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الفكرية حول الرأسمالية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Perspectivas_sobre_el_capitalismo_por_escuela_de_pensamiento" title="Perspectivas sobre el capitalismo por escuela de pensamiento – Spanish" lang="es" hreflang="es" data-title="Perspectivas sobre el capitalismo por escuela de pensamiento" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9E%90%EB%B3%B8%EC%A3%BC%EC%9D%98%EC%97%90_%EB%8C%80%ED%95%9C_%EB%8B%A4%EC%96%91%ED%95%9C_%EA%B4%80%EC%A0%90" title="자본주의에 대한 다양한 관점 – Korean" lang="ko" hreflang="ko" data-title="자본주의에 대한 다양한 관점" data-language-autonym="한국어" data-language-local-name="Korean" 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.mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Capitalism" title="Category:Capitalism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="padding:0.2em;"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Business" title="Business">Business</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Businessperson" title="Businessperson">Businessperson</a></li> <li><a href="/wiki/Capital_(economics)" title="Capital (economics)">Capital</a></li> <li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Capital_market" title="Capital market">Capital markets</a></li> <li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competitive markets</a></li> <li><a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">Economic interventionism</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Economic surplus</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Free_market" title="Free market">Free market</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Invisible_hand" title="Invisible hand">Invisible hand</a></li> <li><a href="/wiki/Visible_hand_(economics)" title="Visible hand (economics)">Visible hand</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Money" title="Money">Money</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Rent_seeking" class="mw-redirect" title="Rent seeking">Rent seeking</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/Value_(economics)" title="Value (economics)">Value</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic systems</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anglo-Saxon_capitalism" class="mw-redirect" title="Anglo-Saxon capitalism">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic theories</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">MMT</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a></li></ul></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarist</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advanced_capitalism" title="Advanced capitalism">Advanced</a></li> <li><a href="/wiki/Consumer_capitalism" title="Consumer capitalism">Consumer</a></li> <li><a href="/wiki/Community_capitalism" title="Community capitalism">Community</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony</a></li> <li><a href="/wiki/Finance_capitalism" title="Finance capitalism">Finance</a></li> <li><a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">Global</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Illiberal</a></li> <li><a href="/wiki/Late_capitalism" title="Late capitalism">Late</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Marxist</a></li> <li><a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant</a></li> <li><a href="/wiki/Progressive_capitalism" title="Progressive capitalism">Progressive</a></li> <li><a href="/wiki/Rentier_capitalism" title="Rentier capitalism">Rentier</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">State monopoly</a></li> <li><a href="/wiki/Technocapitalism" title="Technocapitalism">Technological</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Intellectuals</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Ayn_Rand" title="Ayn Rand">Rand</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Richard_M._Weaver" title="Richard M. Weaver">Weaver</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Capitalist_realism" title="Capitalist realism">Capitalist realism</a></li> <li><a href="/wiki/Capitalist_state" title="Capitalist state">Capitalist state</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Cronyism" title="Cronyism">Cronyism</a></li> <li><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Culture of capitalism</a></li> <li><a href="/wiki/Evergreening" title="Evergreening">Evergreening</a></li> <li><a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">Exploitation of labour</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/History_of_capitalism" title="History of capitalism">History</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of theory</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Periodizations_of_capitalism" title="Periodizations of capitalism">Periodizations of capitalism</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalism</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Ideologies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical liberalism</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigisme</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><a href="/wiki/Inclusive_capitalism" title="Inclusive capitalism">Inclusive</a></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Neo-Capitalism" class="mw-redirect" title="Neo-Capitalism">Neo</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/Objectivism" title="Objectivism">Objectivism</a></li> <li><a href="/wiki/Ordoliberalism" title="Ordoliberalism">Ordoliberalism</a></li> <li><a href="/wiki/Privatism" title="Privatism">Privatism</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Capitalismlogo.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/16px-Capitalismlogo.svg.png" decoding="async" width="16" height="15" class="mw-file-element" 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height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>relies excessively on <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">references</a> to <a href="/wiki/Wikipedia:No_original_research#Primary,_secondary_and_tertiary_sources" title="Wikipedia:No original research">primary sources</a></b>.<span class="hide-when-compact"> Please improve this article by adding <a href="/wiki/Wikipedia:No_original_research#Primary,_secondary_and_tertiary_sources" title="Wikipedia:No original research">secondary or tertiary sources</a>. <br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Perspectives+on+capitalism+by+school+of+thought%22">"Perspectives on capitalism by school of thought"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Perspectives+on+capitalism+by+school+of+thought%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Perspectives+on+capitalism+by+school+of+thought%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Perspectives+on+capitalism+by+school+of+thought%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Perspectives+on+capitalism+by+school+of+thought%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Perspectives+on+capitalism+by+school+of+thought%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">February 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Throughout <a href="/wiki/Modern_history" class="mw-redirect" title="Modern history">modern history</a>, a variety of perspectives on <a href="/wiki/Capitalism" title="Capitalism">capitalism</a> have evolved based on different <a href="/wiki/School_of_thought" title="School of thought">schools of thought</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=1" title="Edit section: Overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> was one of the first influential writers on the topic with his book <i><a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a></i>, which is generally considered to be the start of <a href="/wiki/Classical_economics" title="Classical economics">classical economics</a> which emerged in the 18th century. To the contrary, <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a> considered <a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">capitalism</a> to be a historically specific <a href="/wiki/Mode_of_production" title="Mode of production">mode of production</a> and considered capitalism a phase of economic development that would pass and be replaced by <a href="/wiki/Communist_society" title="Communist society">communism</a>. In conjunction with his <a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">criticism of capitalism</a> was Marx's belief that exploited labor would be the driving force behind a <a href="/wiki/Social_revolution" title="Social revolution">social revolution</a> to a <a href="/wiki/Socialist_economics" title="Socialist economics">socialist-style economy</a>.<sup id="cite_ref-ReferenceA_1-0" class="reference"><a href="#cite_note-ReferenceA-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> For Marx, this cycle of the extraction of the surplus value by the owners of <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a> or the <a href="/wiki/Bourgeoisie" title="Bourgeoisie">bourgeoisie</a> becomes the basis of <a href="/wiki/Class_struggle" class="mw-redirect" title="Class struggle">class struggle</a>. </p><p>This argument is intertwined with Marx's version of the <a href="/wiki/Labor_theory_of_value" title="Labor theory of value">labor theory of value</a> asserting that labor is the source of all value and thus of profit. <a href="/wiki/Max_Weber" title="Max Weber">Max Weber</a> considered <a href="/wiki/Market_(economics)" title="Market (economics)">market</a> <a href="/wiki/Trade" title="Trade">exchange</a> rather than production as the defining feature of capitalism. In contrast to their counterparts in prior modes of economic activity, capitalist enterprises was their rationalization of production, directed toward maximizing <a href="/wiki/Economic_efficiency" title="Economic efficiency">efficiency</a> and <a href="/wiki/Productivity_(economics)" class="mw-redirect" title="Productivity (economics)">productivity</a>; a tendency leading to a sociological process of enveloping rationalization. According to Weber, workers in pre-capitalist economic institutions understood work in terms of a personal relationship between <a href="/wiki/Master_craftsman" title="Master craftsman">master</a> and <a href="/wiki/Journeyman" title="Journeyman">journeyman</a> in a <a href="/wiki/Guild" title="Guild">guild</a>, or between <a href="/wiki/Lord" title="Lord">lord</a> and <a href="/wiki/Peasant" title="Peasant">peasant</a> in a <a href="/wiki/Manorialism" title="Manorialism">manor</a>. </p><p>Meanwhile <a href="/wiki/Institutional_economics" title="Institutional economics">institutional economics</a>, once the main <a href="/wiki/School_of_economic_thought" class="mw-redirect" title="School of economic thought">school of economic thought</a> in the United States, holds that capitalism cannot be separated from the political and social system within which it is embedded. In the late 19th century, the <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">German Historical School</a> of economics diverged with the emerging <a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a> of economics, led at the time by <a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a>. Later generations of followers of the Austrian School continued to be influential in Western economic thought through much of the 20th century. The Austrian economist <a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Joseph Schumpeter</a>, a forerunner of the Austrian School of economics, emphasized the <a href="/wiki/Creative_destruction" title="Creative destruction">creative destruction</a> of capitalism—the fact that market economies undergo constant change. </p><p>The Austrian economists <a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a> and <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> were among the leading defenders of <a href="/wiki/Market_economy" title="Market economy">market economy</a> against 20th century proponents of socialist <a href="/wiki/Planned_economy" title="Planned economy">planned economies</a>. Among Mises's arguments were the <a href="/wiki/Economic_calculation_problem" title="Economic calculation problem">economic calculation problem</a>, which was first proposed by Mises in 1920 and later expounded by Hayek.<sup id="cite_ref-Mises_2-0" class="reference"><a href="#cite_note-Mises-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-A._Hayek,_1935_pp._1-40_3-0" class="reference"><a href="#cite_note-A._Hayek,_1935_pp._1-40-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The problem referred to is that of how to distribute resources <a href="/wiki/Rational_choice_theory" class="mw-redirect" title="Rational choice theory">rationally</a> in an economy. The <a href="/wiki/Free_market" title="Free market">free market</a> solution is the <a href="/wiki/Price_mechanism" title="Price mechanism">price mechanism</a>, wherein people individually have the ability to decide how a good or service should be distributed based on their willingness to give money for it. Mises and Hayek argued that only market capitalism could manage a complex, modern economy. </p><p>Partially opposed to that view, the British economist <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> argued in his 1937 <i><a href="/wiki/The_General_Theory_of_Employment,_Interest,_and_Money" class="mw-redirect" title="The General Theory of Employment, Interest, and Money">The General Theory of Employment, Interest, and Money</a></i> that capitalism suffered a basic problem in its ability to recover from periods of slowdowns in investment. Keynes argued that a capitalist economy could remain in an indefinite <a href="/wiki/Economic_equilibrium" title="Economic equilibrium">equilibrium</a> despite high <a href="/wiki/Unemployment" title="Unemployment">unemployment</a>. Keynes tried to provide solutions to many of Marx’s problems without completely abandoning the classical understanding of capitalism. His work attempted to show that <a href="/wiki/Regulation" title="Regulation">regulation</a> can be effective and that economic stabilizers can rein in the aggressive <a href="/wiki/Economic_expansion" title="Economic expansion">expansions</a> and <a href="/wiki/Recession" title="Recession">recessions</a> that Marx disliked. </p><p>These changes sought to create more stability in the <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a> and reduce the abuses of <a href="/wiki/Laborers" class="mw-redirect" title="Laborers">laborers</a>. <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> economists argue that Keynesian policies were one of the primary reasons capitalism was able to recover following the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>.<sup id="cite_ref-Erhardt_III_2008_4-0" class="reference"><a href="#cite_note-Erhardt_III_2008-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side economics</a> developed during the 1970s in response to Keynesian economic policy and in particular the failure of <a href="/wiki/Demand_management" title="Demand management">demand management</a> to <a href="/wiki/Stabilization_policy" title="Stabilization policy">stabilize</a> Western economies during the <a href="/wiki/1973%E2%80%9375_recession" class="mw-redirect" title="1973–75 recession">stagflation of the 1970s</a> in the wake of the <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">oil crisis in 1973</a>.<sup id="cite_ref-case_780_5-0" class="reference"><a href="#cite_note-case_780-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> It drew on a range of non-Keynesian economic thought, particularly Austrian School thinking on <a href="/wiki/Entrepreneurship" title="Entrepreneurship">entrepreneurship</a> and <a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">new classical macroeconomics</a>. The intellectual roots of supply-side economics have also been traced back to various early economic thinkers such as <a href="/wiki/Ibn_Khaldun" title="Ibn Khaldun">Ibn Khaldun</a>, <a href="/wiki/Jonathan_Swift" title="Jonathan Swift">Jonathan Swift</a>, <a href="/wiki/David_Hume" title="David Hume">David Hume</a>, <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> and <a href="/wiki/Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Typical policy recommendations of supply-side economics are lower <a href="/wiki/Marginal_tax_rate" class="mw-redirect" title="Marginal tax rate">marginal tax rates</a> and less regulation.<sup id="cite_ref-Wanniski_1978_7-0" class="reference"><a href="#cite_note-Wanniski_1978-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Maximum benefits from taxation policy are achieved by optimizing the marginal tax rates to spur growth, although it is a common misunderstanding that supply side economics is concerned only with <a href="/wiki/Taxation" class="mw-redirect" title="Taxation">taxation</a> policy when it is about removing barriers to production more generally.<sup id="cite_ref-Brownlee_8-0" class="reference"><a href="#cite_note-Brownlee-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Today, the majority academic research on capitalism in the <a href="/wiki/English-speaking_world" title="English-speaking world">English-speaking world</a> draws on <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economic thought</a>. It favors extensive market coordination and relatively neutral patterns of governmental market regulation aimed at maintaining property rights; deregulated <a href="/wiki/Labour_economics" title="Labour economics">labor markets</a>; corporate governance dominated by financial owners of firms; and financial systems depending chiefly on <a href="/wiki/Capital_market" title="Capital market">capital market</a>-based financing rather than state financing. </p><p><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> took many of the basic principles set forth by Adam Smith and the classical economists and gave them a new twist. One example of this is his article in the September 1970 issue of <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>, where he claims that the social responsibility of business is "to use its resources and engage in activities designed to increase its profits…(through) open and free competition without deception or fraud". This is similar to Smith’s argument that self-interest in turn benefits the whole of society.<sup id="cite_ref-Friedman,_Milton_1970_9-0" class="reference"><a href="#cite_note-Friedman,_Milton_1970-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Work like this helped lay the foundations for the coming <a href="/wiki/Marketization" title="Marketization">marketization</a> (or <a href="/wiki/Privatization" title="Privatization">privatization</a>) of state enterprises and the supply-side economics of <a href="/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a> and <a href="/wiki/Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a>. The <a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago School of economics</a> is best known for its free market advocacy and <a href="/wiki/Monetarist" class="mw-redirect" title="Monetarist">monetarist</a> ideas. According to Friedman and other monetarists, market economies are inherently stable <a href="/wiki/Laissez-faire" title="Laissez-faire">if left to themselves</a> and <a href="/wiki/Depression_(economics)" class="mw-redirect" title="Depression (economics)">depressions</a> result only from government intervention.