words: freak and economics. Freak, by definition, means abnormality or oddity and most people might familiarize economics solely with finance or commerce. However, Levitt and Dubner break this common misconception and reveal how to world actually works, as opposed to distinguishing everything with morality and how everyone thinks the world should work. Book Report The first major concept that Freakonomics explores is incentives and how our economy revolves around it. We explore our incentives during our everyday lives in school, work, and even relationships.
The burgeoning economic inequality between the richest and the poorest is a cause of concern for social, political, and ethical reasons(Waters, 2014).Different viewpoints are discussed by each of the founders and some similarities and differences can be seen in their solutions to this concern. Karl Marx: The way he sees it is that capitalists decrease expenses and maximise probability for
Despite that there are many characteristics, which make communism and fascism comparable. The establishment of these regimes was a crucial step to the beginning of World War II. After the industrial revolution division of economical classes was created. Gradually societies came to a point, in which leaders often with radical political views ruled them. The most famous cases of countries being ruled by these ideologies are communist
Quoting an unknown source, Fredric Jameson once exclaimed that “it has become easier to imagine the end of the world than the end of capitalism” (“Future City” n.pag). Mark Fischer in his book titled Capitalist Realism: Is There No Alternative builds on this notion and says that there is a “widespread sense that not only is capitalism the only viable and political economic system, but also that it is impossible to even imagine a coherent alternative to it” (8). What makes capitalism such an overwhelming, undefeatable force? How can one explain the pervasive presence of capitalism in each and every sphere of our lives? And finally, how does capitalism pre-empt any act of resistance or critique thereby reproducing itself endlessly?
According to Karl Marx, capitalist enter the market already possessing capital more especially money. This is with the aim of investing and expanding the business by converting the money into a commodity by buying machinery and then turns the commodity with cash which is higher than the initial amount, hence making profits. Karl Marx did a great job therefore in explaining what it means to live in a world where giving and taking is the norm daily. From his writings, Karl Marx seemed as though he was predicted the future, and telling the world, which no matter what time they live in, the commodity is essential and is needed in everyday life. Karl Marx defined commodity as the use-value and value of an item.
Karl Marx was a German philosopher and a political revolutionary. The Communist Manifesto by Karl Marx was written to elaborate on the goals of communism. It explains how class struggles were the main cause of most historical events. This book also makes a clear point about how different classes correlation with each other had a lot to do with the production of that era. After some time though these relationships faded and means of production became independent from social class.
When the modern capitalist society has emerged, capitalism has massively impacted on many social aspects. The system had led to the dissolution and to an end of the Feudal system during the Middle Ages. There are many political thoughts, which consisted of significant frameworks for reforming and making some new changes to the society. This essay will mainly focus on two main political ideologies and identify the differences between these two houses, which are Marx and Mussolini. First, the German thinker, Marx, and a letter called “ Manifesto of the Communist Party”, bring about the concept of communism that was being used in many areas back in the olden days.
The rise of the proletariats did not mean the rise of means of production within the capitalistic society, but the belief Marx had that the contradictions that existed between the bourgeois and the proletariat would favour the rise of the majority party and the downfall of the minority, bourgeois party (Haralambos and Holborn, 2008). He saw the two classes and how those (proletariats) who did more work received less because all they had to offer was the labour power and how the other bourgeois class gained all the monetary gain through this exploitation. Marx believed that tensions and conflicts would rise between capitalists causing the downfall of the system (Marsh, 1996). To him, polarization (working population splitting and being identified as two different groups: capitalists and labourers), homogenization (two polarized groups causing workers to be alike due to work and loss of traditional skills) and pauperization (wage workers are turned into paupers because their wages do not increase with the rise of profits even though workload increases) are inevitable and are the main tensions that will bring down capitalism (Marsh, 1996). According to Marx, the magnitude of the contradictions between the two social classes was increasing with the rise of capitalism.
Thus the less you express yourself and think of yourself the more alienated you become, further, there is a lack of interest in self entertainment, there is time and money to spend on something other than the means to survive; workers become disconnected from the world(1978:95-96). Going back to money, what is it, what is its significance? There are two things mentioned in the text, firstly, “money is the alienated ability of mankind”-one is not acknowledged when without money you not as popular or privileged enough to do much- without money you have no power but once you have money you are able to do much more. Money thus becomes a guarantee of things(1978:103-105)Also as mentioned previously, wage is
He felt it should be the workers that should be in control. He believed that in a capitalist economy there is a slow but steady decline in the number of capitalist and a growing population of proletariat. This is brought about by the the fierce competition amongst the capitalists to succeed at all cost, usually at the expense of the worker, and would eventually lead to a monopolistic economy. An economy where both price and production are decided by those in charge of the monopolies. Over time the proletariat would realize that they possessed the collective power to seize control away from the bourgeoisie.
In a time of great catastrophe, two great minds who come from different experiences will form a debate about their disparate economical ideas. John Maynard Keynes and Friedrich von Hayek were friends, but it is safe to say that they differed greatly with their views on the monetary system. In part 1 of the 3 part television series Commanding Heights, we see the world economy go back and forth from market economies to formulated and planned economies to back to a market economy. In this time of economic despair we come to learn the influential and distinct views of two great economist, Hayek and Keynes. Hayek was a from believer that the interest in markets is what potentially keeps production on point with at the same time people save which