Capitalism Is Not Just Success Essay example

1476 Words Jan 15th, 2015 null Page
Patrick Jake O’Rourke (1998), who is an American political satirist, journalist, writer and author, stated, “The idea of capitalism is not just success but also the failure that allows success to happen”. Capitalism has affected in the way that modern states develop in terms of business, economy, and politics. In addition, it has several forms, such as enterprise capitalism, social capitalism, collective capitalism, and so on. The definition of capitalism is “a system of generalized commodity production in which wealth is owned privately and economic life is organized according to market principle (Heywood, 2007)”. Many theorists, like Simon Tormey (2004) and Ellen Meiksins Wood (1991), also identify capitalism as a system. It could be argued that several systems within the modern state establish the idea of capitalism and lead to a capitalist economy. Therefore, this essay will demonstrate how the modern state has brought about capitalism in terms of class differences and labour power, market and money economy, state development and industrialisation, and warfare. Finally, it will draw a conclusion. A main theory of capitalism, Marxism, argues that a society in the modern state promotes a modern economy and capitalist system, which shapes political and social life, as the state has a material origin in relation to an economic structure of the society (Cudworth et al., 2007). Marxists refer to the economic system as modes of production, which is a relationship between…

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