Rentier capitalism

A rentier state can be defined as a state that “derive[s] most or a substantial part of [its] revenues from the outside world and the functioning of [its] political system depend[s] to a large degree on accruing external revenues that can be classified as rents” (Schwarz 604). Rentier states are heavily concentrated in Latin America, the Middle East, and Sub-Saharan Africa. The similarities of the rentier economies in these three regions vastly outweigh the differences as they are all plagued with the two classic problems all rentier economies face: economic dependence and vulnerability due to the boom and bust cycle. There are some nuanced differences between the economies in the regions, such as Dutch Disease occurring at a higher rate in…

and strength of capitalist economy. The last chapter of the book, chapter 24 begins with the statement that the biggest and foremost problems of capitalism are “its failure to provide for full employment, and its arbitrary and inequitable distribution of wealth and incomes.” Keynes ends up suggesting an active role of government to intervene with fiscal and monetary policy to keep down the interest rate, which would ultimately lead to the “euthanasia of the rentier”. He considers this as a…

Adam’s Fallacy: A Guide to Economic Theology Adam Smith’s book The Wealth of Nations is not noteworthy because it introduces any radical new ideas on capitalism, but rather because it gives a clear case of the possibility of a capitalist society developing, and more importantly undertakes the biggest problem capitalism has, at least in the eyes of Foley. “The question of how to be a good person and live a good and moral life within the antagonistic, impersonal, and self-regarding social…

The weakness of the liberal order lies within the assumption that actors in the global market are purely motivated by economic rather than political objectives. This essay does not suggest that Russia is a unique case of “state capitalism”, but rather an example of a powerful state-owned multinational’s methods in influencing European politics. Gazprom’s strategy can be described as being founded on the premise that it runs in an oligopolistic market where its business decisions can have a…

1. Americans work less than the French. 2. In 2008 the United States pushed the world into an economic crisis. 3. In a capitalist system the major proportion of production and distribution is in private hands. 4. Socialism is a system characterized by public ownership of property and a planned economy. 5. Yugoslavia once approximated worker control socialism. 6. An old stage of capitalist development was globalized…

Karl Marx saw himself as the, “Newton of social science” (Seidman, 34) and described his book, Capital, as being ”to the social sciences what Darwin’s On the Origin of Species was to the natural sciences” (Seidman, 34). Marx was correct about his work because even today, he is seen as one of the most influential social science writers. The readings discussed Germany during the life of Marx as well as his theories created through the observation of capitalism and class structure. Born in 1818…

Marx uses these points to explain how free market capitalism causes this estranged labor. He says that this type of economical and political system causes people to be alienated from “the product…from species-being…from other human beings…in productivity work” (Wolf 2003). He uses this theory to show us the effects that a capitalist society could have on all aspects of a human, his physical ability, his mental capacity, his social life and the obvious economic life. Marx adds to this bashes…

a) The economy today under a system in which the government’s sole purpose is to protect private property and contracts would be very different than our present economy. For example, the entire system of subsidies used extensively by the United States would be non-existent, and this would produce a completely different national economy and infrastructure. Early infrastructure was heavily subsidized by the U.S government including the Erie Canal and most railroads (Wood, January 16, 2015). So,…

a consequence of the rearrangement of anything that was formerly quasi-monopolies from central districts, manufacturing progressions to semiperipheral manufacturing developments which encourage a pseudo-dominations on the marketplace (Scott and Edles, 2008: 764-765). They are capable to yield wide-ranging money, which can point to rising occupation, greater incomes, and a universal increase of a world-economy (Scott and Edles, 2008: 764-765). Additional businesses enter the marketplace and…

Modern democracy is connected to capitalism on behalf of the bourgeoisie’s class in current economy. The 18th century social movements were pre dominantly caused by the help of bourgeoisie where they wanted to have formal right to own their land, property and free from arbitrary rule by the government. Importantly the whole society wanted just rules and laws that governed every individual in society. The rules and laws were established by the people as a whole. However, in modern democracy,…