Capitalism

This book analyzes how capitalism and democracy are both mutually supportive and antagonistic. It addresses key issues of poverty and the inequalities of income and power, and it develops alternative societal models based on the degree of those inequalities.

This book looks at the emergence of capitalism and democracy as systems of economic and political governance and considers how these two systems may be both mutually supportive and antagonistic. In mapping out the balance between capitalism and democracy, the book includes chapters on the theory and history of these systems that challenge the assumption that their spread will bring about a convergence of incomes either among countries or within them. Inequalities of income and power emerge as a major societal issue alongside poverty, and the book develops alternative societal models based upon the degree of inequality in wealth and power. Since 1980, Anglo-American style capitalism has been a cause of increased inequality in a number of rich countries and threatens to duplicate itself in many developing countries. The book argues that the increasing integration of markets (globalization) will not solve these problems of inequality, they require political solutions. The EU attempts one such solution, but it is not clear whether it will remain competitively viable. Meanwhile, increasing inequality is causing two serious problems for democratic societies: a move to the left and/or political instability in many developing countries and a rising tide of immigrants seeking to move from poor countries to rich.

Part I: The Theory of Capitalism. - Prologue: Chesterton, Maryland, as an English Village. - Introduction. - The Concept of Capitalism. - Capitalism and Democracy (Co-authored by Sarah Potvin). - Alternative Models of Capitalism. - Part II: The Origins and Early Evolution of Capitalism, 1400-1830. - Prologue: The Mystery of Governance. - Creating Capitalism in Europe, 1400-1820. - From Slavery and Feudalism to Oligarchy in Latin America, 1500-1830. - Creating Capitalism and Democracy in the United States, 1630-1830 (Co-authored by Sarah Potvin). - Part III: Political Obstacles to Capitalist Development. - Prologue: The Arizona Market: A Case Study in Nation -Building. - as One Country, Two Systems (Co-authored by Jamie Matthews). - The United States as One Country, Two Systems (Co-authored by Jamie Matthews). - Part IV: The Economic Strategies of Capitalist Systems. - Prologue: Economic Strategies. - Import Substitution. - The Washington Consensus. - Neo-Mercantilist or Enhanced Mobilization Strategies. - Part V. The Evolution of U. S. Capitalism and Democracy, 1830-2009. - Prologue: Transformations in the Governance of U. S. Capitalism and Democracy. - The Transformation of U. S. Capitalism and Democracy, 1830-1937 (Co-authored by Linnea N. Meyer). - The Transformation of U. S. Capitalism and Democracy, 1965-2009. - Conclusions. - Epilogue: The Financial Crisis, 2007-2009. - Appendix I: The Role of the Firm.