<sup id="cite_ref-Felderer,_Bernhard_10-0" class="reference"><a href="#cite_note-Felderer,_Bernhard-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Classical_political_economy">Classical political economy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=2" title="Edit section: Classical political economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Classical_economics" title="Classical economics">Classical economics</a> and <a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical liberalism</a></div> <figure class="mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:AdamSmith.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/AdamSmith.jpg/180px-AdamSmith.jpg" decoding="async" width="180" height="269" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/AdamSmith.jpg/270px-AdamSmith.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0a/AdamSmith.jpg/360px-AdamSmith.jpg 2x" data-file-width="1456" data-file-height="2173" /></a><figcaption><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></figcaption></figure> <p>The <a href="/wiki/Classical_economics" title="Classical economics">classical school of economic thought</a> emerged in Britain in the late 18th century. The classical political economists <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>, <a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Jean-Baptiste Say</a> and <a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">John Stuart Mill</a> published analyses of the production, distribution and exchange of goods in a <a href="/wiki/Market_(economics)" title="Market (economics)">market</a> that have since formed the basis of study for most contemporary economists. </p><p>In France, <a href="/wiki/Physiocrats" class="mw-redirect" title="Physiocrats">Physiocrats</a> like <a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a> promoted <a href="/wiki/Free_trade" title="Free trade">free trade</a> based on a conception that wealth originated from land. Quesnay's <i>Tableau Économique</i> (1759) described the economy analytically and laid the foundation of the Physiocrats' economic theory, followed by <a href="/wiki/Anne_Robert_Jacques_Turgot" title="Anne Robert Jacques Turgot">Anne Robert Jacques Turgot</a> who opposed tariffs and <a href="/wiki/Customs_duties" class="mw-redirect" title="Customs duties">customs duties</a> and advocated <a href="/wiki/Free_trade" title="Free trade">free trade</a>. <a href="/wiki/Richard_Cantillon" title="Richard Cantillon">Richard Cantillon</a> defined long-run equilibrium as the balance of flows of income and argued that the <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> mechanism around land influenced short-term prices. </p><p>Smith's attack on <a href="/wiki/Mercantilism" title="Mercantilism">mercantilism</a> and his reasoning for "the system of natural liberty" in <i><a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a></i> (1776) are usually taken as the beginning of classical political economy. Smith devised a set of concepts that remain strongly associated with capitalism today, particularly his theory of the "<a href="/wiki/Invisible_hand" title="Invisible hand">invisible hand</a>" of the market, through which the pursuit of individual self-interest unintentionally produces a collective good for society. It was necessary for Smith to be so forceful in his argument in favor of free markets because he had to overcome the popular mercantilist sentiment of the time period.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>Among civilized and thriving nations, on the contrary, though a great number of people do no labor at all, many of whom consume the produce of ten times, frequently of a hundred times more labour than the greater part of those who work; yet the produce of the whole labour of the society is so great, that all are often abundantly supplied, and a workman, even of the lowest and poorest order, if he is frugal and industrious, may enjoy a greater share of the necessaries and conveniencies of life than it is possible for any savage to acquire. — <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, <i><a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a></i></p></blockquote> <p>He criticized monopolies, tariffs, duties and other state enforced restrictions of his time and believed that the market is the most fair and efficient arbitrator of resources. This view was shared by David Ricardo, second most important of the classical political economists and one of the most influential economists of modern times.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>In <i><a href="/wiki/On_the_Principles_of_Political_Economy_and_Taxation" title="On the Principles of Political Economy and Taxation">The Principles of Political Economy and Taxation</a></i> (1817), Ricardo developed the law of <a href="/wiki/Comparative_advantage" title="Comparative advantage">comparative advantage</a>, which explains why it is profitable for two parties to trade, even if one of the trading partners is more efficient in every type of economic production. This principle supports the economic case for free trade. Ricardo was a supporter of <a href="/wiki/Say%27s_law" title="Say's law">Say's law</a> and held the view that full employment is the normal equilibrium for a competitive economy.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> He also argued that <a href="/wiki/Inflation" title="Inflation">inflation</a> is closely related to changes in quantity of money and <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a> and was a proponent of the law of <a href="/wiki/Diminishing_returns" title="Diminishing returns">diminishing returns</a>, which states that each additional unit of input yields less and less additional output.<sup id="cite_ref-Skousen2001_14-0" class="reference"><a href="#cite_note-Skousen2001-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>The values of classical political economy are strongly associated with the <a href="/wiki/Classical_liberalism" title="Classical liberalism">classical liberal</a> doctrine of minimal government intervention in the economy, though it does not necessarily oppose the state's provision of a few basic <a href="/wiki/Public_goods" class="mw-redirect" title="Public goods">public goods</a>.<sup id="cite_ref-aaron2003_15-0" class="reference"><a href="#cite_note-aaron2003-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Classical liberal thought has generally assumed a clear division between the economy and other realms of social activity, such as the state.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Marx_and_critique_of_political_economy">Marx and critique of political economy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=3" title="Edit section: Marx and critique of political economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Critique_of_political_economy#Marx's_critique_of_political_economy" title="Critique of political economy">Critique of political economy § Marx's critique of political economy</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Socialism" title="Socialism">Socialism</a> and <a href="/wiki/Communism" title="Communism">Communism</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Marxism" title="Category:Marxism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="font-size:175%;"><a href="/wiki/Marxism" title="Marxism">Marxism</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Marx_Engels_icon.svg" class="mw-file-description" title="Karl Marx and Friedrich Engels"><img alt="Karl Marx and Friedrich Engels" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Marx_Engels_icon.svg/75px-Marx_Engels_icon.svg.png" decoding="async" width="75" height="75" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Marx_Engels_icon.svg/113px-Marx_Engels_icon.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Marx_Engels_icon.svg/150px-Marx_Engels_icon.svg.png 2x" data-file-width="333" data-file-height="333" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed plainlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Marxist_bibliography" title="Marxist bibliography">Theoretical works</a></div><div class="sidebar-list-content mw-collapsible-content" style="font-style:italic;"> <ul><li><a href="/wiki/Economic_and_Philosophic_Manuscripts_of_1844" title="Economic and Philosophic Manuscripts of 1844">Economic and Philosophic Manuscripts of 1844</a></li> <li><a href="/wiki/The_Condition_of_the_Working_Class_in_England" title="The Condition of the Working Class in England">The Condition of the Working Class in England</a></li> <li><a href="/wiki/The_German_Ideology" title="The German Ideology">The German Ideology</a></li> <li><a href="/wiki/The_Communist_Manifesto" title="The Communist Manifesto">The Communist Manifesto</a></li> <li><a href="/wiki/The_Eighteenth_Brumaire_of_Louis_Bonaparte" title="The Eighteenth Brumaire of Louis Bonaparte">The Eighteenth Brumaire of Louis Bonaparte</a></li> <li><a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a></li> <li><a href="/wiki/Das_Kapital" title="Das Kapital">Capital</a></li> <li><a href="/wiki/Critique_of_the_Gotha_Programme" title="Critique of the Gotha Programme">Critique of the Gotha Programme</a></li> <li><a href="/wiki/Dialectics_of_Nature" title="Dialectics of Nature">Dialectics of Nature</a></li> <li><a href="/wiki/The_Origin_of_the_Family,_Private_Property_and_the_State" title="The Origin of the Family, Private Property and the State">The Origin of the Family, Private Property and the State</a></li> <li><a href="/wiki/What_Is_to_Be_Done%3F" title="What Is to Be Done?">What Is to Be Done?</a></li> <li><a href="/wiki/The_Accumulation_of_Capital" title="The Accumulation of Capital">The Accumulation of Capital</a></li> <li><a href="/wiki/Philosophical_Notebooks" title="Philosophical Notebooks">Philosophical Notebooks</a></li> <li><a href="/wiki/Terrorism_and_Communism" title="Terrorism and Communism">Terrorism and Communism</a></li> <li><a href="/wiki/The_State_and_Revolution" title="The State and Revolution">The State and Revolution</a></li> <li><a href="/wiki/Essays_on_Marx%27s_Theory_of_Value" title="Essays on Marx's Theory of Value">Essays on Marx's Theory of Value</a></li> <li><a href="/wiki/History_and_Class_Consciousness" title="History and Class Consciousness">History and Class Consciousness</a></li> <li><a href="/wiki/Prison_Notebooks" title="Prison Notebooks">Prison Notebooks</a></li> <li><a href="/wiki/The_Black_Jacobins" title="The Black Jacobins">The Black Jacobins</a></li> <li><a href="/wiki/On_Practice" title="On Practice">On Practice</a></li> <li><a href="/wiki/Theses_on_the_Philosophy_of_History" title="Theses on the Philosophy of History">Theses on the Philosophy of History</a></li> <li><a href="/wiki/Dialectic_of_Enlightenment" title="Dialectic of Enlightenment">Dialectic of Enlightenment</a></li> <li><a href="/wiki/A_Critique_of_Soviet_Economics" title="A Critique of Soviet Economics">A Critique of Soviet Economics</a></li> <li><a href="/wiki/The_Long_Revolution" title="The Long Revolution">The Long Revolution</a></li> <li><a href="/wiki/Guerrilla_Warfare_(book)" class="mw-redirect" title="Guerrilla Warfare (book)">Guerrilla Warfare</a></li> <li><a href="/wiki/The_Wretched_of_the_Earth" title="The Wretched of the Earth">The Wretched of the Earth</a></li> <li><a href="/wiki/Reading_Capital" title="Reading Capital">Reading Capital</a></li> <li><a href="/wiki/The_Society_of_the_Spectacle" title="The Society of the Spectacle">The Society of the Spectacle</a></li> <li><a href="/wiki/Pedagogy_of_the_Oppressed" title="Pedagogy of the Oppressed">Pedagogy of the Oppressed</a></li> <li><a href="/wiki/Ideology_and_Ideological_State_Apparatuses" title="Ideology and Ideological State Apparatuses">Ideology and Ideological State Apparatuses</a></li> <li><a href="/wiki/Ways_of_Seeing" title="Ways of Seeing">Ways of Seeing</a></li> <li><a href="/wiki/How_Europe_Underdeveloped_Africa" title="How Europe Underdeveloped Africa">How Europe Underdeveloped Africa</a></li> <li><a href="/wiki/Social_Justice_and_the_City" title="Social Justice and the City">Social Justice and the City</a></li> <li><a href="/wiki/Women,_Race_and_Class" title="Women, Race and Class">Women, Race and Class</a></li> <li><a href="/wiki/Marxism_and_the_Oppression_of_Women" title="Marxism and the Oppression of Women">Marxism and the Oppression of Women</a></li> <li><a href="/wiki/Imagined_Communities" title="Imagined Communities">Imagined Communities</a></li> <li><a href="/wiki/Hegemony_and_Socialist_Strategy" title="Hegemony and Socialist Strategy">Hegemony and Socialist Strategy</a></li> <li><a href="/wiki/The_Sublime_Object_of_Ideology" title="The Sublime Object of Ideology">The Sublime Object of Ideology</a></li> <li><a href="/wiki/Time,_Labor_and_Social_Domination" title="Time, Labor and Social Domination">Time, Labor and Social Domination</a></li> <li><a href="/wiki/The_Age_of_Extremes" title="The Age of Extremes">The Age of Extremes</a></li> <li><a href="/wiki/The_Origin_of_Capitalism" title="The Origin of Capitalism">The Origin of Capitalism</a></li> <li><a href="/wiki/Empire_(Hardt_and_Negri_book)" title="Empire (Hardt and Negri book)">Empire</a></li> <li><a href="/wiki/Late_Victorian_Holocausts" title="Late Victorian Holocausts">Late Victorian Holocausts</a></li> <li><a href="/wiki/Change_the_World_Without_Taking_Power" title="Change the World Without Taking Power">Change the World Without Taking Power</a></li> <li><a href="/wiki/Caliban_and_the_Witch" title="Caliban and the Witch">Caliban and the Witch</a></li> <li><a href="/wiki/An_Introduction_to_the_Three_Volumes_of_Karl_Marx%27s_Capital" title="An Introduction to the Three Volumes of Karl Marx's Capital">An Introduction to the Three Volumes of Karl Marx's Capital</a></li> <li><a href="/wiki/Capitalist_Realism" title="Capitalist Realism">Capitalist Realism</a></li> <li><a href="/wiki/Capital_in_the_Anthropocene" title="Capital in the Anthropocene">Capital in the Anthropocene</a></li> <li><a href="/wiki/Towards_Socialism_or_Capitalism%3F" title="Towards Socialism or Capitalism?">Towards Socialism or Capitalism?</a></li> <li><a href="/wiki/The_Revolution_Betrayed" title="The Revolution Betrayed">The Revolution Betrayed</a></li> <li><a href="/wiki/Literature_and_Revolution" title="Literature and Revolution">Literature and Revolution</a></li> <li><a href="/wiki/The_Struggle_Against_Fascism_in_Germany" title="The Struggle Against Fascism in Germany">The Struggle Against Fascism in Germany</a></li> <li><a href="/wiki/Their_Morals_and_Ours:_The_class_foundations_of_moral_practice" title="Their Morals and Ours: The class foundations of moral practice">Their Morals and Ours: The class foundations of moral practice</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Marxist_philosophy" title="Marxist philosophy">Philosophy</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Marx%27s_theory_of_alienation" title="Marx's theory of alienation">Alienation</a></li> <li><a href="/wiki/Dialectical_materialism" title="Dialectical materialism">Dialectical materialism</a></li> <li><a href="/wiki/Ideology#Marxist_interpretation" title="Ideology">Ideology</a></li> <li><a href="/wiki/Marxist_philosophy_of_nature" class="mw-redirect" title="Marxist philosophy of nature">Philosophy of nature</a></li> <li><a href="/wiki/Philosophy_in_the_Soviet_Union" title="Philosophy in the Soviet Union">Philosophy in the Soviet Union</a></li> <li><a href="/wiki/Reification_(Marxism)" title="Reification (Marxism)">Reification</a></li> <li><a href="/wiki/Marxist_ethics" title="Marxist ethics">Marxist ethics</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Capital_(Marxism)" title="Capital (Marxism)">Capital</a> (<a href="/wiki/Capital_accumulation" title="Capital accumulation">accumulation</a>)</li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Commodity_(Marxism)" title="Commodity (Marxism)">Commodity</a></li> <li><a href="/wiki/Abstract_labour_and_concrete_labour" title="Abstract labour and concrete labour">Concrete and abstract labor</a></li> <li><a href="/wiki/Factors_of_production#Marxism" title="Factors of production">Factors of production</a></li> <li><a href="/wiki/Tendency_of_the_rate_of_profit_to_fall" title="Tendency of the rate of profit to fall">Falling profit-rate tendency</a></li> <li><a href="/wiki/Means_of_production" title="Means of production">Means of production</a></li> <li><a href="/wiki/Mode_of_production" title="Mode of production">Mode of production</a> <ul><li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Capitalist</a></li> <li><a href="/wiki/Socialist_mode_of_production" title="Socialist mode of production">Socialist</a></li></ul></li> <li><a href="/wiki/Productive_forces" title="Productive forces">Productive forces</a></li> <li><a href="/wiki/Scientific_socialism" title="Scientific socialism">Scientific socialism</a></li> <li><a href="/wiki/Surplus_product" title="Surplus product">Surplus product</a></li> <li><a href="/wiki/Socially_necessary_labour_time" title="Socially necessary labour time">Socially necessary labour time</a></li> <li><a href="/wiki/Value-form" title="Value-form">Value-form</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Marxist_sociology" title="Marxist sociology">Sociology</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Base_and_superstructure" title="Base and superstructure">Base and superstructure</a></li> <li><a href="/wiki/Bourgeoisie#Marxist_theory" title="Bourgeoisie">Bourgeoisie</a></li> <li><a href="/wiki/Marxian_class_theory" title="Marxian class theory">Class</a></li> <li><a href="/wiki/Class_consciousness" title="Class consciousness">Class consciousness</a></li> <li><a href="/wiki/Classless_society" title="Classless society">Classless society</a></li> <li><a href="/wiki/Commodity_fetishism" title="Commodity fetishism">Commodity fetishism</a></li> <li><a href="/wiki/Communist_society" title="Communist society">Communist society</a></li> <li><a href="/wiki/Critical_theory" title="Critical theory">Critical theory</a></li> <li><a href="/wiki/Cultural_hegemony" title="Cultural hegemony">Cultural hegemony</a></li> <li><a href="/wiki/Democracy_in_Marxism" title="Democracy in Marxism">Democracy</a> <ul><li><a href="/wiki/Dictatorship_of_the_proletariat" title="Dictatorship of the proletariat">Dictatorship of the proletariat</a></li> <li><a href="/wiki/Soviet_democracy" title="Soviet democracy">Soviet</a></li> <li><a href="/wiki/Radical_democracy" title="Radical democracy">Radical</a></li> <li><a href="/wiki/Democratic_centralism" title="Democratic centralism">Democratic centralism</a></li></ul></li> <li><a