Capitalism And The Global North And South - 2871 Words

The interdisciplinary nature of Rethinking Capitalism has demonstrated that a seemingly simple subject, such as capitalism, is very complex due to both its ubiquitous nature and a multitude of affects that transcend multiple disciplines. On the one hand, capitalism is an economic system that is rooted in the creation and exchange of commodities. On the other hand, capitalism is also a legal system that protects commerce and enforces private property laws. Yet, capitalism can also be defined by its historical record of uneven economic development between the Global North and South. And still others may wish to view capitalism through a purely financial lens, in light of the recent Great Recession. Neither of these views are particularly right, nor are they particularly wrong, as capitalism is both all of these things and none of these things at the same. Moreover, the effects of capitalism across these different subject matters are also open to interpretation, making it even mor e difficult to assign meaning to this subject. President John F. Kennedy’s aphorism of â€Å"a rising tide lifts all boats† demonstrates that capitalism brings positive economic outcomes to everyone, while Karl Marx’s Capital painstakingly details its deleterious effects upon the laboring classes. While the nature of the debate on defining capitalism is beyond the scope of this paper, it is worth mentioning, albeit briefly, in order to both clarify and properly situate its central thesis; thatShow MoreRelatedThe Implication Of Free Markets On Global Business1519 Words   |  7 PagesThe implication of free markets on global business Introduction Capitalism, socialism, and communism are the main three economic systems. â€Å"Capitalism is an economic system also known as the private enterprise or free market system based on private ownership, economic freedom, and fair competition† (Kelly and Williams pp. 26) Capitalism can be referred to as free markets where there is no government intervention or strict regulations. 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