Jenn Mercy S. Fortuno Shanlane Joy T. Barcelona Yell. A Umahag Reijell Brian A. tallador
Etymology Capitalistis
derived fromcapital, which evolved
fromcapitale, a lateLatinword based oncaput, meaning "head" also the origin ofchattelandcattlein the sense of movable property (only much later to refer only to livestock). Capitale emerged in the 12th to 13th centuries in the sense of referring to funds, stock of merchandise, sum of money, or money carrying interest.
History of Industrial Capitalism
David Hume and Adam Smith
- Challenged fundamentalmercantilistdoctrines such as the
belief that the amount of the world's wealth remained constant and that a state could only increase its wealth at the expense of another state.
History of Industrial Capitalism
During theIndustrial revolution, the industrialist
replaced the merchant as a dominant factor in the capitalist system and affected the decline of the traditional handicraft skills ofartisans, guilds, and journeymen. Also during this period, the surplus generated by the rise of commercial agriculture encouraged increased mechanization of agriculture. Industrial capitalism marked the development of thefactorysystem of manufacturing, characterized by a complexdivision of laborbetween and within work process and the routine of work tasks; and finally established the global domination of the capitalist mode of production.
What is a Capitalist Society?
An
economic system in which the means of
production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market.
Examples of Capitalist Societies
1.
Germany
Capitalism in Germany is found in its institutions such as banking
andeducational systems. German industries have prospered because the country has made it a priority to train its labor force to succeed in various industries. These various systems have worked together to make a robust capitalistic market for the country.
Examples of Capitalist Societies
2. United States
Americans are known to be risk takers and capital makers. In
the US it is possible to begin a business of humble means and expand it to grow into a conglomerate business model for people wanting to start a new business.
Examples of Capitalist Societies
3. China
China has focused in the last fifty yearscapi on educating the
masses and the effort has paid off. Adultliteracy in China has risen to almost 95% and is steadily rising. China is placing a priority on the development of its human capital and offers it workers more on the dollar to produce goods for export
Examples of Capitalist Societies
4. INDIA
The infrastructure is limited by the human capital available to take
jobs offered by the companies poised to hire qualified candidates as corporations globally look to India for offshore needs (call center and telemarketing, etc.).TheIndian governmentrealizes the potential of capitalistic growth as it struggles to overcome an outdated caste system.
Examples of Capitalist Societies
5. Japan
TheJapanese economyhas rebounded from its nearcollapse in the
1990s and has prospered with Keiretsu networks. Japan has a stateled economic machine, which keeps the country in healthy economic shape. Japan has been interested in reform in a few major areas such as: labor relations, bank relations, corporate governance and supplier relations.
Sources:
https:// en.wikipedia.org/wiki/Capitalism#Summar y http://blog.peerform.com/the-five-mostcapitalistic-countries-in-the-world/
Crony capitalism in the Philippines
The
Economist, a prestigious and influential magazine
for business and world leaders, came out recently with a list of countries run by crony capitalism. The British publication ranked the Philippines sixth among cronyheld economies of the world. This jibes with statistics that the countrys economy is held by only one percent of the countrys population of close to 100 million, with 76 percent contribution to the Gross Domestic Product or the total resources of the country. The Philippines is actually controlled by some 100 families. What is more significant in The Economist report is that since 2007, crony capitalism in the Philippines has worsened and gone up by three notches. The Economist ranked the Philippines worse than countries including India, Indonesia, Thailand, China and even the United States.
Santa
Banana, its a small comfort that Hong Kong
and Singapore took the No. 1 and No. 2 ranking, despite the fact that these two city states are known for their transparency, competitiveness and good governance. We saw during the Marcos dictatorship how crony capitalism bled the country dry. We also know that cronyism weakens institutions and encourages inefficiency, mediocrity and corruption. Thus, the question: Why do Hong Kong and Singapore, despite the fact that they are No. 1 in competitiveness, transparency and good governance, rank high in crony capitalism? The reason as I see it, and seen by analysts and observers, is that cronies in those two city states have contributed more to their respective economies.
Thus,
if poverty and joblessness continue to make the
Philippines the laggard in this region, blame it all on the lack of inclusive growth. Despite a robust GDP, poverty and unemployment continue to rise. Just look at the newspapers, especially business dailies, and see for yourself that only a few seem to be making all the money one can think of, while the bulk of the populace remains mired in poverty and joblessness. The Economist has proposed several measures to address the problem of non-inclusive growth: better governance, competitiveness and tighter anti-trust laws. It all boils down to opening our doors to the global economy, which we dont have, since we have a government aimed only at protecting its cronies for political reasons. Crony capitalism, my gulay, is not bad per se. Like in Hong Kong and Singapore, they can foster inclusive growth! Unfortunately, what we have here is not doing this!