href="/wiki/Exploitation_of_labour#Marxist_theory" title="Exploitation of labour">Exploitation</a></li> <li><a href="/wiki/False_consciousness" title="False consciousness">False consciousness</a></li> <li><a href="/wiki/Marx%27s_theory_of_human_nature" title="Marx's theory of human nature">Human nature</a></li> <li><a href="/wiki/Immiseration_thesis" title="Immiseration thesis">Immiseration</a></li> <li><a href="/wiki/Theory_of_imperialism#Marx" class="mw-redirect" title="Theory of imperialism">Imperialism</a></li> <li><a href="/wiki/Lumpenproletariat" title="Lumpenproletariat">Lumpenproletariat</a></li> <li><a href="/wiki/Metabolic_rift" title="Metabolic rift">Metabolic rift</a></li> <li><a href="/wiki/Proletariat" title="Proletariat">Proletariat</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Relations_of_production" title="Relations of production">Relations of production</a></li> <li><a href="/wiki/Marx%27s_theory_of_the_state" title="Marx's theory of the state">State theory</a></li> <li><a href="/wiki/Working_class" title="Working class">Working class</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed plainlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Historical_materialism" title="Historical materialism">History</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Class_conflict" title="Class conflict">Class struggle</a></li> <li><a href="/wiki/Historical_determinism" title="Historical determinism">Historical determinism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Proletarian_revolution" title="Proletarian revolution">Proletarian revolution</a></li> <li><a href="/wiki/World_revolution" title="World revolution">World revolution</a></li> <li><a href="/wiki/Theory_of_historical_trajectory" title="Theory of historical trajectory">Theory of historical trajectory</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)">Aspects</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Marxist_aesthetics" title="Marxist aesthetics">Aesthetics</a></li> <li><a href="/wiki/Marxist_archaeology" title="Marxist archaeology">Archaeology</a></li> <li><a href="/wiki/Marxist_criminology" title="Marxist criminology">Criminology</a></li> <li><a href="/wiki/Marxist_cultural_analysis" title="Marxist cultural analysis">Cultural analysis</a></li> <li><a href="/wiki/Cultural_studies" title="Cultural studies">Cultural Studies</a></li> <li><a href="/wiki/Marxist_ethics" title="Marxist ethics">Ethics</a></li> <li><a href="/wiki/Marxist_film_theory" title="Marxist film theory">Film theory</a></li> <li><a href="/wiki/Marxist_geography" title="Marxist geography">Geography</a></li> <li><a href="/wiki/Marxist_historiography" title="Marxist historiography">Historiography</a></li> <li><a href="/wiki/Marxist_literary_criticism" title="Marxist literary criticism">Literary criticism</a></li> <li><a href="/wiki/Marxism_and_religion" title="Marxism and religion">Marxism and religion</a></li> <li><a href="/wiki/Marxist_sociology" title="Marxist sociology">Sociology</a></li> <li><a href="/wiki/Marxist_philosophy" title="Marxist philosophy">Philosophy</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)">Common variants</div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="padding-top:0.2em;font-style:italic;font-weight:normal;border-bottom:1px solid #ccc;"> <a href="/wiki/Structural_Marxism" title="Structural Marxism">Structural</a></th></tr><tr><td class="sidebar-content plainlist hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Autonomism" title="Autonomism">Autonomist</a></li> <li><a href="/wiki/Marxism%E2%80%93Leninism" title="Marxism–Leninism">Marxism–Leninism</a> <ul><li><a href="/wiki/Guevarism" title="Guevarism">Guevarism</a></li> <li><a href="/wiki/Maoism" title="Maoism">Maoism</a></li> <li><a href="/wiki/Titoism" title="Titoism">Titoism</a></li> <li><a href="/wiki/Trotskyism" title="Trotskyism">Trotskyism</a></li></ul></li> <li><a href="/wiki/Neo-Gramscianism" title="Neo-Gramscianism">Neo-Gramscianism</a></li> <li><a href="/wiki/Regulation_school" title="Regulation school">Regulation school</a></li> <li><a href="/wiki/Maoism%E2%80%93Third_Worldism" title="Maoism–Third Worldism">Third-worldist</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="padding-top:0.2em;font-style:italic;font-weight:normal;border-bottom:1px solid #ccc;"> <a href="/wiki/History_and_Class_Consciousness#Summary" title="History and Class Consciousness">Hegelian</a></th></tr><tr><td class="sidebar-content plainlist hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Budapest_School" title="Budapest School">Budapest School</a></li> <li><a href="/wiki/Frankfurt_School" title="Frankfurt School">Frankfurt School</a></li> <li><a href="/wiki/Marxist_humanism" title="Marxist humanism">Humanist</a></li> <li><a href="/wiki/Neue_Marx-Lekt%C3%BCre" title="Neue Marx-Lektüre">Neue Marx-Lektüre</a></li> <li><a href="/wiki/Open_Marxism" title="Open Marxism">Open</a></li> <li><a href="/wiki/Political_Marxism" title="Political Marxism">Political</a></li> <li><a href="/wiki/Praxis_School" title="Praxis School">Praxis School</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="padding-top:0.2em;font-style:italic;font-weight:normal;border-bottom:1px solid #ccc;"> Both</th></tr><tr><td class="sidebar-content plainlist hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Black_radical_tradition" title="Black radical tradition">Black</a></li> <li><a href="/wiki/Classical_Marxism" title="Classical Marxism">Classical</a></li> <li><a href="/wiki/Communization" title="Communization">Communization</a></li> <li><a href="/wiki/Marxist_feminism" title="Marxist feminism">Feminist</a></li> <li><a href="/wiki/Leninism" title="Leninism">Leninism</a></li> <li><a href="/wiki/Neo-Marxism" title="Neo-Marxism">Neo</a></li> <li><a href="/wiki/Post-Marxism" title="Post-Marxism">Post</a></li> <li><a href="/wiki/Western_Marxism" title="Western Marxism">Western</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Marxist_schools_of_thought" title="Marxist schools of thought">Other variants</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Analytical_Marxism" title="Analytical Marxism">Analytical</a></li> <li><a href="/wiki/Austromarxism" title="Austromarxism">Austromarxism</a></li> <li><a href="/wiki/Centrist_Marxism" title="Centrist Marxism">Centrist</a></li> <li><a href="/wiki/Council_communism" title="Council communism">Council communism</a></li> <li><a href="/wiki/Eurocommunism" title="Eurocommunism">Eurocommunism</a></li> <li><a href="/wiki/Instrumental_Marxism" title="Instrumental Marxism">Instrumental</a></li> <li><a href="/wiki/Marxism%E2%80%93Leninism%E2%80%93Maoism" title="Marxism–Leninism–Maoism">Marxism–Leninism–Maoism</a></li> <li><a href="/wiki/Nkrumaism" title="Nkrumaism">Nkrumaism</a></li> <li><a href="/wiki/Orthodox_Marxism" title="Orthodox Marxism">Orthodox</a></li> <li><a href="/wiki/Revisionism_(Marxism)" title="Revisionism (Marxism)">Revisionist</a></li> <li><a href="/wiki/Situationist" class="mw-redirect" title="Situationist">Situationist</a></li> <li><a href="/wiki/Socialism_with_Chinese_characteristics" title="Socialism with Chinese characteristics">Socialism with Chinese characteristics</a></li> <li><a href="/wiki/Wertkritik" class="mw-redirect" title="Wertkritik">Wertkritik</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/List_of_contributors_to_Marxist_theory" title="List of contributors to Marxist theory">People</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><b><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></b></li> <li><b><a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Engels</a></b></li> <li><a href="/wiki/William_Morris" title="William Morris">Morris</a></li> <li><a href="/wiki/Paul_Lafargue" title="Paul Lafargue">Lafargue</a></li> <li><a href="/wiki/Isaak_Illich_Rubin" title="Isaak Illich Rubin">Rubin</a></li> <li><a href="/wiki/Karl_Kautsky" title="Karl Kautsky">Kautsky</a></li> <li><a href="/wiki/Georgi_Plekhanov" title="Georgi Plekhanov">Plekhanov</a></li> <li><a href="/wiki/W._E._B._Du_Bois" title="W. E. B. Du Bois">Du Bois</a></li> <li><a href="/wiki/James_Connolly" title="James Connolly">Connolly</a></li> <li><b><a href="/wiki/Vladimir_Lenin" title="Vladimir Lenin">Lenin</a></b></li> <li><a href="/wiki/Rosa_Luxemburg" title="Rosa Luxemburg">Luxemburg</a></li> <li><a href="/wiki/Karl_Liebknecht" title="Karl Liebknecht">Liebknecht</a></li> <li><a href="/wiki/Alexandra_Kollontai" title="Alexandra Kollontai">Kollontai</a></li> <li><a href="/wiki/Alexander_Bogdanov" title="Alexander Bogdanov">Bogdanov</a></li> <li><b><a href="/wiki/Joseph_Stalin" title="Joseph Stalin">Stalin</a></b></li> <li><a href="/wiki/Leon_Trotsky" title="Leon Trotsky">Trotsky</a></li> <li><a href="/wiki/Henryk_Grossman" title="Henryk Grossman">Grossman</a></li> <li><a href="/wiki/Grigory_Zinoviev" title="Grigory Zinoviev">Zinoviev</a></li> <li><a href="/wiki/Ernst_Bloch" title="Ernst Bloch">Bloch</a></li> <li><a href="/wiki/Gy%C3%B6rgy_Luk%C3%A1cs" title="György Lukács">Lukács</a></li> <li><a href="/wiki/Karl_Korsch" title="Karl Korsch">Korsch</a></li> <li><a href="/wiki/Nikolai_Bukharin" title="Nikolai Bukharin">Bukharin</a></li> <li><a href="/wiki/Ho_Chi_Minh" title="Ho Chi Minh">Ho</a></li> <li><a href="/wiki/Victor_Serge" title="Victor Serge">Serge</a></li> <li><a href="/wiki/Antonio_Gramsci" title="Antonio Gramsci">Gramsci</a></li> <li><a href="/wiki/Mirsaid_Sultan-Galiev" title="Mirsaid Sultan-Galiev">Galiev</a></li> <li><a href="/wiki/Evgeny_Pashukanis" title="Evgeny Pashukanis">Pashukanis</a></li> <li><a href="/wiki/Amadeo_Bordiga" title="Amadeo Bordiga">Bordiga</a></li> <li><a href="/wiki/Walter_Benjamin" title="Walter Benjamin">Benjamin</a></li> <li><b><a href="/wiki/Mao_Zedong" title="Mao Zedong">Mao</a></b></li> <li><a href="/wiki/Jyoti_Basu" title="Jyoti Basu">Basu</a></li> <li><a href="/wiki/Jos%C3%A9_Carlos_Mari%C3%A1tegui" title="José Carlos Mariátegui">Mariátegui</a></li> <li><a href="/wiki/Max_Horkheimer" title="Max Horkheimer">Horkheimer</a></li> <li><a href="/wiki/R._Palme_Dutt" title="R. Palme Dutt">Dutt</a></li> <li><a href="/wiki/Bertolt_Brecht" title="Bertolt Brecht">Brecht</a></li> <li><a href="/wiki/Herbert_Marcuse" title="Herbert Marcuse">Marcuse</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Erich_Fromm" title="Erich Fromm">Fromm</a></li> <li><a href="/wiki/Oliver_Cox" title="Oliver Cox">Cox</a></li> <li><a href="/wiki/Henri_Lefebvre" title="Henri Lefebvre">Lefebvre</a></li> <li><a href="/wiki/C._L._R._James" title="C. L. R. James">James</a></li> <li><a href="/wiki/Theodor_W._Adorno" title="Theodor W. Adorno">Adorno</a></li> <li><a href="/wiki/George_Padmore" title="George Padmore">Padmore</a></li> <li><a href="/wiki/Jean-Paul_Sartre" title="Jean-Paul Sartre">Sartre</a></li> <li><a href="/wiki/Isaac_Deutscher" title="Isaac Deutscher">Deutscher</a></li> <li><a href="/wiki/Enver_Hoxha" title="Enver Hoxha">Hoxha</a></li> <li><a href="/wiki/Simone_de_Beauvoir" title="Simone de Beauvoir">Beauvoir</a></li> <li><a href="/wiki/Werner_Sombart" title="Werner Sombart">Sombart</a></li> <li><a href="/wiki/Kwame_Nkrumah" title="Kwame Nkrumah">Nkrumah</a></li> <li><a href="/wiki/Paul_Sweezy" title="Paul Sweezy">Sweezy</a></li> <li><a href="/wiki/Arghiri_Emmanuel" title="Arghiri Emmanuel">Emmanuel</a></li> <li><a href="/wiki/Christopher_Hill_(historian)" title="Christopher Hill (historian)">Hill</a></li> <li><a href="/wiki/Charles_Bettelheim" title="Charles Bettelheim">Bettelheim</a></li> <li><a href="/wiki/Hal_Draper" title="Hal Draper">Draper</a></li> <li><a href="/wiki/Claudia_Jones" title="Claudia Jones">Jones</a></li> <li><a href="/wiki/Eric_Hobsbawm" title="Eric Hobsbawm">Hobsbawm</a></li> <li><a href="/wiki/Louis_Althusser" title="Louis Althusser">Althusser</a></li> <li><a href="/wiki/William_H._Hinton" title="William H. Hinton">Hinton</a></li> <li><a href="/wiki/Raymond_Williams" title="Raymond Williams">Williams</a></li> <li><a href="/wiki/Paulo_Freire" title="Paulo Freire">Freire</a></li> <li><a href="/wiki/Ernest_Mandel" title="Ernest Mandel">Mandel</a></li> <li><a href="/wiki/Ambalavaner_Sivanandan" title="Ambalavaner Sivanandan">Sivanandan</a></li> <li><a href="/wiki/Ralph_Miliband" title="Ralph Miliband">Miliband</a></li> <li><a href="/wiki/Am%C3%ADlcar_Cabral" title="Amílcar Cabral">Cabral</a></li> <li><a href="/wiki/E._P._Thompson" title="E. P. Thompson">Thompson</a></li> <li><a href="/wiki/Zygmunt_Bauman" title="Zygmunt Bauman">Bauman</a></li> <li><a href="/wiki/Frantz_Fanon" title="Frantz Fanon">Fanon</a></li> <li><a href="/wiki/Karel_Kos%C3%ADk" title="Karel Kosík">Kosik</a></li> <li><a href="/wiki/John_Berger" title="John Berger">Berger</a></li> <li><a href="/wiki/Fidel_Castro" title="Fidel Castro">Castro</a></li> <li><a href="/wiki/Che_Guevara" title="Che Guevara">Guevara</a></li> <li><a href="/wiki/Marcel_Liebman" title="Marcel Liebman">Liebman</a></li> <li><a href="/wiki/Agnes_Heller" class="mw-redirect" title="Agnes Heller">Heller</a></li> <li><a href="/wiki/F%C3%A9lix_Guattari" title="Félix Guattari">Guattari</a></li> <li><a href="/wiki/Istv%C3%A1n_M%C3%A9sz%C3%A1ros_(philosopher)" title="István Mészáros (philosopher)">Mészáros</a></li> <li><a href="/wiki/James_O%27Connor_(academic)" title="James O'Connor (academic)">O'Connor</a></li> <li><a href="/wiki/Immanuel_Wallerstein" title="Immanuel Wallerstein">Wallerstein</a></li> <li><a href="/wiki/Maria_Mies" title="Maria Mies">Mies</a></li> <li><a href="/wiki/Mario_Tronti" title="Mario Tronti">Tronti</a></li> <li><a href="/wiki/Guy_Debord" title="Guy Debord">Debord</a></li> <li><a href="/wiki/Samir_Amin" title="Samir Amin">Amin</a></li> <li><a href="/wiki/Stuart_Hall_(cultural_theorist)" title="Stuart Hall (cultural theorist)">Hall</a></li> <li><a href="/wiki/Tom_Nairn" title="Tom Nairn">Nairn</a></li> <li><a href="/wiki/Michael_Parenti" title="Michael Parenti">Parenti</a></li> <li><a href="/wiki/Antonio_Negri" title="Antonio Negri">Negri</a></li> <li><a href="/wiki/Fredric_Jameson" title="Fredric Jameson">Jameson</a></li> <li><a href="/wiki/Abimael_Guzm%C3%A1n" title="Abimael Guzmán">Gonzalo</a></li> <li><a href="/wiki/Enrique_Dussel" title="Enrique Dussel">Dussel</a></li> <li><a href="/wiki/David_Harvey" title="David Harvey">Harvey</a></li> <li><a href="/wiki/Ernesto_Laclau" title="Ernesto Laclau">Laclau</a></li> <li><a href="/wiki/Rudolf_Bahro" title="Rudolf Bahro">Bahro</a></li> <li><a href="/wiki/Nicos_Poulantzas" title="Nicos Poulantzas">Poulantzas</a></li> <li><a href="/wiki/Gianni_Vattimo" title="Gianni Vattimo">Vattimo</a></li> <li><a href="/wiki/Alain_Badiou" title="Alain Badiou">Badiou</a></li> <li><a href="/wiki/Marta_Harnecker" title="Marta Harnecker">Harnecker</a></li> <li><a href="/wiki/Elmar_Altvater" title="Elmar Altvater">Altvater</a></li> <li><a href="/wiki/Perry_Anderson" title="Perry Anderson">Anderson</a></li> <li><a href="/wiki/Michael_L%C3%B6wy" title="Michael Löwy">Löwy</a></li> <li><a href="/wiki/Lise_Vogel" title="Lise Vogel">Vogel</a></li> <li><a href="/wiki/Jose_Maria_Sison" title="Jose Maria Sison">Sison</a></li> <li><a href="/wiki/Antony_Easthope" title="Antony Easthope">Easthope</a></li> <li><a href="/wiki/Jacques_Ranci%C3%A8re" title="Jacques Rancière">Rancière</a></li> <li><a href="/wiki/Marshall_Berman" title="Marshall Berman">Berman</a></li> <li><a href="/wiki/Adam_Przeworski" title="Adam Przeworski">Przeworski</a></li> <li><a href="/wiki/G._A._Cohen" title="G. A. Cohen">Cohen</a></li> <li><a href="/wiki/G%C3%B6ran_Therborn" title="Göran Therborn">Therborn</a></li> <li><a href="/wiki/Domenico_Losurdo" title="Domenico Losurdo">Losurdo</a></li> <li><a href="/wiki/Stokely_Carmichael" title="Stokely Carmichael">Ture</a></li> <li><a href="/wiki/Moishe_Postone" title="Moishe Postone">Postone</a></li> <li><a href="/wiki/Walter_Rodney" title="Walter Rodney">Rodney</a></li> <li><a href="/wiki/Himani_Bannerji" title="Himani Bannerji">Bannerji</a></li> <li><a href="/wiki/Gayatri_Chakravorty_Spivak" title="Gayatri Chakravorty Spivak">Spivak</a></li> <li><a href="/wiki/Huey_P._Newton" title="Huey P. Newton">Newton</a></li> <li><a href="/wiki/Settlers:_The_Mythology_of_the_White_Proletariat" title="Settlers: The Mythology of the White Proletariat">Sakai</a></li> <li><a href="/wiki/Ellen_Meiksins_Wood" title="Ellen Meiksins Wood">Wood</a></li> <li><a href="/wiki/Silvia_Federici" title="Silvia Federici">Federici</a></li> <li><a href="/wiki/Richard_D._Wolff" title="Richard D. Wolff">Wolff</a></li> <li><a href="/wiki/%C3%89tienne_Balibar" title="Étienne Balibar">Balibar</a></li> <li><a href="/wiki/Terry_Eagleton" title="Terry Eagleton">Eagleton</a></li> <li><a href="/wiki/Robert_Kurz" title="Robert Kurz">Kurz</a></li> <li><a href="/wiki/Nancy_Hartsock" title="Nancy Hartsock">Hartsock</a></li> <li><a href="/wiki/Sheila_Rowbotham" title="Sheila Rowbotham">Rowbotham</a></li> <li><a href="/wiki/Chantal_Mouffe" title="Chantal Mouffe">Mouffe</a></li> <li><a href="/wiki/Norman_Geras" title="Norman Geras">Geras</a></li> <li><a href="/wiki/Robert_Brenner" title="Robert Brenner">Brenner</a></li> <li><a href="/wiki/Angela_Davis" title="Angela Davis">Davis</a></li> <li><a href="/wiki/Doreen_Massey_(geographer)" title="Doreen Massey (geographer)">Massey</a></li> <li><a href="/wiki/Harry_Cleaver" title="Harry Cleaver">Cleaver</a></li> <li><a href="/wiki/Maurice_Bishop" title="Maurice Bishop">Bishop</a></li> <li><a href="/wiki/Donna_Haraway" title="Donna Haraway">Haraway</a></li> <li><a href="/wiki/Leo_Panitch" title="Leo Panitch">Panitch</a></li> <li><a href="/wiki/Simon_Clarke_(sociologist)" title="Simon Clarke (sociologist)">Clarke</a></li> <li><a href="/wiki/Bob_Jessop" title="Bob Jessop">Jessop</a></li> <li><a href="/wiki/Mike_Davis_(scholar)" title="Mike Davis (scholar)">Davis</a></li> <li><a href="/wiki/Erik_Olin_Wright" title="Erik Olin Wright">Wright</a></li> <li><a href="/wiki/Nancy_Fraser" title="Nancy Fraser">Fraser</a></li> <li><a href="/wiki/Michael_Burawoy" title="Michael Burawoy">Burawoy</a></li> <li><a href="/wiki/John_Holloway_(sociologist)" title="John Holloway (sociologist)">Holloway</a></li> <li><a href="/wiki/Gillian_Rose" title="Gillian Rose">Rose</a></li> <li><a href="/wiki/Ernesto_Screpanti" title="Ernesto Screpanti">Screpanti</a></li> <li><a href="/wiki/G%C3%A1sp%C3%A1r_Mikl%C3%B3s_Tam%C3%A1s" title="Gáspár Miklós Tamás">Tamás</a></li> <li><a href="/wiki/Fred_Hampton" title="Fred Hampton">Hampton</a></li> <li><a href="/wiki/Alfonso_Cano" title="Alfonso Cano">Cano</a></li> <li><a href="/wiki/Slavoj_%C5%BDi%C5%BEek" title="Slavoj Žižek">Žižek</a></li> <li><a href="/wiki/Franco_Berardi" title="Franco Berardi">Berardi</a></li> <li><a href="/wiki/Thomas_Sankara" title="Thomas Sankara">Sankara</a></li> <li><a href="/wiki/Rosemary_Hennessy" title="Rosemary Hennessy">Hennessy</a></li> <li><a href="/wiki/John_McDonnell" title="John McDonnell">McDonnell</a></li> <li><a href="/wiki/Costas_Douzinas" title="Costas Douzinas">Douzinas</a></li> <li><a href="/wiki/David_Roediger" title="David Roediger">Roediger</a></li> <li><a href="/wiki/John_Bellamy_Foster" title="John Bellamy Foster">Foster</a></li> <li><a