Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Asia Times: The capitalist myth

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Topic Forums » Economy Donate to DU
 
marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 02:51 PM
Original message
Asia Times: The capitalist myth

The capitalist myth
By Dafydd Taylor


As the financial crisis rumbles on we are constantly told that what while there are a few problems, all the benefits of modernity are the unambiguous results of the capitalist system.

That the invisible hand famously documented by Adam Smith is what has brought us industrial progress from the factory system to the telegraph to the Internet. But in reality, the factory system inspired by Arkwright, more than a century before Henry Ford, grew up as a response to the effects of the Agricultural Revolution.

Vast pools of cheap labor created by the enclosure of common land coupled with mercantilist economic policies made especially effective by a growing empire allowed Britain to lead the process of industrialization. It was this interaction between state and private sector that was necessary for industrial development. These are lessons which may be lost to the West, but the current most economically successful country, China, takes heed.

Britain only adopted free trade as a policy in the later 19th century. By this time a fully industrialized nation seeking to defend an entrenched position, including limiting the development of competitors. The key driver for the development of the first electronic communications network, the telegraph, was the British Empire. ...........(more)

The complete piece is at: http://www.atimes.com/atimes/Global_Economy/MK16Dj06.html



Refresh | +8 Recommendations Printer Friendly | Permalink | Reply | Top
PETRUS Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 06:18 PM
Response to Original message
1. kick
Printer Friendly | Permalink | Reply | Top
 
slay Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 10:58 PM
Response to Original message
2. K&R
we have to evolve past capitalism if we, and the planet, are to survive.
Printer Friendly | Permalink | Reply | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Fri Dec 13th 2024, 11:26 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Topic Forums » Economy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC