone got involved with this new economic model through their own social action groups, describes the ingenious new financial tools now funding social businesses, and sketches the legal and regulatory changes needed to jumpstart the next wave of socially driven innovations. And he invites young people, business and political leaders, and ordinary citizens to join the movement and help create the better world we all dream of.

Download or read book The ANNALS of the American Academy of Political Social Science written by Katharine M. Donato and published by SAGE Publications, Incorporated. This book was released on 2016-08-11 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume of The ANNALS the editors argue that illegal immigration arose as feature of capitalist globalization in the 20th century. The collected research papers explore the origins of undocumented migration in our contemporary global economy, and show the consequences of so-called illegal immigration both for migrants and for a number of host countries. The methodological challenges involved in studying clandestine population movements are also advanced by example.

Download or read book The Natural Survival of Work written by Pierre Cahuc and published by MIT Press (MA). This book was released on 2006 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to manage the unemployment that occurs in the process of the continuous job destruction and creation responsible for growth in today's economies: what recent economic research tells us about wages, incentives to work, and education.

Download or read book The Captured Economy written by Brink Lindsey and published by Oxford University Press. This book was released on 2017-10-13 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: For years, America has been plagued by slow economic growth and increasing inequality. In The Captured Economy, Brink Lindsey and Steven M. Teles identify a common factor behind these twin ills: breakdowns in democratic governance that allow wealthy special interests to capture the policymaking process for their own benefit. They document the proliferation of regressive regulations that redistribute wealth and income up the economic scale while stifling entrepreneurship and innovation. They also detail the most important cases of regulatory barriers that have worked to shield the powerful from the rigors of competition, thereby inflating their incomes: subsidies for the financial sector's excessive risk taking, overprotection of copyrights and patents, favoritism toward incumbent businesses through occupational licensing schemes, and the NIMBY-led escalation of land use controls that drive up rents for everyone else. An original and counterintuitive interpretation of the forces driving inequality and stagnation, The Captured Economy will be necessary reading for anyone concerned about America's mounting economic problems and how to improve the social tensions they are sparking.