href="/wiki/Cornel_West" title="Cornel West">West</a></li> <li><a href="/wiki/Anuradha_Ghandy" title="Anuradha Ghandy">Ghandy</a></li> <li><a href="/wiki/Subcomandante_Marcos" title="Subcomandante Marcos">Marcos</a></li> <li><a href="/wiki/Michael_Heinrich" title="Michael Heinrich">Heinrich</a></li> <li><a href="/wiki/Vijay_Prashad" title="Vijay Prashad">Prashad</a></li> <li><a href="/wiki/Robin_Kelley" title="Robin Kelley">Kelley</a></li> <li><a href="/wiki/Jodi_Dean" title="Jodi Dean">Dean</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Lordon" title="Frédéric Lordon">Lordon</a></li> <li><a href="/wiki/%C3%81lvaro_Garc%C3%ADa_Linera" title="Álvaro García Linera">Linera</a></li> <li><a href="/wiki/Mark_Fisher" title="Mark Fisher">Fisher</a></li> <li><a href="/wiki/Li_Minqi" title="Li Minqi">Li</a></li> <li><a href="/wiki/Glen_Coulthard" title="Glen Coulthard">Coulthard</a></li> <li><a href="/wiki/Andreas_Malm" title="Andreas Malm">Malm</a></li> <li><a href="/wiki/Richard_Seymour_(21st-century_writer)" title="Richard Seymour (21st-century writer)">Seymour</a></li> <li><a href="/wiki/Alberto_Toscano" title="Alberto Toscano">Toscano</a></li> <li><a href="/wiki/Tithi_Bhattacharya" title="Tithi Bhattacharya">Bhattacharya</a></li> <li><a href="/wiki/J._Moufawad-Paul" title="J. Moufawad-Paul">Moufawad-Paul</a></li> <li><a href="/wiki/Nick_Srnicek" title="Nick Srnicek">Srnicek</a></li> <li><a href="/wiki/Sre%C4%87ko_Horvat" title="Srećko Horvat">Horvat</a></li> <li><a href="/wiki/Agon_Hamza" title="Agon Hamza">Hamza</a></li> <li><a href="/wiki/Kohei_Saito" title="Kohei Saito">Saito</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)">Journals</div><div class="sidebar-list-content mw-collapsible-content" style="font-style:italic;"> <ul><li><a href="/wiki/Antipode_(journal)" title="Antipode (journal)">Antipode</a></li> <li><a href="/wiki/Capital_%26_Class" title="Capital & Class">Capital & Class</a></li> <li><a href="/wiki/Capitalism_Nature_Socialism" title="Capitalism Nature Socialism">Capitalism Nature Socialism</a></li> <li><a href="/wiki/Constellations_(journal)" title="Constellations (journal)">Constellations</a></li> <li><a href="/wiki/Critique:_Journal_of_Socialist_Theory" title="Critique: Journal of Socialist Theory">Critique: Journal of Socialist Theory</a></li> <li><a href="/wiki/Historical_Materialism_(journal)" title="Historical Materialism (journal)">Historical Materialism</a></li> <li><a href="/wiki/Mediations_(journal)" title="Mediations (journal)">Mediations</a></li> <li><a href="/wiki/Monthly_Review" title="Monthly Review">Monthly Review</a></li> <li><a href="/wiki/New_Left_Review" title="New Left Review">New Left Review</a></li> <li><a href="/wiki/Race_%26_Class" title="Race & Class">Race & Class</a></li> <li><a href="/wiki/Rethinking_Marxism" title="Rethinking Marxism">Rethinking Marxism</a></li> <li><a href="/wiki/Science_%26_Society" title="Science & Society">Science & Society</a></li> <li><a href="/wiki/Socialist_Register" title="Socialist Register">Socialist Register</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/21st-century_communist_theorists" title="21st-century communist theorists">21st-century communist theorists</a></li> <li><a href="/wiki/Anarchism" title="Anarchism">Anarchism</a></li> <li><a href="/wiki/Creative_destruction" title="Creative destruction">Creative destruction</a></li> <li><a href="/wiki/Conflict_theory" class="mw-redirect" title="Conflict theory">Conflict theory</a></li> <li><a href="/wiki/Criticism_of_Marxism" title="Criticism of Marxism">Criticism of Marxism</a></li> <li><a href="/wiki/Communism" title="Communism">Communism</a></li> <li><a href="/wiki/Communalism_(Bookchin)" class="mw-redirect" title="Communalism (Bookchin)">Communalism</a></li> <li><a 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plainlist" style="line-height:1.6em;"> <ul><li><a href="/wiki/Outline_of_Marxism" title="Outline of Marxism">Outline</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Symbol-hammer-and-sickle.svg/16px-Symbol-hammer-and-sickle.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Symbol-hammer-and-sickle.svg/24px-Symbol-hammer-and-sickle.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Symbol-hammer-and-sickle.svg/32px-Symbol-hammer-and-sickle.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span> </span><a href="/wiki/Portal:Communism" title="Portal:Communism">Communism portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Socrates.png/10px-Socrates.png" decoding="async" width="10" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Socrates.png/15px-Socrates.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Socrates.png/21px-Socrates.png 2x" data-file-width="326" data-file-height="500" /></span></span> </span><a href="/wiki/Portal:Philosophy" title="Portal:Philosophy">Philosophy portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Red_flag_II.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Red_flag_II.svg/16px-Red_flag_II.svg.png" decoding="async" width="16" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Red_flag_II.svg/24px-Red_flag_II.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/52/Red_flag_II.svg/32px-Red_flag_II.svg.png 2x" data-file-width="466" data-file-height="411" /></a></span> </span><a href="/wiki/Portal:Socialism" title="Portal:Socialism">Socialism portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Marxism_sidebar" title="Template:Marxism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Marxism_sidebar" title="Template talk:Marxism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Marxism_sidebar" title="Special:EditPage/Template:Marxism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a> considered capitalism to be a historically specific <a href="/wiki/Mode_of_production" title="Mode of production">mode of production</a>.<sup id="cite_ref-Burnham_17-0" class="reference"><a href="#cite_note-Burnham-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Marx's critique of political economy encompasses the study and exposition of the mode of production and ideology of bourgeois society, that is, the fundamental "economic" and social categories present within what for Marx is <a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">the capitalist mode of production</a>. In contrast to the classics of political economy, Marx was concerned with lifting the "ideological veil" of surface phenomena and exposing the norms, axioms, social practices, institutions and so on, that reproduced the social phenomenon of capital. The central works in Marx's critique of political economy are <i><a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a></i>, <i><a href="/wiki/A_Contribution_to_the_Critique_of_Political_Economy" title="A Contribution to the Critique of Political Economy">A Contribution to the Critique of Political Economy</a></i> and <i>Das Kapital</i>. Marx's companion <a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a> also critiqued the economy in his <i><a href="/wiki/Outlines_of_a_Critique_of_Political_Economy" title="Outlines of a Critique of Political Economy">Outlines of a Critique of Political Economy</a></i> (1844), which helped lay down some foundation for what Marx was to take further, and Engels just like Marx also compared economists with theologians, e.g by referring to Adam Smith as the <i>economic Luther</i>. </p><p>Some foundational concepts in Marx critique of political economy are the following: </p> <ul><li>Labour and capital are historically specific forms of social relations, and labour isn't the source of all wealth.<sup id="cite_ref-Grundrisse_18-0" class="reference"><a href="#cite_note-Grundrisse-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEPostone1993_19-0" class="reference"><a href="#cite_note-FOOTNOTEPostone1993-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></li> <li>Labour is the other side of the same coin as capital, labour presupposes capital, and capital presupposes labour.<sup id="cite_ref-Grundrisse_18-1" class="reference"><a href="#cite_note-Grundrisse-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup></li> <li>Money is not in any way something trans-historical or "natural" (which goes for the other categories of the economy as well), and gains its value due to social relations rather than any inherent quality.<sup id="cite_ref-Grundrisse_18-2" class="reference"><a href="#cite_note-Grundrisse-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup></li> <li>The individual doesn't exist in some form of vacuum but is rather enmeshed in social relations.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup></li></ul> <p>For Marx, the capitalist stage of development or "<a href="/wiki/Bourgeois" class="mw-redirect" title="Bourgeois">bourgeois</a> society" represented the most advanced form of social organization to date, but he also thought that the working classes would come to power in a worldwide <a href="/wiki/Socialism" title="Socialism">socialist</a> or <a href="/wiki/Communism" title="Communism">communist</a> transformation of human society as the end of the series of first aristocratic, then capitalist and finally working class rule was reached.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Karl_Marx.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Karl_Marx.jpg/170px-Karl_Marx.jpg" decoding="async" width="170" height="199" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Karl_Marx.jpg/255px-Karl_Marx.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Karl_Marx.jpg/340px-Karl_Marx.jpg 2x" data-file-width="1280" data-file-height="1500" /></a><figcaption><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a> in 1875</figcaption></figure> <p>Following <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, Marx distinguished the <a href="/wiki/Use_value" title="Use value">use value</a> of commodities from their <a href="/wiki/Exchange_value" title="Exchange value">exchange value</a> in the market. According to Marx, <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a> is created with the purchase of commodities for the purpose of creating new commodities with an exchange value higher than the sum of the original purchases. For Marx, the use of <a href="/wiki/Labor_power" class="mw-redirect" title="Labor power">labor power</a> had itself become a commodity under capitalism because the exchange value of labor power—as reflected in the wage—is less than the value it produces for the capitalist. </p><p>He argues this difference in values constitutes <a href="/wiki/Surplus_value" title="Surplus value">surplus value</a>, which the capitalists extract and accumulate. In his book <i><a href="/wiki/Capital:_Critique_of_Political_Economy" class="mw-redirect" title="Capital: Critique of Political Economy">Capital</a></i>, Marx argues that the <a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">capitalist mode of production</a> is distinguished by how the owners of capital extract this surplus from workers—all prior class societies had extracted <a href="/wiki/Surplus_labor" class="mw-redirect" title="Surplus labor">surplus labor</a>, but capitalism was new in doing so via the sale-value of produced commodities.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> He argues that a core requirement of a capitalist society is that a large portion of the population must not possess sources of self-sustenance that would allow them to be independent and must instead be compelled to survive to sell their labor to manage to survive.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The commodity is first of all, an external object, a thing which through its qualities satisfies human needs of whatever kind. The nature of these needs, whether they arise, for example, from the stomach, or the imagination, makes no difference. Nor does it matter here how the thing satisfies man's need, whether directly as a means of subsistence, i.e. an object of consumption, or indirectly as a means of production. — <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>, <i><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></i></p></blockquote> <p>In conjunction with his criticism of capitalism was Marx's belief that exploited labor would be the driving force behind a revolution .<sup id="cite_ref-ReferenceA_1-1" class="reference"><a href="#cite_note-ReferenceA-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> For Marx, this cycle of the extraction of the surplus value by the owners of capital or the bourgeoisie becomes the basis of <a href="/wiki/Class_struggle" class="mw-redirect" title="Class struggle">class struggle</a>. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Nature builds no machines, no locomotives, railways, electric telegraphs, self-acting mules etc. These are products of human industry; natural material transformed into organs of the human will over nature, or of human participation in nature. They are organs of the human brain, created by the human hand; the power of knowledge, objectified. The development of fixed capital indicates to what degree general social knowledge has become a direct force of production, and to what degree, hence, the conditions of the process of social life itself have come under the control of the general intellect and been transformed in accordance with it. — <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>, <i><a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a></i></p></blockquote> <p>In <i><a href="/wiki/Imperialism,_the_Highest_Stage_of_Capitalism" title="Imperialism, the Highest Stage of Capitalism">Imperialism, the Highest Stage of Capitalism</a></i> (1916), <a href="/wiki/Vladimir_Lenin" title="Vladimir Lenin">Vladimir Lenin</a> modified <a href="/wiki/Classical_Marxism" title="Classical Marxism">classic Marxist theory</a> and argued that capitalism necessarily induced <a href="/wiki/Monopoly_capitalism" class="mw-redirect" title="Monopoly capitalism">monopoly capitalism</a>—which he also called "imperialism"—to find new markets and resources, representing the last and highest stage of capitalism.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>Some 20th-century <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian economists</a> consider capitalism to be a social formation where capitalist class processes dominate, but are not exclusive.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> To these thinkers, capitalist class processes are simply those in which surplus labor takes the form of <a href="/wiki/Surplus_value" title="Surplus value">surplus value</a>, usable as capital while other tendencies for utilization of labor nonetheless exist simultaneously in existing societies where capitalist processes are predominant. However, other late Marxian thinkers argue that a social formation as a whole may be classed as capitalist if capitalism is the mode by which a surplus is extracted even if this surplus is not produced by capitalist activity as when an absolute majority of the population is engaged in non-capitalist economic activity.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/David_Harvey_(geographer)" class="mw-redirect" title="David Harvey (geographer)">David Harvey</a> extends Marxian thinking through which he theorizes the differential production of place, space and political activism under capitalism. He uses Marx’s theory of crisis to aid his argument that capitalism must have its "fixes", but that we cannot predetermine what fixes will be implemented, nor in what form they will be. </p><p>This idea of fix is suggestive and could mean fix as in stabilize, heal or solve, or as in a junky needing a fix—the idea of preventing feeling worse in order to feel better. In <i>Limits to Capital</i> (1982), Harvey outlines an overdetermined, spatially restless capitalism coupled with the spatiality of crisis formation and its resolution. Furthermore, his work has been central for understanding the contractions of <a href="/wiki/Capital_accumulation" title="Capital accumulation">capital accumulation</a> and international movements of capitalist modes of production and money flows.<sup id="cite_ref-Lawson,_Victoria_2007_34-0" class="reference"><a href="#cite_note-Lawson,_Victoria_2007-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>In his essay, "Notes towards a theory of uneven geographical development", Harvey examines the causes of the extreme volatility in contemporary political economic fortunes across and between spaces of the world economy. He bases this uneven development on four conditionalities: (1) the material embedding of capital accumulation processes in the web of socio-ecological life; (2) accumulation by dispossession; (3) the law-like character of capital accumulation in space and time; and (4) political, social and "class" struggles at a variety of geographical scales.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Weberian_political_sociology">Weberian political sociology</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=4" title="Edit section: Weberian political sociology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Max_Weber_1917.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/44/Max_Weber_1917.jpg/250px-Max_Weber_1917.jpg" decoding="async" width="250" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/44/Max_Weber_1917.jpg/375px-Max_Weber_1917.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/44/Max_Weber_1917.jpg/500px-Max_Weber_1917.jpg 2x" data-file-width="657" data-file-height="385" /></a><figcaption><a href="/wiki/Max_Weber" title="Max Weber">Max Weber</a> in 1917</figcaption></figure> <p>In some <a href="/wiki/Social_science" title="Social science">social sciences</a>, the understanding of the defining characteristics of capitalism has been strongly influenced by 19th century German social theorist <a href="/wiki/Max_Weber" title="Max Weber">Max Weber</a>. Weber considered <a href="/wiki/Market_(economics)" title="Market (economics)">market</a> <a href="/wiki/Trade" title="Trade">exchange</a> rather than production as the defining feature of capitalism. In contrast to their counterparts in prior modes of economic activity, capitalist enterprises are characterized by their rationalization of production, directed toward maximizing <a href="/wiki/Economic_efficiency" title="Economic efficiency">efficiency</a> and <a href="/wiki/Productivity_(economics)" class="mw-redirect" title="Productivity (economics)">productivity</a>, a tendency leading to a sociological process of enveloping rationalization. According to Weber, workers in pre-capitalist economic institutions understood work in terms of a personal relationship between <a href="/wiki/Master_craftsman" title="Master craftsman">master</a> and <a href="/wiki/Journeyman" title="Journeyman">journeyman</a> in a <a href="/wiki/Guild" title="Guild">guild</a>, or between <a href="/wiki/Lord" title="Lord">lord</a> and <a href="/wiki/Peasant" title="Peasant">peasant</a> in a <a href="/wiki/Manorialism" title="Manorialism">manor</a>.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>In his book <i><a href="/wiki/The_Protestant_Ethic_and_the_Spirit_of_Capitalism" title="The Protestant Ethic and the Spirit of Capitalism">The Protestant Ethic and the Spirit of Capitalism</a></i> (1904–1905), Weber sought to trace how a particular form of religious spirit, infused into traditional modes of economic activity, was a condition of possibility of modern Western capitalism. For Weber, the spirit of capitalism was in general that of ascetic Protestantism—this ideology was able to motivate extreme rationalization of daily life, a propensity to accumulate capital by a religious ethic to advance economically and thus also the propensity to reinvest capital: this was sufficient then to create "self-mediating capital" as conceived by Marx. </p><p>This is pictured in Proverbs 22:29 "Seest thou a man diligent in his calling? He shall stand before kings" and in Colossians 3:23 "Whatever you do, do your work heartily, as for the Lord rather than for men". In the <i>Protestant Ethic</i>, Weber further stated that "moneymaking—provided it is done legally—is, within the modern economic order, the result and the expression of diligence in one’s calling" and "If God show you a way in which you may lawfully get more than in another way (without wrong to your soul or to any other), if you refuse this, and choose the less gainful way, you cross one of the ends of your calling, and you refuse to be God's steward, and to accept His gifts and use them for him when He requireth it: you may labour to be rich for God, though not for the flesh and sin" (p. 108). </p><p>Most generally for Weber, Western capitalism was the "rational organization of formally free labor". The idea of the "formally free" laborer meant in the double sense of Marx that the laborer was both free to own property and free of the ability to reproduce his labor power, i.e. was the victim of expropriation of his means of production. It is only on these conditions, still abundantly obvious in the modern world of Weber, that Western capitalism is able to exist. </p><p>For Weber, modern Western capitalism represented the order "now bound to the technical and economic conditions of machine production which to-day determine the lives of all the individuals who are born into this mechanism, not only those directly concerned with economic acquisition, with irresistible force. Perhaps it will so determine them until the last ton of fossilized coal is burnt" (p. 123).<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> This is further seen in his criticism of "specialists without spirit, <a href="/wiki/Hedonism" title="Hedonism">hedonists</a> without a heart" that were developing in his opinion with the fading of the original <a href="/wiki/Puritan" class="mw-redirect" title="Puritan">Puritan</a> "spirit" associated with capitalism.<sup id="cite_ref-minerva_38-0" class="reference"><a href="#cite_note-minerva-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Institutional_economics">Institutional economics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=5" title="Edit section: Institutional economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Institutional_economics" title="Institutional economics">Institutional economics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional economics</a></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Veblen3a.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Veblen3a.jpg/180px-Veblen3a.jpg" decoding="async" width="180" height="226" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Veblen3a.jpg/270px-Veblen3a.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Veblen3a.jpg/360px-Veblen3a.jpg 2x" data-file-width="814" data-file-height="1024" /></a><figcaption><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Thorstein Veblen</a></figcaption></figure> <p>Once the main school of economic thought in the United States, institutional economics holds that capitalism cannot be separated from the political and social system within which it is embedded. It emphasizes the legal foundations of capitalism (see <a href="/wiki/John_R._Commons" title="John R. Commons">John R. Commons</a>) and the evolutionary, habituated and volitional processes by which institutions are erected and then changed (see <a href="/wiki/John_Dewey" title="John Dewey">John Dewey</a>, <a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Thorstein Veblen</a> and <a href="/wiki/Daniel_Bromley" title="Daniel Bromley">Daniel Bromley</a>). </p><p>One key figure in institutional economics was <a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Thorstein Veblen</a> who in his book <i><a href="/wiki/The_Theory_of_the_Leisure_Class" title="The Theory of the Leisure Class">The Theory of the Leisure Class</a></i> (1899) analyzed the motivations of wealthy people in capitalism who <a href="/wiki/Conspicuous_consumption" title="Conspicuous consumption">conspicuously consumed</a> their riches as a way of demonstrating success. The concept of <a href="/wiki/Conspicuous_consumption" title="Conspicuous consumption">conspicuous consumption</a> was in direct contradiction to the neoclassical view that capitalism was efficient. </p><p>In <i><a href="/wiki/The_Theory_of_Business_Enterprise" title="The Theory of Business Enterprise">The Theory of Business Enterprise</a></i> (1904), Veblen distinguished the motivations of industrial production for people to use things from business motivations that used, or misused, industrial infrastructure for profit, arguing that the former is often hindered because businesses pursue the latter. Output and technological advance are restricted by business practices and the creation of monopolies. Businesses protect their existing capital investments and employ excessive credit, leading to depressions and increasing military expenditure and war through business control of political power. </p> <div class="mw-heading mw-heading2"><h2 id="German_Historical_School_and_Austrian_School">German Historical School and Austrian School</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=6" title="Edit section: German Historical School and Austrian School"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical school of economics</a> and <a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a></div> <p>From the perspective of the <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">German Historical School</a>, capitalism is primarily identified in terms of the organization of production for <a href="/wiki/Market_(economics)" title="Market (economics)">markets</a>. Although this perspective shares similar theoretical roots with that of Weber, its emphasis on markets and money lends it different focus.<sup id="cite_ref-Burnham_17-1" class="reference"><a href="#cite_note-Burnham-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> For followers of the German Historical School, the key shift from traditional modes of economic activity to capitalism involved the shift from medieval restrictions on credit and money to the modern <a href="/wiki/Monetary_system" title="Monetary system">monetary economy</a> combined with an emphasis on the <a href="/wiki/Profit_motive" title="Profit motive">profit motive</a>. </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:MisesLibrary.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/5/56/MisesLibrary.jpg" decoding="async" width="193" height="150" class="mw-file-element" data-file-width="193" data-file-height="150" /></a><figcaption><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a></figcaption></figure> <p>In the late 19th century, the German Historical School of economics diverged with the emerging <a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a> of economics, led at the time by <a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a>. Later generations of followers of the Austrian School continued to be influential in Western economic thought through much of the 20th century. The Austrian economist <a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Joseph Schumpeter</a>, a forerunner of the Austrian School of economics, emphasized the "<a href="/wiki/Creative_destruction" title="Creative destruction">creative destruction</a>" of capitalism—the fact that market economies undergo constant change. </p><p>At any moment of time, posits Schumpeter, there are rising industries and declining industries. Schumpeter and many contemporary economists influenced by his work argue that resources should flow from the declining to the expanding industries for an economy to grow, but they recognized that sometimes resources are slow to withdraw from the declining industries because of various forms of institutional resistance to change. </p><p>The Austrian economists <a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a> and <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> were among the leading defenders of <a href="/wiki/Market_economy" title="Market economy">market economy</a> against 20th century proponents of socialist <a href="/wiki/Planned_economies" class="mw-redirect" title="Planned economies">planned economies</a>. Mises and Hayek argued that only market capitalism could manage a complex, modern economy. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The effect of the people's agreeing that there must be central planning, without agreeing on the ends, will be rather as if a group of people were to commit themselves to take a journey together without agreeing where they want to go; with the result that they may all have to make a journey which most of them do not want at all. — <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a>, <i><a href="/wiki/The_Road_to_Serfdom" title="The Road to Serfdom">The Road to Serfdom</a></i></p></blockquote> <p>Among their arguments were the <a href="/wiki/Economic_calculation_problem" title="Economic calculation problem">economic calculation problem</a>, which was first proposed by Mises in 1920 and later expounded by Hayek.<sup id="cite_ref-Mises_2-1" class="reference"><a href="#cite_note-Mises-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-A._Hayek,_1935_pp._1-40_3-1" class="reference"><a href="#cite_note-A._Hayek,_1935_pp._1-40-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The problem referred to is that of how to distribute resources <a href="/wiki/Rational_choice_theory" class="mw-redirect" title="Rational choice theory">rationally</a> in an economy. The <a href="/wiki/Free_market" title="Free market">free market</a> solution is the <a href="/wiki/Price_mechanism" title="Price mechanism">price mechanism</a>, wherein people individually have the ability to decide how a good or service should be distributed based on their willingness to give money for it. The price conveys embedded information about the <a href="/wiki/Supply_and_demand" title="Supply and demand">abundance of resources as well as their desirability</a> which in turn allows corrections that prevent <a href="/wiki/Economic_shortage" class="mw-redirect" title="Economic shortage">shortages</a> and <a href="/wiki/Economic_surplus" title="Economic surplus">surpluses</a> on the basis of individual consensual decisions. </p><p>Mises and Hayek argued that this is the only possible solution and without the information provided by market prices socialism lacks a method to rationally allocate resources. Mises argued in a famous 1920 article "<a href="/wiki/Economic_Calculation_in_the_Socialist_Commonwealth" title="Economic Calculation in the Socialist Commonwealth">Economic Calculation in the Socialist Commonwealth</a>" that the pricing systems in socialist economies were necessarily deficient because if government owned or controlled the <a href="/wiki/Means_of_production" title="Means of production">means of production</a>, then no rational prices could be obtained for <a href="/wiki/Capital_goods" class="mw-redirect" title="Capital goods">capital goods</a> as they were merely internal transfers of goods in a socialist system and not "objects of exchange", unlike final goods, therefore they were unpriced and hence the system would be necessarily inefficient since the central planners would not know how to allocate the available resources efficiently.<sup id="cite_ref-Mises_2-2" class="reference"><a href="#cite_note-Mises-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> This led him to declare "that rational economic activity is impossible in a socialist <a href="/wiki/Commonwealth" title="Commonwealth">commonwealth</a>".<sup id="cite_ref-Mises_2-3" class="reference"><a href="#cite_note-Mises-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Mises developed his critique of socialism more completely in his 1922 book <i><a href="/wiki/Socialism_(book)" title="Socialism (book)">Socialism: An Economic and Sociological Analysis</a></i>. </p><p>Since a modern economy produces such a large array of distinct goods and services and consists of such a large array of consumers and enterprises, asserted Mises and Hayek, the information problems facing any other form of economic organization other than market capitalism would exceed its capacity to handle information. Thinkers within <a href="/wiki/Supply-side_economics" title="Supply-side economics">supply-side economics</a> built on the work of the Austrian School and particularly emphasize <a href="/wiki/Say%27s_law" title="Say's law">Say's law</a> that "supply creates its own demand". To this school, capitalism is defined by lack of state restraint on the decisions of producers. </p><p>Austrian economists claim that Marx failed to make the distinction between <a href="/wiki/Capitalism" title="Capitalism">capitalism</a> and <a href="/wiki/Mercantilism" title="Mercantilism">mercantilism</a>.<sup id="cite_ref-rothbard_39-0" class="reference"><a href="#cite_note-rothbard-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> They argue that Marx conflated the <a href="/wiki/Imperialistic" class="mw-redirect" title="Imperialistic">imperialistic</a>, <a href="/wiki/Colonialistic" class="mw-redirect" title="Colonialistic">colonialistic</a>, <a href="/wiki/Protectionist" class="mw-redirect" title="Protectionist">protectionist</a> and <a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">interventionist</a> doctrines of mercantilism with capitalism. </p><p>Austrian economics has been a major influence on some forms of <a href="/wiki/Right-libertarianism" title="Right-libertarianism">right-libertarianism</a> in which <i><a href="/wiki/Laissez-faire" title="Laissez-faire">laissez-faire</a></i> capitalism is considered to be the ideal economic system.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> It influenced economists and political philosophers and theorists including <a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Henry Hazlitt</a>, <a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hans-Hermann Hoppe</a>, <a href="/wiki/Israel_Kirzner" title="Israel Kirzner">Israel Kirzner</a>, <a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Murray Rothbard</a>, <a href="/wiki/Walter_Block" title="Walter Block">Walter Block</a> and <a href="/wiki/Richard_M._Ebeling" class="mw-redirect" title="Richard M. Ebeling">Richard M. Ebeling</a>.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Keynesian_economics">Keynesian economics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=7" title="Edit section: Keynesian economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Keynes_1933.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Keynes_1933.jpg/180px-Keynes_1933.jpg" decoding="async" width="180" height="187" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Keynes_1933.jpg/270px-Keynes_1933.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/0/04/Keynes_1933.jpg 2x" data-file-width="289" data-file-height="300" /></a><figcaption><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></figcaption></figure> <p>In his 1937 <i><a href="/wiki/The_General_Theory_of_Employment,_Interest,_and_Money" class="mw-redirect" title="The General Theory of Employment, Interest, and Money">The General Theory of Employment, Interest, and Money</a></i>, the British economist <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> argued that capitalism suffered a basic problem in its ability to recover from periods of slowdowns in investment. Keynes argued that a capitalist economy could remain in an indefinite <a href="/wiki/Economic_equilibrium" title="Economic equilibrium">equilibrium</a> despite high <a href="/wiki/Unemployment" title="Unemployment">unemployment</a>. </p><p>Essentially rejecting <a href="/wiki/Say%27s_law" title="Say's law">Say's law</a>, he argued that some people may have a <a href="/wiki/Liquidity_preference" title="Liquidity preference">liquidity preference</a> that would see them rather hold money than buy new goods or services, which therefore raised the prospect that the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> would not end without what he termed in the <i>General Theory</i> "a somewhat comprehensive socialization of investment". </p><p><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a> challenged the notion that <i>laissez-faire</i> capitalist economics could operate well on their own without state intervention used to promote <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>, fighting high unemployment and <a href="/wiki/Deflation_(economics)" class="mw-redirect" title="Deflation (economics)">deflation</a> of the sort seen during the 1930s. He and his followers recommended "<a href="/wiki/Deficit_spending" title="Deficit spending">pump-priming</a>" the economy to avoid <a href="/wiki/Recession" title="Recession">recession</a>: cutting taxes, increasing government borrowing and spending during an economic down-turn. This was to be accompanied by trying to control wages nationally partly through the use of <a href="/wiki/Inflation" title="Inflation">inflation</a> to cut real wages and to deter people from holding money.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump; but in abolishing slumps and thus keeping us permanently in a quasi-boom. — <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>, <i><a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a></i></p></blockquote> <p>Keynes tried to provide solutions to many of Marx’s problems without completely abandoning the classical understanding of capitalism. His work attempted to show that regulation can be effective and that economic stabilizers can rein in the aggressive expansions and recessions that Marx disliked. These changes sought to create more stability in the business cycle and reduce the abuses of laborers. Keynesian economists argue that Keynesian policies were one of the primary reasons capitalism was able to recover following the Great Depression.