 CAPITALISM IN CRISIS?Chapter 1 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 1-9 from World Scientific Publishing Co. Pte. Ltd. Abstract: Without a shadow of a doubt, capitalism is the single greatest invention in human history. The impact of capitalism on the material progress of mankind dwarfs the impact of the steam engine, electricity, combustible engine, and all other technological breakthroughs combined. Indeed it was raw capitalism, epitomized by larger-than-life titans such as Cornelius Vanderbilt, John Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford, that produced such game-changing breakthroughs. Yet the central role of capitalism in expanding the sheer amount and variety of goods we enjoy, and in lifting our living standards beyond all recognition, is often underappreciated, if not forgotten altogether. Perhaps this is because we take capitalism for granted, like oxygen, especially after it defeated socialism and became the dominant global economic system. Or, perhaps the lack of appreciation is due to the intangible nature of capitalism, which is not something we can see, touch and feel, unlike the mobile phone, laptop, or internet… Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789813274242_0001 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd. |
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