Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation as well as the scope of state ownership vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.
Capitalism in its modern form emerged out of agrarianism in 16th century England and mercantilist practices by European countries in the 16th to 18th centuries. The Industrial Revolution of the 18th century established capitalism as a dominant mode of production, characterized by factory work and a complex division of labor. Through the process of globalization, capitalism spread across the world in the 19th and 20th centuries, especially before World War I and after the end of the Cold War.
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Karl Marx (maʁks; 5 May 1818 – 14 March 1883) was a German-born philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and revolutionary socialist. His best-known works are the 1848 pamphlet The Communist Manifesto and the three-volume Das Kapital (1867–1894); the latter employs his theory of historical materialism in an analysis of capitalism, representing his greatest intellectual achievement.
Crony capitalism, sometimes called cronyism, is an economic system in which businesses thrive not as a result of free enterprise, but rather as a return on money amassed through collusion between a business class and the political class. This is often achieved by the manipulation of relationships with state power by business interests rather than unfettered competition in obtaining permits, government grants, tax breaks, or other forms of state intervention over resources where business interests exercise undue influence over the state's deployment of public goods, for example, mining concessions for primary commodities or contracts for public works.
Socialism is a political philosophy and movement encompassing a wide range of economic and social systems which are characterised by social ownership of the means of production, as opposed to private ownership. As a term, it describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership can be public, community, collective, cooperative, or employee. While no single definition encapsulates the many types of socialism, social ownership is the one common element, and is considered left-wing.
The course traces the recurring reemergence of a rational approach in design and building form throughout the history of Western architecture, from the Middle Ages to the late 20th century.
Globalization is the linguistic omnivore of our times. This course addresses the long history of worldwide encounters and goes behind the rosy vision of a global village. It gives particular attention
Globalization is the linguistic omnivore of our times. This course addresses the long history of worldwide encounters and goes behind the rosy vision of a global village. It gives particular attention
The lecture attempted to trace the history of architecture as built ideology. The article follows the steps of Manfredo Tafuri’s famous essay ‘Per un critica dell’ideologia architettonica’, published’ in 1969, in the journal Contropiano, the article unders ...
The essay attempt to trace the history of architecture as built ideology. The article follows the steps of Manfredo Tafuri’s famous essay ‘Per un critica dell’ideologia architettonica’, published’ in 1969, in the journal Contropiano, the article understand ...
Informed by longstanding artistic practice, this doctoral thesis approaches entanglements of Swiss coloniality in Brazil and Switzerland under the lens of land, archive, and visuality. The enduring legacies of imperial capitalism in the former Colonia Leop ...