<sup id="cite_ref-Erhardt_III_2008_4-1" class="reference"><a href="#cite_note-Erhardt_III_2008-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> However, the premises of Keynes’s work have since been challenged by neoclassical and <a href="/wiki/Supply-side_economics" title="Supply-side economics">supply-side economics</a> and the Austrian School. </p><p>Another challenge to Keynesian thinking came from his colleague <a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Piero Sraffa</a> and subsequently from the <a href="/wiki/Neo-Ricardianism" title="Neo-Ricardianism">Neo-Ricardian school</a> that followed Sraffa. In Sraffa's highly technical analysis, capitalism is defined by an entire system of social relations among both producers and consumers, but with a primary emphasis on the demands of production. According to Sraffa, the tendency of capital to seek its highest <a href="/wiki/Rate_of_profit" title="Rate of profit">rate of profit</a> causes a dynamic instability in social and economic relations. </p> <div class="mw-heading mw-heading2"><h2 id="Supply-side_economics">Supply-side economics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=8" title="Edit section: Supply-side economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side economics</a></div> <p>Supply-side economics is a school of <a href="/wiki/Macroeconomic" class="mw-redirect" title="Macroeconomic">macroeconomic</a> thought that argues that economic growth can be most effectively created by lowering barriers for people to produce (supply) goods and services, such as adjusting <a href="/wiki/Income_tax" title="Income tax">income tax</a> and <a href="/wiki/Capital_gains_tax" title="Capital gains tax">capital gains tax</a> rates and by allowing greater flexibility by reducing regulation. Consumers will then benefit from a greater supply of goods and services at lower prices. </p><p>The term "supply-side economics" was thought for some time to have been coined by journalist <a href="/wiki/Jude_Wanniski" title="Jude Wanniski">Jude Wanniski</a> in 1975, but according to Robert D. Atkinson's <i>Supply-Side Follies</i><sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> the term "supply side" ("supply-side fiscalists") was first used in 1976 by Herbert Stein (a former economic adviser to President Nixon) and only later that year was this term repeated by Jude Wanniski. Its use connotes the ideas of economists <a href="/wiki/Robert_Mundell" title="Robert Mundell">Robert Mundell</a> and <a href="/wiki/Arthur_Laffer" title="Arthur Laffer">Arthur Laffer</a>. Today, supply-side economics is often conflated with the politically rhetorical term "<a href="/wiki/Trickle-down_economics" title="Trickle-down economics">trickle-down economics</a>", but as Jude Wanniski points out in his book <i>The Way The World Works</i> trickle-down economics is conservative Keynesianism associated with the Republican Party.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>What the welfare system and other kinds of governmental programs are doing is paying people to fail. In so far as they fail, they receive the money; in so far as they succeed, even to a moderate extent, the money is taken away. — <a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Thomas Sowell</a> during a discussion in <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>'s "<a href="/wiki/Free_to_Choose" title="Free to Choose">Free to Choose</a>" television series in 1980</p></blockquote> <p>Typical policy recommendations of supply-side economics are lower <a href="/wiki/Marginal_tax_rate" class="mw-redirect" title="Marginal tax rate">marginal tax rates</a> and less regulation.<sup id="cite_ref-Wanniski_1978_7-1" class="reference"><a href="#cite_note-Wanniski_1978-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Maximum benefits from taxation policy are achieved by optimizing the marginal tax rates to spur growth, although it is a common misunderstanding that supply side economics is concerned only with taxation policy when it is about removing barriers to production more generally.<sup id="cite_ref-Brownlee_8-1" class="reference"><a href="#cite_note-Brownlee-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Many early proponents argued that the size of the economic growth would be significant enough that the increased government revenue from a faster-growing economy would be sufficient to compensate completely for the short-term costs of a tax cut and that tax cuts could in fact cause overall revenue to increase.<sup id="cite_ref-Bartlett_47-0" class="reference"><a href="#cite_note-Bartlett-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Neoclassical_economics_and_the_Chicago_School">Neoclassical economics and the Chicago School</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=9" title="Edit section: Neoclassical economics and the Chicago School"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical economics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Monetarism" title="Monetarism">Monetarism</a> and <a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago school of economics</a></div> <p>Today, the majority academic research on capitalism in the <a href="/wiki/English-speaking_world" title="English-speaking world">English-speaking world</a> draws on <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economic thought</a>. It favors extensive market coordination and relatively neutral patterns of governmental market regulation aimed at maintaining property rights; deregulated <a href="/wiki/Labor_market" class="mw-redirect" title="Labor market">labor markets</a>; corporate governance dominated by financial owners of firms; and financial systems depending chiefly on <a href="/wiki/Capital_market" title="Capital market">capital market</a>-based financing rather than state financing. </p><p><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> took many of the basic principles set forth by <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> and the classical economists and gave them a new twist. One example of this is his article in the September 1970 issue of <i>The New York Times</i>, where he claims that the social responsibility of business is "to use its resources and engage in activities designed to increase its profits…(through) open and free competition without deception or fraud". This is similar to Smith’s argument that self-interest in turn benefits the whole of society.<sup id="cite_ref-Friedman,_Milton_1970_9-1" class="reference"><a href="#cite_note-Friedman,_Milton_1970-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Work like this helped lay the foundations for the coming <a href="/wiki/Marketization" title="Marketization">marketization</a> (or <a href="/wiki/Privatization" title="Privatization">privatization</a>) of state enterprises and the <a href="/wiki/Supply-side_economics" title="Supply-side economics">supply-side economics</a> of <a href="/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a> and <a href="/wiki/Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a>. </p><p>The <a href="/wiki/Chicago_school_(economics)" class="mw-redirect" title="Chicago school (economics)">Chicago School of economics</a> is best known for its free market advocacy and <a href="/wiki/Monetarist" class="mw-redirect" title="Monetarist">monetarist</a> ideas. According to Friedman and other monetarists, market economies are inherently stable <a href="/wiki/Laissez-faire" title="Laissez-faire">if left to themselves</a> and depressions result only from government intervention.<sup id="cite_ref-Felderer,_Bernhard_10-1" class="reference"><a href="#cite_note-Felderer,_Bernhard-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>One of the great mistakes is to judge policies and programs by their intentions rather than their results. — <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>, interview with <a href="/wiki/Richard_Heffner" title="Richard Heffner">Richard Heffner</a> on <i><a href="/wiki/The_Open_Mind_(TV_series)" title="The Open Mind (TV series)">The Open Mind</a></i> (7 December 1975)</p></blockquote> <p>Friedman argued that the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> was result of a contraction of the money supply controlled by the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve</a> and not by the lack of investment as <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>: "There is likely to be a lag between the need for action and government recognition of the need; a further lag between recognition of the need for action and the taking of action; and a still further lag between the action and its effects".<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a>, former Chairman of the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a>, is among the economists today generally accepting Friedman's analysis of the causes of the Great Depression.<sup id="cite_ref-fed_49-0" class="reference"><a href="#cite_note-fed-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p><p>Neoclassical economists, today the majority of economists,<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> consider value to be subjective, varying from person to person and for the same person at different times and thus reject the labor theory of value. <a href="/wiki/Marginalism" title="Marginalism">Marginalism</a> is the theory that economic value results from <a href="/wiki/Marginal_utility" title="Marginal utility">marginal utility</a> and <a href="/wiki/Marginal_cost" title="Marginal cost">marginal cost</a> (the <a href="/wiki/Marginal_concepts" title="Marginal concepts">marginal concepts</a>). These economists see capitalists as earning profits by forgoing current consumption, by taking risks, and by organizing production. </p> <div class="mw-heading mw-heading2"><h2 id="Mainstream_economics">Mainstream economics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=10" title="Edit section: Mainstream economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream economics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">Neoclassical synthesis</a>, <a href="/wiki/Econophysics" title="Econophysics">econophysics</a>, <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavioral economics</a>, and <a href="/wiki/Evolutionary_economics" title="Evolutionary economics">evolutionary economics</a></div> <p><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream economics</a> is a loose term used to refer to the non-<a href="/wiki/Heterodox_economics" title="Heterodox economics">heterodox economics</a> taught in prominent universities. It is most closely associated with <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a>,<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> or more precisely by the <a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical synthesis</a>, which combines neoclassical approach to microeconomics with <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian approach</a> to macroeconomics.<sup id="cite_ref-Clark_52-0" class="reference"><a href="#cite_note-Clark-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p><p>Mainstream economists are not generally separated into schools, but two major contemporary orthodox <a href="/wiki/Schools_of_economics" class="mw-redirect" title="Schools of economics">economic schools of thought</a> are the "<a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">saltwater and freshwater schools</a>". The saltwater schools consist of the <a href="/wiki/Universities" class="mw-redirect" title="Universities">universities</a> and other institutions located near the East and West Coast of the <a href="/wiki/United_States" title="United States">United States</a>, such as <a href="/wiki/University_of_California,_Berkeley" title="University of California, Berkeley">Berkeley</a>, <a href="/wiki/Harvard" class="mw-redirect" title="Harvard">Harvard</a>, <a href="/wiki/Massachusetts_Institute_of_Technology" title="Massachusetts Institute of Technology">Massachusetts Institute of Technology</a>, <a href="/wiki/University_of_Pennsylvania" title="University of Pennsylvania">University of Pennsylvania</a>, <a href="/wiki/Princeton_University" title="Princeton University">Princeton</a>, <a href="/wiki/Columbia_University" title="Columbia University">Columbia</a>, <a href="/wiki/Duke_University" title="Duke University">Duke</a>, <a href="/wiki/Stanford" class="mw-redirect" title="Stanford">Stanford</a> and <a href="/wiki/Yale" class="mw-redirect" title="Yale">Yale</a>. Freshwater schools include the <a href="/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a>, <a href="/wiki/Carnegie_Mellon_University" title="Carnegie Mellon University">Carnegie Mellon University</a>, the <a href="/wiki/University_of_Rochester" title="University of Rochester">University of Rochester</a> and the <a href="/wiki/University_of_Minnesota" title="University of Minnesota">University of Minnesota</a>. They were referred to as the "freshwater school" since Pittsburgh, Chicago, Rochester and Minneapolis are located nearer to the <a href="/wiki/Great_Lakes" title="Great Lakes">Great Lakes</a>.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p><p>The Saltwater school is associated with Keynesian ideas of government intervention into the <a href="/wiki/Free_market" title="Free market">free market</a> while the Freshwater schools are skeptical of the benefits of the government.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> Mainstream economists do not in general identify themselves as members of a particular school, but they may be associated with approaches within a field such as the <a href="/wiki/Rational_expectations" title="Rational expectations">rational-expectations</a> approach to <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomics</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=11" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1216972533">.mw-parser-output .col-begin{border-collapse:collapse;padding:0;color:inherit;width:100%;border:0;margin:0}.mw-parser-output .col-begin-small{font-size:90%}.mw-parser-output .col-break{vertical-align:top;text-align:left}.mw-parser-output .col-break-2{width:50%}.mw-parser-output .col-break-3{width:33.3%}.mw-parser-output .col-break-4{width:25%}.mw-parser-output .col-break-5{width:20%}@media(max-width:720px){.mw-parser-output .col-begin,.mw-parser-output .col-begin>tbody,.mw-parser-output .col-begin>tbody>tr,.mw-parser-output .col-begin>tbody>tr>td{display:block!important;width:100%!important}.mw-parser-output .col-break{padding-left:0!important}}</style><div> <table class="col-begin" role="presentation"> <tbody><tr> <td class="col-break"> <div class="mw-heading mw-heading3"><h3 id="Concepts">Concepts</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=12" title="Edit section: Concepts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Consumption_(economics)" title="Consumption (economics)">Consumption (economics)</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy and economic growth</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Economic sociology</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Gains_from_trade" title="Gains from trade">Gains from trade</a></li> <li><a href="/wiki/History_of_capitalism" title="History of capitalism">History of capitalism</a></li> <li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History of economic thought</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Mass_production" title="Mass production">Mass production</a></li> <li><a href="/wiki/Objectivism" title="Objectivism">Objectivism</a></li> <li><a href="/wiki/Positive_non-interventionism" title="Positive non-interventionism">Positive non-interventionism</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li></ul> </td> <td class="col-break"> <div class="mw-heading mw-heading3"><h3 id="People">People</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=13" title="Edit section: People"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Amartya Sen</a></li> <li><a href="/wiki/Andrew_Carnegie" title="Andrew Carnegie">Andrew Carnegie</a></li> <li><a href="/wiki/Ayn_Rand" title="Ayn Rand">Ayn Rand</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">Eugen von Böhm-Bawerk</a></li> <li><a href="/wiki/Frank_Stilwell_(economist)" title="Frank Stilwell (economist)">Frank Stilwell</a></li> <li><a href="/wiki/Frederic_Bastiat" class="mw-redirect" title="Frederic Bastiat">Frederic Bastiat</a></li> <li><a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a></li> <li><a href="/wiki/John_D._Rockefeller" title="John D. Rockefeller">John D. Rockefeller</a></li> <li><a href="/wiki/John_Locke" title="John Locke">John Locke</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/J._P._Morgan" title="J. P. Morgan">J. P. Morgan</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li></ul> </td> <td class="col-break"> <div class="mw-heading mw-heading3"><h3 id="Works">Works</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=14" title="Edit section: Works"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><i><a href="/wiki/Capitalism_and_Freedom" title="Capitalism and Freedom">Capitalism and Freedom</a></i></li> <li><i><a href="/wiki/Capitalism:_The_Unknown_Ideal" title="Capitalism: The Unknown Ideal">Capitalism: The Unknown Ideal</a></i></li> <li><i><a href="/wiki/Economics_in_One_Lesson" title="Economics in One Lesson">Economics in One Lesson</a></i></li> <li><i><a href="/wiki/Free_to_Choose" title="Free to Choose">Free to Choose</a></i></li> <li><i><a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a></i></li> <li><i><a href="/wiki/Individualism_and_Economic_Order" title="Individualism and Economic Order">Individualism and Economic Order</a></i></li> <li><i><a href="/wiki/Man,_Economy,_and_State" title="Man, Economy, and State">Man, Economy, and State</a></i></li> <li><i><a href="/wiki/The_Anti-Capitalistic_Mentality" title="The Anti-Capitalistic Mentality">The Anti-Capitalistic Mentality</a></i></li> <li><i><a href="/wiki/The_Law_(1850_book)" class="mw-redirect" title="The Law (1850 book)">The Law</a></i></li></ul> <p>  </p> </td></tr></tbody></table></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=15" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-ReferenceA-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-ReferenceA_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ReferenceA_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Wheen, Francis <i>Books That Shook the World: Marx's Das Kapital</i>. 1st ed. London: Atlantic Books, 2006</span> </li> <li id="cite_note-Mises-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-Mises_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Mises_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Mises_2-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Mises_2-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFVon_Mises1990" class="citation book cs1"><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Von Mises, Ludwig</a> (1990). <a rel="nofollow" class="external text" href="https://mises.org/pdf/econcalc.pdf"><i>Economic calculation in the Socialist Commonwealth</i></a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/Ludwig_von_Mises_Institute" class="mw-redirect" title="Ludwig von Mises Institute">Ludwig von Mises Institute</a><span class="reference-accessdate">. Retrieved <span class="nowrap">8 September</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economic+calculation+in+the+Socialist+Commonwealth&rft.pub=Ludwig+von+Mises+Institute&rft.date=1990&rft.aulast=Von+Mises&rft.aufirst=Ludwig&rft_id=https%3A%2F%2Fmises.org%2Fpdf%2Feconcalc.