Classical economics

colonialism is still alive and well. The world is by no means “postcolonial” and appears to be more “neocolonial” if anything. Neocolonialism is a concept based on Marxism that implies “that nothing much has changed in the world economic order since independence, in that patterns of economic power and unequal exchange remain more or less exactly as they were”.6 It is well supported by the global landscape today. The world has not been decolonized and neither has contemporary international…

INTRODUCTION Tourism in India is in its developing stage and there are many factors which are engaged in speeding up this reaction. It has a great economic significance in our country. In India, the historical significance along with cultural and geographical diversity attracts the tourists thereby making international tourism appealable. Now, we should know why tourism in India is becoming so prevalent. There are various forms of tourism; educational and sports tourism are also some among them…

This essay tries to explain and evaluate Friedman’s arguments about the way in which economic theories should be evaluated by considering both his views as well as other economist’s views’. Throughout the essay, I will be analysing different aspects from Musgrave’s categories; Negligibility, Domain and Heuristic assumptions. Friedman stated that we use theories to perceive “facts”, and we are not able to perceive “facts” without a theory (Friedman, 1966), which has a contradictory element behind…

To leave the markets alone, the laissez-faire approach to economics was the catchphrase for Adam Smith and other Classical economists. This approach lent its power to the “invisible hand” of the market and the idea that adjusting the way the market works would ultimately affect its ability to function properly. Smith believed the market was a “perfectly ordered mechanism operating according to natural laws.” This was a misguided idea, when the market is left to make its own decisions without…

of both classical and more contemporary literature on the Political Economy of Communication, like Baran and Sweezy or Williams, but also Pickard and McChesney’s books, too. Based on critical readings and group discussions, I wrote a final essay for each CMN 529 and MDIA 568 and upon them, I was able to develop a paper I presented at a graduate students’ conference that took place at the UIUC (Lagos, 2016). The topics of labor,…

produced and maintained by state law, norms, and cultural beliefs,” (Ingham, 59). Capitalism was able to develop due to coexistence and mutual dependence of private economic power and coercive state power. The relationship and limits of these two powers have been debated since early modern times when property rights allowed private economic power to get strong enough to claim more opportunity to seek profits. What came out of the development of capitalist society are two spheres, the state…

In 1944 Austrian born Karl Polanyi published his most well known book The Great Transformation in which he critiqued dominant economic thinking and offered another lens in which to view global markets and the history of capitalism. The Great Transformation has remained an influential text especially in the fields of sociology, history and anthropology (Block 275). Polanyi believed that there was a series of myths surrounding the origins and workings of capitalism that began with Adam Smith and…

Neoliberalism represents an attitude and structure of society which centers everything around the economy and promotes economic growth. On paper this may sound positive; however, this economic growth helps some at the expense of others in many occasions, and thus leaves a tear in the moral fabric of society. The Big Short, by Adam McKay and Charles Randolph, is a film that details the 2008 financial crash, and how a select few investors betted against what seemed to be the entire world and won.…

Do Marx's views on capitalism provide any insights into economic globalisation today? Karl Marx, one of socialism’s revolutionaries, presented his views on capitalism and globalisation (imperialism) throughout his analytic works, such as the Communist Manifesto and Das Kapital. These are views, according to several Marxian scholars, such as Miguel D. Ramirez, vindicate the rapid integration of goods and financial markets (globalisation) the world economy has experienced since the fall of the…

innovator of political economy and contemporary capitalist economic system, who lived during the early 18th century. Many of Smith’s ideas and theories are still used in modern economics, several including the effect of self-interest, self-love and selfishness affected. Because Smith’s theories and ideas were the most methodical and comprehensive study of economics up until that time, his economic thinking became the foundation for classical economics. And because several of his ideas have…