Marxism And Liberalism In Robert Gilpin's The Industrial Revolution

1494 Words 6 Pages
In Robert Gilpin 's analysis (name of article) he discusses the different ideas of Marxism, economic nationalism, and liberalism. As part of his analysis he makes the statement,( "Although my ideas are those of liberalism, I believe the world is best described in terms of economic nationalism and at times Marxism." )This is a very interesting claim to be made. As Gilpin pointed out capitalism generates surplus. This surplus must be outsourced to somewhere in order to reestablish an equilibrium in the economy. This is partially what makes capitalism so successful as a growth economy, as it allows for wealth to be maximized, although not always equally. This aspect of capitalism, as well as the core concept of maximizing efficiency within a market has made capitalist economies quite successful in an expanding world. In the early eras of the industrial revolution Great Britain was able to succeed with capitalism. This stemmed from their ability to get rid of surplus overseas in …show more content…
As more developed countries progress to the third iteration of welfare it causes them to trend towards socialism. Socialism is the economy of stability, where as capitalism is the economy of growth. However, the world as a whole I believe is still growing, aided in part by globalization. As more developed countries close their economies to facilitate socialism or economic nationalism, still developing countries must find a new way to grow, as capitalism will only be successful in and open world system. This leaves behind other countries trying to achieve economic prosperity and wealth. Thus in order for the world to develop, I do not believe these economies can exist. In order for the world to grow capitalism must persist, as it has been trying to do, and a world welfare state, similar to that of the US, must be

Related Documents