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-A._Hayek,_1935_pp._1-40-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-A._Hayek,_1935_pp._1-40_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-A._Hayek,_1935_pp._1-40_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">F. A. Hayek, (1935), "The Nature and History of the Problem" and "The Present State of the Debate," in F. A. Hayek, ed. <i>Collectivist Economic Planning</i>, pp. 1–40, 201–43.</span> </li> <li id="cite_note-Erhardt_III_2008-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-Erhardt_III_2008_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Erhardt_III_2008_4-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Erhardt III, Erwin. "History of Economic Development." University of Cincinnati. Lindner Center Auditorium, Cincinnati. 7 Nov. 2008.</span> </li> <li id="cite_note-case_780-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-case_780_5-0">^</a></b></span> <span class="reference-text">Case, Karl E. & Fair, Ray C. (1999). <i>Principles of Economics</i> (5th ed.), p. 780. Prentice-Hall. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-13-961905-4" title="Special:BookSources/0-13-961905-4">0-13-961905-4</a>.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBartlett" class="citation journal cs1">Bartlett, Bruce. <a rel="nofollow" class="external text" href="http://web.uconn.edu/cunningham/econ309/lafferpdf.pdf">"Supply-Side Economics: "Voodoo Economics" or Lasting Contribution?"</a> <span class="cs1-format">(PDF)</span>. <i>Laffer Associates</i> (11 November 2003)<span class="reference-accessdate">. Retrieved <span class="nowrap">17 November</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Laffer+Associates&rft.atitle=Supply-Side+Economics%3A+%22Voodoo+Economics%22+or+Lasting+Contribution%3F&rft.issue=11+November+2003&rft.aulast=Bartlett&rft.aufirst=Bruce&rft_id=http%3A%2F%2Fweb.uconn.edu%2Fcunningham%2Fecon309%2Flafferpdf.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-Wanniski_1978-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-Wanniski_1978_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Wanniski_1978_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWanniski1978" class="citation book cs1">Wanniski, Jude (1978). <a rel="nofollow" class="external text" href="https://archive.org/details/wayworldworks00jude"><i>The Way the World Works: How Economies Fail – and Succeed</i></a>. New York: Basic Books. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-465-09095-8" title="Special:BookSources/0-465-09095-8"><bdi>0-465-09095-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Way+the+World+Works%3A+How+Economies+Fail+%E2%80%93+and+Succeed&rft.place=New+York&rft.pub=Basic+Books&rft.date=1978&rft.isbn=0-465-09095-8&rft.aulast=Wanniski&rft.aufirst=Jude&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fwayworldworks00jude&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-Brownlee-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-Brownlee_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Brownlee_8-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrownlee2006" class="citation book cs1">Brownlee, E. (2006). "Fiscal policy in the Reagan administration". In Kopcke, E.; Tootell, G. M. B.; Triest, R. K. (eds.). <i>The macroeconomics of fiscal policy</i>. Cambridge, MA: MIT Press. pp. 117–204. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-262-11295-7" title="Special:BookSources/0-262-11295-7"><bdi>0-262-11295-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Fiscal+policy+in+the+Reagan+administration&rft.btitle=The+macroeconomics+of+fiscal+policy&rft.place=Cambridge%2C+MA&rft.pages=117-204&rft.pub=MIT+Press&rft.date=2006&rft.isbn=0-262-11295-7&rft.aulast=Brownlee&rft.aufirst=E.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-Friedman,_Milton_1970-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-Friedman,_Milton_1970_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Friedman,_Milton_1970_9-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Friedman, Milton. "The Social Responsibility of Business is to Increase its Profits." The New York Times Magazine 13 Sep. 1970.</span> </li> <li id="cite_note-Felderer,_Bernhard-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-Felderer,_Bernhard_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Felderer,_Bernhard_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFelderer,_Bernhard" class="citation book cs1">Felderer, Bernhard. <i>Macroeconomics and New Macroeconomics</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics+and+New+Macroeconomics&rft.au=Felderer%2C+Bernhard&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">Degen, Robert. <i>The Triumph of Capitalism</i>. 1st ed. New Brunswick, NJ: Transaction Publishers, 2008.</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHunt,_E.K.2002" class="citation book cs1">Hunt, E.K. (2002). <i>History of Economic Thought: A Critical Perspective</i>. M.E. Sharpe. p. 92.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=History+of+Economic+Thought%3A+A+Critical+Perspective&rft.pages=92&rft.pub=M.E.+Sharpe&rft.date=2002&rft.au=Hunt%2C+E.K.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><i>Blackwell Encyclopedia of Political Thought</i>. Blackwell Publishing. 1991. p. 91.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Blackwell+Encyclopedia+of+Political+Thought&rft.pages=91&rft.pub=Blackwell+Publishing&rft.date=1991&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-Skousen2001-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-Skousen2001_14-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSkousen,_Mark2001" class="citation book cs1">Skousen, Mark (2001). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/makingofmodernec0000skou"><i>The Making of Modern Economics: The Lives and Ideas of the Great Thinkers</i></a></span>. M.E. Sharpe. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/makingofmodernec0000skou/page/98">98</a>–102, 134. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780765604798" title="Special:BookSources/9780765604798"><bdi>9780765604798</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Making+of+Modern+Economics%3A+The+Lives+and+Ideas+of+the+Great+Thinkers&rft.pages=98-102%2C+134&rft.pub=M.E.+Sharpe&rft.date=2001&rft.isbn=9780765604798&rft.au=Skousen%2C+Mark&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmakingofmodernec0000skou&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-aaron2003-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-aaron2003_15-0">^</a></b></span> <span class="reference-text">Eric Aaron, <i>What's Right?</i> (Dural, Australia: Rosenberg Publishing, 2003), 75.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCalhoun,_Craig2002" class="citation book cs1">Calhoun, Craig (2002). <i>Capitalism: Dictionary of the Social Sciences</i>. Oxford University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Capitalism%3A+Dictionary+of+the+Social+Sciences&rft.pub=Oxford+University+Press&rft.date=2002&rft.au=Calhoun%2C+Craig&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-Burnham-17"><span class="mw-cite-backlink">^ <a href="#cite_ref-Burnham_17-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Burnham_17-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBurnham,_Peter2003" class="citation book cs1">Burnham, Peter (2003). <i>Capitalism: The Concise Oxford Dictionary of Politics</i>. Oxford University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Capitalism%3A+The+Concise+Oxford+Dictionary+of+Politics&rft.pub=Oxford+University+Press&rft.date=2003&rft.au=Burnham%2C+Peter&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-Grundrisse-18"><span class="mw-cite-backlink">^ <a href="#cite_ref-Grundrisse_18-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Grundrisse_18-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Grundrisse_18-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarxNicolaus1993" class="citation book cs1">Marx, Karl; Nicolaus, Martin (1993). <i>Grundrisse : foundations of the critique of political economy (rough draft)</i>. London: Penguin Books in association with New Left Review. pp. 296, 239, 264. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-14-044575-7" title="Special:BookSources/0-14-044575-7"><bdi>0-14-044575-7</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/31358710">31358710</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Grundrisse+%3A+foundations+of+the+critique+of+political+economy+%28rough+draft%29&rft.place=London&rft.pages=296%2C+239%2C+264&rft.pub=Penguin+Books+in+association+with+New+Left+Review&rft.date=1993&rft_id=info%3Aoclcnum%2F31358710&rft.isbn=0-14-044575-7&rft.aulast=Marx&rft.aufirst=Karl&rft.au=Nicolaus%2C+Martin&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEPostone1993-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEPostone1993_19-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFPostone1993">Postone 1993</a>.<span class="error harv-error" style="display: none; font-size:100%"> sfn error: no target: CITEREFPostone1993 (<a href="/wiki/Category:Harv_and_Sfn_template_errors" title="Category:Harv and Sfn template errors">help</a>)</span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAdorno1999" class="citation book cs1">Adorno (1999). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/45844084"><i>Hegel : three studies</i></a> (2nd ed.). Cambridge, Mass.: MIT Press. pp. 23–24. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-585-32889-7" title="Special:BookSources/0-585-32889-7"><bdi>0-585-32889-7</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/45844084">45844084</a>. <q>Labor is not the source of all wealth. Nature is just as much the source of use values (and it is surely of such that material wealth consists!) as labor, which itself is only the manifestation of a force of nature, human labor power. The above phrase is to be found in all children's primers [...] But a socialist program cannot allow such bourgeois phrases to pass over in silence the conditions that give them meaning.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hegel+%3A+three+studies&rft.place=Cambridge%2C+Mass.&rft.pages=23-24&rft.edition=2nd&rft.pub=MIT+Press&rft.date=1999&rft_id=info%3Aoclcnum%2F45844084&rft.isbn=0-585-32889-7&rft.au=Adorno&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F45844084&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPradella2015" class="citation book cs1">Pradella, Lucia (2015). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/897376910"><i>Globalisation and the critique of political economy : new insights from Marx's writings</i></a>. Abingdon, Oxon. p. 147. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-317-80072-9" title="Special:BookSources/978-1-317-80072-9"><bdi>978-1-317-80072-9</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/897376910">897376910</a>. <q>The analysis of the production process as a whole, namely, as a reproduction process, removed the illusion of the autonomy of value, revealing that capital entirely consists of objectified labour. Workers are faced with their own labour, objectified in means of production and of subsistence, which becomes capital, thus recreating the conditions for their exploitation.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Globalisation+and+the+critique+of+political+economy+%3A+new+insights+from+Marx%27s+writings&rft.place=Abingdon%2C+Oxon&rft.pages=147&rft.date=2015&rft_id=info%3Aoclcnum%2F897376910&rft.isbn=978-1-317-80072-9&rft.aulast=Pradella&rft.aufirst=Lucia&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F897376910&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSaitō2017" class="citation book cs1">Saitō, Kōhei (2017). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/1003193200"><i>Karl Marx's ecosocialism: capitalism, nature, and the unfinished critique of political economy</i></a>. New York. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-58367-643-1" title="Special:BookSources/978-1-58367-643-1"><bdi>978-1-58367-643-1</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1003193200">1003193200</a>. <q>Marx's critique of classical political economy as a critique of the fetishistic (that is, ahistorical) understanding of economic categories, which identifies the appearance of capitalist society with the universal and transhistorical economic laws of nature. Marx, in contrast, comprehends those economic categories as "specific social forms" and reveals the underlying social relations that bestow an objective validity of this inverted world where economic things dominate human beings.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Karl+Marx%27s+ecosocialism%3A+capitalism%2C+nature%2C+and+the+unfinished+critique+of+political+economy&rft.place=New+York&rft.date=2017&rft_id=info%3Aoclcnum%2F1003193200&rft.isbn=978-1-58367-643-1&rft.aulast=Sait%C5%8D&rft.aufirst=K%C5%8Dhei&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F1003193200&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarx" class="citation web cs1">Marx, Karl. <a rel="nofollow" class="external text" href="https://www.marxists.org/archive/marx/works/1859/critique-pol-economy/appx1.htm#production">"Economic Manuscripts: Appendix I: Production, Consumption, Distribution, Exchange"</a>. <i>www.marxists.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">4 October</span> 2021</span>. <q>Individuals producing in society, and hence the socially determined production of individuals, is, of course, the point of departure. The solitary and isolated hunter or fisherman, who serves Adam Smith and Ricardo as a starting point, is one of the unimaginative fantasies of eighteenth-century romances a la Robinson Crusoe [...] The prophets of the eighteenth century, on whose shoulders Adam Smith and Ricardo were still wholly standing, envisaged this 18th-century individual [...] They saw this individual not as a historical result, but as the starting point of history; not as something evolving in the course of history, but posited by nature, because for them this individual was in conformity with nature, in keeping with their idea of human nature. This delusion has been characteristic of every new epoch hitherto. [...]<br /><br />The further back we trace the course of history, the more does the individual, and accordingly also the producing individual, appears to be dependent and to belong to a larger whole. [...] It is not until the eighteenth century that in bourgeois society the various forms of the social texture confront the individual as merely means towards his private ends, as external necessity. But the epoch which produces this standpoint, namely that of the solitary individual, is precisely the epoch of the (as yet) most highly developed social (according to this standpoint, general) relations. Man [...] is not only a social animal but an animal that can be individualised only within society.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.marxists.org&rft.atitle=Economic+Manuscripts%3A+Appendix+I%3A+Production%2C+Consumption%2C+Distribution%2C+Exchange&rft.aulast=Marx&rft.aufirst=Karl&rft_id=https%3A%2F%2Fwww.marxists.org%2Farchive%2Fmarx%2Fworks%2F1859%2Fcritique-pol-economy%2Fappx1.htm%23production&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarx" class="citation web cs1">Marx, Karl. <a rel="nofollow" class="external text" href="https://www.marxists.org/archive/marx/works/1875/gotha/ch01.htm">"Critique of the Gotha Programme-- I"</a>. <i>www.marxists.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">12 October</span> 2021</span>. <q>Thirdly, the conclusion: "Useful labor is possible only in society and through society, the proceeds of labor belong undiminished with equal right to all members of society." A fine conclusion! If useful labor is possible only in society and through society, the proceeds of labor belong to society [...] The first and second parts of the paragraph have some intelligible connection only in the following wording: "Labor becomes the source of wealth and culture only as social labor", or, what is the same thing, "in and through society".</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.marxists.org&rft.atitle=Critique+of+the+Gotha+Programme--+I&rft.aulast=Marx&rft.aufirst=Karl&rft_id=https%3A%2F%2Fwww.marxists.org%2Farchive%2Fmarx%2Fworks%2F1875%2Fgotha%2Fch01.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><a href="/wiki/The_Communist_Manifesto" title="The Communist Manifesto">The Communist Manifesto</a></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">"To Marx, the problem of reconstituting society did not arise from some prescription, motivated by his personal predilections; it followed, as an iron-clad historical necessity—on the one hand, from the productive forces grown to powerful maturity; on the other, from the impossibility further to organize these forces according to the will of the <a href="/wiki/Law_of_value" title="Law of value">law of value</a>." — <a href="/wiki/Leon_Trotsky" title="Leon Trotsky">Leon Trotsky</a>, "Marxism in our Time", 1939: "Inevitability of Socialism" <a rel="nofollow" class="external text" href="http://wsws.org/articles/2008/nov2008/time-n01.shtml">WSWS.org</a></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKarl_Marx" class="citation web cs1">Karl Marx. <a rel="nofollow" class="external text" href="https://www.marxists.org/archive/marx/works/1894-c3/ch47.htm">"Capital. v. 3. Chapter 47: Genesis of capitalist ground rent"</a>. Marxists<span class="reference-accessdate">. Retrieved <span class="nowrap">26 February</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Capital.+v.+3.+Chapter+47%3A+Genesis+of+capitalist+ground+rent&rft.pub=Marxists&rft.au=Karl+Marx&rft_id=http%3A%2F%2Fwww.marxists.org%2Farchive%2Fmarx%2Fworks%2F1894-c3%2Fch47.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text">Karl Marx. Chapter Twenty-Five: The General Law of Capitalist Accumulation. <i><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></i>.</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text">Dobb, Maurice 1947 <i>Studies in the Development of Capitalism.</i> New York: International Publishers Co., Inc.</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text">David Harvey 1989 <i>The Condition of Postmodernity</i></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.marxists.org/archive/lenin/works/1916/imp-hsc/index.htm">"Imperialism, the Highest Stage of Capitalism"</a>. Marxists. 1916<span class="reference-accessdate">. Retrieved <span class="nowrap">26 February</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Imperialism%2C+the+Highest+Stage+of+Capitalism&rft.pub=Marxists&rft.date=1916&rft_id=http%3A%2F%2Fwww.marxists.org%2Farchive%2Flenin%2Fworks%2F1916%2Fimp-hsc%2Findex.