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capitalism |
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capitalismEconomic system in which the principal means of production, distribution, and exchange are in private (individual or corporate) hands and competitively operated for profit. A mixed economy combines the private enterprise of capitalism and a degree of state monopoly, as in nationalized industries and welfare services. Most capitalist economies are actually mixed economies, but some (such as the US and Japanese) have a greater share of the economy devoted to free enterprise. |
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| David Kang, who wrote an article with two social scientists criticizing the notion of colonial legacies, examines the characteristics of capitalism in East Asia, particularly focusing on South Korea and the Philippines. This is simply because two of the fundamental characteristics of capitalism still predominate: the overwhelming presence of wage labour and the supremacy of commodity production. The fact (noted by Nell) that the paper antedates the fall of the Berlin Wall, in no way diminishes the relevance of the author's precision analysis of the operative characteristics of capitalism and socialism (as "pure" types of systems) and the instruments which each has developed to cope with the inherent problems that derive from the "demand constrained" character of capitalism and the "resource constrained" character of socialism. |
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Characteristics of capitalism