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text">See, for example, the works of Stephen Resnick and Richard Wolff.</span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSte._CroixG._E._M._de1982" class="citation book cs1">Ste. Croix; G. E. M. de (1982). <i>The Class Struggle in the Ancient Greek World</i>. pp. 52–53.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Class+Struggle+in+the+Ancient+Greek+World&rft.pages=52-53&rft.date=1982&rft.au=Ste.+Croix&rft.au=G.+E.+M.+de&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-Lawson,_Victoria_2007-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-Lawson,_Victoria_2007_34-0">^</a></b></span> <span class="reference-text">Lawson, Victoria. Making Development Geography (Human Geography in the Making). New York: A Hodder Arnold Publication, 2007. Print.</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">Harvey, David. Notes towards a theory of uneven geographical development. Print.</span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKilcullen,_John1996" class="citation web cs1">Kilcullen, John (1996). <a rel="nofollow" class="external text" href="http://www.humanities.mq.edu.au/Ockham/y64l10.html">"Max Weber: On Capitalism"</a>. Macquarie University<span class="reference-accessdate">. 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"Frederic Bastiat (1801–1850): Between the French and Marginalist Revolutions." <a rel="nofollow" class="external text" href="https://www.mises.org/fredericbastiat.asp">Mises.org</a></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.mises.org/journals/scholar/BastiatAustrian.pdf">Mises.org</a>, Thornton, Mark. "Frédéric Bastiat as an Austrian Economist."</span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaul_Mattick" class="citation web cs1">Paul Mattick. <a rel="nofollow" class="external text" href="https://www.marxists.org/archive/mattick-paul/1969/marx-keynes/ch01.htm">"Marx and Keynes: the limits of the mixed economy"</a>. 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Print.</span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMartin2005" class="citation news cs1">Martin, Douglas (31 August 2005). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2005/08/31/business/31wanniski.html">"Jude Wanniski, 69, Journalist Who Coined the Term 'Supply-Side Economics,' Dies"</a>. <i><a href="/wiki/New_York_Times" class="mw-redirect" title="New York Times">New York Times</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=New+York+Times&rft.atitle=Jude+Wanniski%2C+69%2C+Journalist+Who+Coined+the+Term+%27Supply-Side+Economics%2C%27+Dies&rft.date=2005-08-31&rft.aulast=Martin&rft.aufirst=Douglas&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2005%2F08%2F31%2Fbusiness%2F31wanniski.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-Bartlett-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-Bartlett_47-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBartlett2007" class="citation news cs1">Bartlett, Bruce (6 April 2007). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/04/06/opinion/06bartlett.html">"How Supply-Side Economics Trickled Down"</a>. <i>New York Times</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=New+York+Times&rft.atitle=How+Supply-Side+Economics+Trickled+Down&rft.date=2007-04-06&rft.aulast=Bartlett&rft.aufirst=Bruce&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2007%2F04%2F06%2Fopinion%2F06bartlett.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text">Friedman (1967) p.</span> </li> <li id="cite_note-fed-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-fed_49-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBen_Bernanke2002" class="citation web cs1">Ben Bernanke (8 November 2002). <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021108/default.htm">"Remarks by Governor Ben S. Bernanke"</a>. The Federal Reserve Board<span class="reference-accessdate">. Retrieved <span class="nowrap">26 February</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Remarks+by+Governor+Ben+S.+Bernanke&rft.pub=The+Federal+Reserve+Board&rft.date=2002-11-08&rft.au=Ben+Bernanke&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2FBOARDDOCS%2FSPEECHES%2F2002%2F20021108%2Fdefault.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFYonary,_Yuval_P.1998" class="citation book cs1">Yonary, Yuval P. (1998). <i>The Struggle Over the Soul of Economics</i>. 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Colander, <a rel="nofollow" class="external text" href="https://books.google.com/books?id=IESEfQVI1vgC&pg=PA35"><i>Complexity and History of Economic Thought</i></a>, p. 35.</span> </li> <li id="cite_note-Clark-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-Clark_52-0">^</a></b></span> <span class="reference-text">Clark, B. (1998). <i>Political-economy: A comparative approach</i>. Westport, CT: Praeger.</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text">Gordon: Productivity ... "four universities placed on or near bodies of fresh water, Carnegie-Mellon, Chicago, Minnesota and Rochester"</span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text">Kilborn PT. (1988). <a rel="nofollow" class="external text" href="https://query.nytimes.com/gst/fullpage.html?res=940DE3DB1338F930A15754C0A96E948260">'Fresh water' Economists Gain</a>. <i>New York Times</i>.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Perspectives_on_capitalism_by_school_of_thought&action=edit&section=16" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Abu-Lughod, Janet L. <i>Before European Hegemony The World System A.D. 1250–1350</i>. New York: Oxford UP. 1991.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAckermanLisa_Heinzerling2005" class="citation book cs1">Ackerman, Frank; Lisa Heinzerling (24 August 2005). <i>Priceless: On Knowing the Price of Everything and the Value of Nothing</i>. New Press. p. 277. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-56584-981-7" title="Special:BookSources/1-56584-981-7"><bdi>1-56584-981-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Priceless%3A+On+Knowing+the+Price+of+Everything+and+the+Value+of+Nothing&rft.pages=277&rft.pub=New+Press&rft.date=2005-08-24&rft.isbn=1-56584-981-7&rft.aulast=Ackerman&rft.aufirst=Frank&rft.au=Lisa+Heinzerling&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBuchanan,_James_M." class="citation book cs1">Buchanan, James M. <i>Politics Without Romance</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Politics+Without+Romance&rft.au=Buchanan%2C+James+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBraudel,_Fernand" class="citation book cs1"><a href="/wiki/Fernand_Braudel" title="Fernand Braudel">Braudel, Fernand</a>. <i>Civilization and Capitalism, 15th–18th Centuries</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Civilization+and+Capitalism%2C+15th%E2%80%9318th+Centuries&rft.au=Braudel%2C+Fernand&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBottomore,_Tom1985" class="citation book cs1">Bottomore, Tom (1985). <i>Theories of Modern Capitalism</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Theories+of+Modern+Capitalism&rft.date=1985&rft.au=Bottomore%2C+Tom&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFH._DoucouliagosM._Ulubasoglu2006" class="citation journal cs1">H. Doucouliagos & M. Ulubasoglu (2006). 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Cambridge: Cambridge University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Stages+of+Economic+Growth%3A+A+Non-Communist+Manifesto&rft.place=Cambridge&rft.pub=Cambridge+University+Press&rft.date=1960&rft.au=Rostow%2C+W.+W.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fstagesofeconomic00rost&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchumpeter,_J._A.1983" class="citation book cs1"><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter, J. A.</a> (1983). <i>Capitalism, Socialism, and Democracy</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Capitalism%2C+Socialism%2C+and+Democracy&rft.date=1983&rft.au=Schumpeter%2C+J.+A.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFScott2009" class="citation book cs1">Scott, Bruce (2009). <i>The Concept of Capitalism</i>. Springer. p. 76. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-642-03109-0" title="Special:BookSources/978-3-642-03109-0"><bdi>978-3-642-03109-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Concept+of+Capitalism&rft.pages=76&rft.pub=Springer&rft.date=2009&rft.isbn=978-3-642-03109-0&rft.aulast=Scott&rft.aufirst=Bruce&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFScott,_John1997" class="citation book cs1">Scott, John (1997). <i>Corporate Business and Capitalist Classes</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Corporate+Business+and+Capitalist+Classes&rft.date=1997&rft.au=Scott%2C+John&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSeldon,_Arthur2007" class="citation book cs1">Seldon, Arthur (2007). <i>Capitalism: A Condensed Version</i>. London: Institute of Economic Affairs.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Capitalism%3A+A+Condensed+Version&rft.place=London&rft.pub=Institute+of+Economic+Affairs&rft.date=2007&rft.au=Seldon%2C+Arthur&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSennett,_Richard2006" class="citation book cs1">Sennett, Richard (2006). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/cultureofnewcapi00senn"><i>The Culture of the New Capitalism</i></a></span>. Yale University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780300107821" title="Special:BookSources/9780300107821"><bdi>9780300107821</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Culture+of+the+New+Capitalism&rft.pub=Yale+University+Press&rft.date=2006&rft.isbn=9780300107821&rft.au=Sennett%2C+Richard&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fcultureofnewcapi00senn&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmith,_Adam1776" class="citation book cs1">Smith, Adam (1776). <i>An Inquiry into the Nature and Causes of the Wealth of Nations</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Inquiry+into+the+Nature+and+Causes+of+the+Wealth+of+Nations&rft.date=1776&rft.au=Smith%2C+Adam&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDe_Soto,_Hernando2000" class="citation book cs1">De Soto, Hernando (2000). <a rel="nofollow" class="external text" href="https://archive.org/details/mysteryofcapital00soto"><i>The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else</i></a>. New York: Basic Books. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-465-01614-6" title="Special:BookSources/0-465-01614-6"><bdi>0-465-01614-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Mystery+of+Capital%3A+Why+Capitalism+Triumphs+in+the+West+and+Fails+Everywhere+Else&rft.place=New+York&rft.pub=Basic+Books&rft.date=2000&rft.isbn=0-465-01614-6&rft.au=De+Soto%2C+Hernando&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmysteryofcapital00soto&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStrange,_Susan1986" class="citation book cs1">Strange, Susan (1986). <i>Casino Capitalism</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Casino+Capitalism&rft.date=1986&rft.au=Strange%2C+Susan&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWallerstein,_Immanuel1974" class="citation book cs1"><a href="/wiki/Immanuel_Wallerstein" title="Immanuel Wallerstein">Wallerstein, Immanuel</a> (1974). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/modernworldsyste00wall"><i>The Modern World System</i></a></span>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780127859194" title="Special:BookSources/9780127859194"><bdi>9780127859194</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Modern+World+System&rft.date=1974&rft.isbn=9780127859194&rft.au=Wallerstein%2C+Immanuel&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmodernworldsyste00wall&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWeber,_Max1926" class="citation book cs1"><a href="/wiki/Max_Weber" title="Max Weber">Weber, Max</a> (1926). <i>The Protestant Ethic and the Spirit of Capitalism</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Protestant+Ethic+and+the+Spirit+of+Capitalism&rft.date=1926&rft.au=Weber%2C+Max&rfr_id=info%3Asid%2Fen.wikipedia.org%3APerspectives+on+capitalism+by+school+of+thought" class="Z3988"></span></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output 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talk:Capitalism"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism" title="Special:EditPage/Template:Capitalism"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Capitalism" style="font-size:114%;margin:0 4em"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div>Aspects and <a class="mw-selflink selflink">perspectives</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Anarchy_of_production" title="Anarchy of production">Anarchy of production</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Centralisation" title="Centralisation">Centralization</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a href="/wiki/Deregulation" title="Deregulation">Deregulation</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Economic_development" title="Economic development">Economic development</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Economic planning</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Ecopreneurship" title="Ecopreneurship">Ecopreneurship</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Financial_Revolution" title="Financial Revolution">Financial Revolution</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of capitalist theory</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Invention" title="Invention">Invention</a></li> <li><a href="/wiki/Market_economy#Capitalism" title="Market economy">Market economy</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Merchantilism" class="mw-redirect" title="Merchantilism">Merchantilism</a></li> <li><a href="/wiki/Meritocracy" title="Meritocracy">Meritocracy</a></li> <li><a href="/wiki/Multinational_corporation" title="Multinational corporation">Multinational corporation</a></li> <li><a href="/wiki/Nationalization" title="Nationalization">Nationalization</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a class="mw-selflink selflink">Perspectives on capitalism by school of thought</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Property_rights_(economics)" title="Property rights (economics)">Property rights</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Regulation" title="Regulation">Regulation</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li> <li><a href="/wiki/Wealth" title="Wealth">Wealth</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Ideology</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Anglo-Saxon_model" title="Anglo-Saxon model">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Conservative" class="mw-redirect" title="Conservative">Conservative</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Liberal</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neo-capitalism" title="Neo-capitalism">Neo</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_capitalism" class="mw-redirect" title="Social capitalism">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Cultural aspects</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Advertising" title="Advertising">Advertising</a></li> <li><a href="/wiki/American_Dream" title="American Dream">American Dream</a></li> <li><a href="/wiki/Black_Friday_(shopping)" title="Black Friday (shopping)">Black Friday</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Decentralization" title="Decentralization">Decentralization</a></li> <li><a href="/wiki/Economic_freedom" title="Economic freedom">Economic freedom</a></li> <li><a href="/wiki/Economic_mobility" title="Economic mobility">Economic mobility</a></li> <li><a href="/wiki/Individualism" title="Individualism">Individualism</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Liberty" title="Liberty">Liberty</a></li> <li>Mainstream</li> <li><a href="/wiki/Philanthropy" title="Philanthropy">Philanthropy</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Private foundation</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Rule_of_law#In_relation_to_economics" title="Rule of law">Rule of law</a></li> <li><a href="/wiki/Social_alienation" title="Social alienation">Social alienation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Social aspects</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Corporatism" title="Corporatism">Corporatism</a></li> <li><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a></li> <li><a href="/wiki/Employment" title="Employment">Employment</a></li> <li><a href="/wiki/Freedom_of_association" title="Freedom of association">Freedom of association</a></li> <li><a href="/wiki/Labour_market_flexibility" title="Labour market flexibility">Labour market flexibility</a></li> <li><a href="/wiki/Labour_supply" title="Labour supply">Labour supply</a></li> <li><a href="/wiki/Productivity" title="Productivity">Productivity</a></li> <li><a href="/wiki/Prosperity" title="Prosperity">Prosperity</a></li> <li><a href="/wiki/Syndicate" title="Syndicate">Syndicate</a></li> <li><a href="/wiki/Social_venture_capital" title="Social venture capital">Social venture capital</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Market_fundamentalism" title="Market fundamentalism">Market fundamentalism</a></li> <li><a href="/wiki/Marxism" title="Marxism">Marxism</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Antithesis</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Anarchism" title="Anarchism">Anarchism</a></li> <li><a href="/wiki/Anarcho-communism" class="mw-redirect" title="Anarcho-communism">Anarcho-communism</a></li> <li><a href="/wiki/Anarcho-primitivism" title="Anarcho-primitivism">Anarcho-primitivism</a></li> <li><a href="/wiki/Anarcho-syndicalism" title="Anarcho-syndicalism">Anarcho-syndicalism</a></li> <li><a href="/wiki/Collectivist_anarchism" title="Collectivist anarchism">Collectivist anarchism</a></li> <li><a href="/wiki/Communalism_(Bookchin)" class="mw-redirect" title="Communalism (Bookchin)">Communalism</a></li> <li><a href="/wiki/Communism" title="Communism">Communism</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Economic democracy</a></li> <li><a href="/wiki/Eco-socialism" title="Eco-socialism">Eco-socialism</a></li> <li><a href="/wiki/Free-market_socialism" class="mw-redirect" title="Free-market socialism">Free-market socialism</a></li> <li><a href="/wiki/Green_anarchism" title="Green anarchism">Green anarchism</a></li> <li><a href="/wiki/Individualist_anarchism" title="Individualist anarchism">Individualist anarchism</a></li> <li><a href="/wiki/Libertarian_socialism" title="Libertarian socialism">Libertarian socialism</a></li> <li><a href="/wiki/Market_anarchism" title="Market anarchism">Market anarchism</a></li> <li><a href="/wiki/Market_socialism" title="Market socialism">Market socialism</a></li> <li><a href="/wiki/Mutualism_(economic_theory)" 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