What Is the Definition of Capitalism

Capitalism is an economic system that emerged in Europe during the 16th and 17th centuries in which private companies, rather than the state, control trade and industry. Capitalism is organized around the concept of capital (the ownership and control of the means of production by those who employ workers to produce goods and services). In practical terms, this creates an economy built on the competition between private businesses that seek to make a profit and grow. Private property and ownership of resources are key aspects of a capitalist economy. Within this system, private persons or corporations (known as capitalists) own and control the mechanisms of trade and the means of production (the factories, machines, materials, etc., required for production). In pure capitalism, businesses compete to produce increasingly better products, and their competition for the greatest share of the market serves to keep prices from climbing. At the other end of the system are workers, who sell their labor to capitalists in exchange for wages. Within capitalism, labor is bought and sold like a commodity, making workers interchangeable. Also fundamental to this system is the exploitation of labor. This means, in the most basic sense, that those who own the means of production extract more value from those who labor than what they pay for that labor (this is the essence of profit in capitalism). Capitalism Versus Free Enterprise While many people use the term capitalism to refer to free enterprise, the word has a more nuanced definition within the field of sociology. Social scientists view capitalism not as a distinct or detached entity but as a part of the greater social system, one that directly influences culture,  ideology  (how people see the world and understand their position in it), values, beliefs, norms, relationships between people, social institutions, and political and legal structures. The most important theorist to analyze capitalism remains Karl Marx (1818–1883), the 19th-century German philosopher whose economic theories were expounded in the multivolume Das Kapital and in The Communist Manifesto (co-written with Friedrich Engels, 1820–1895). Marx developed the theoretical concepts of base and superstructure, which describe the reciprocal relationship between the means of production (tools, machines, factories, and land), the relations of production (private property, capital, and commodities), and the cultural forces that work to maintain capitalism (politics, law, culture, and religion). In Marxs view, these various elements are inextricable from each other. In other words, it is impossible to examine any single element—culture, for example—without considering its context within the larger capitalist structure. Components of Capitalism The capitalist system has several core components: Private property. Capitalism is built on the free exchange of labor and goods, which would be impossible in a society that did not guarantee the right of anyone to own private property. Property rights also encourage capitalists to maximize the use of their resources, which in turn promotes competition in the marketplace.Profit motive. One of the central ideas of capitalism is that businesses exist to make money or turn a profit that increases the wealth of the owners. To do this, businesses work to minimize capital and production costs and maximize the sale of their goods. Free-market advocates believe that the profit motive leads to the best allocation of resources.Market competition. In a purely capitalist economy (as opposed to a command economy or a mixed economy), private businesses compete with each other to provide goods and services. This competition is believed to encourage business owners to create innovative products and to sell them at competitive prices.Wage labor. Unde r capitalism, the means of production are controlled by a relatively small group of people. Those without these resources have nothing to offer but their own time and labor. As a result, capitalist societies are defined by having a significantly higher percentage of wage laborers compared to owners. Socialism vs. Capitalism Capitalism has been the dominant economic system in the world for several hundred years. A competing economic system is socialism, in which the means of production are controlled by the community as a whole, usually through a democratic process. Advocates of socialism believe that this model, by replacing private ownership with cooperative ownership, promotes a more equitable distribution of resources and wealth. One way such distribution is accomplished is through mechanisms such as a social dividend, a return on capital investment that is paid out to all members of society rather than a select group of shareholders. Sources and Further Reading Esping-Andersen, Gosta. The Three Worlds of Welfare Capitalism. Princeton NJ: Princeton University Press, 1990.Friedman, Milton. Capitalism and Freedom, Fortieth Anniversary Edition. Chicago: University of Chicago Press, 2002 (1962).  Marx, Karl. Capital: A Critique of Political Economy. Trans. Moore, Samuel, Edward Aveling and Friedrich Engels. Marxists.org, 2015 (1867).Marx, Karl, and Friedrich Engels. The Communist Manifesto. Trans. Moore, Samuel and Friedrich Engels. Marxists.org, 2000 (1848).  Schumpeter, Joseph A. Capitalism, Socialism and Democracy. London: Routledge, 2010 (1942).

Nuclear powers role in environmental protection Essay Example For Students

Nuclear powers role in environmental protection Essay Nuclear powers role in environmental protection | Nuclear techniques for environmental protection Nuclear power can be an effective tool in reducing stress on the environment. Environmental concerns are high on todays political agenda. Peoples awareness of the planets precarious health has been reinforced by scientific warnings that quick, vigorous, and sustained action must be taken if we are to preserve the world in which we live. Public perception and anxiety about acid rain, ozone layer depletion, and the greenhouse effect have been heightened in recent years. Enhanced awareness offers an unprecedented opportunity for members of the world community to make rational, informed decisions in the environmental debate. Energy, in particular electricity generation, is fundamental to social and economic development. The use of hydropower, coal, oil and gas has helped to stimulate economic growth and raise the standards of living of people worldwide. All major forms of electricity generation, however, have some effect on the environment, frequently with starkly negative results. The burning of fossil fuels, scientists say, can contribute some 50 percent to the warming of the global atmosphere. Mans harnessing of these resources involves risks to the environment, as well as to people involved in activities associated with energy technologies. The link between energy and the environment is undeniable. The world must therefore carefully examine its energy alternatives, and alternatives must be found to reduce the influence of fossile fuels on the environment, in parallel with conservation efforts. Nuclear energy can claim to be a clean, economical option for the generation of electricity and as one when looking at ways to help relieve stress on the environment. Conclusions of the 14th Congress of the World Energy Conference in Montreal in late September, 1989 indicate that environmental effects of energy uses and the worlds growing demand for electricity are prime reasons warranting a renewed emphasis on nuclear power. Conservation is a significant, realistic, and necessary element in trying to reduce the burning of fossil fuels. Conservation implies both a more efficient and more discriminating use of energy. But, as the former International Atomic Energy Agencys (IAEA) Director General Dr. Hans Blix has said, current plans of developing countries foresee a sharp increase in the use of fossil fuels. This means that if we are to succeed in stabilizing and indeed diminishing the greenhouse effect, industrialized countries must make the major effort. Nuclear power can be one effective tool in this vital endeavour. Additionally, ways must be found to allow industrializing nations to play their part without jeopardizing their growth prospects. * * * * * * * * * * * * Nuclear powers role in environmental protection The world community is beginning to realize that no source of energy is risk-free and that environmental considerations must be taken into account. If the electric energy that was generated from nuclear power last year had instead been produced by coal-fired power plants, it would have given rise to additional emissions of CO2 of about 1600 million tons. This figure is not small compared with the 4000 million tons which the Toronto Conference on the Changing Atmosphere recommended as a target for reductions by 2005. The wastes resulting from the operation of all nuclear power plants last year gave rise to some 7000 tons of spent fuel, a small amount compared to other energy sources. If the electricity had been generated by the combustion of coal, it would have resulted in millions of tons of SO2 and NOX, in addition to the 1600 million tons of CO2, even with the best flue gas cleaning equipment available. Additionally, there would have been some 100,000 tons of poisonous heavy metals, including arsenic, cadmium, chromium, copper, lead, and vanadium. These remain poisonous forever and are not isolated from the biosphere. The Agency provides assistance to its Member States in nuclear power production and services to assure that nuclear power plants are safely managed and operated. .uadeedbb81edf3a261248c016eafdd3db , .uadeedbb81edf3a261248c016eafdd3db .postImageUrl , .uadeedbb81edf3a261248c016eafdd3db .centered-text-area { min-height: 80px; position: relative; } .uadeedbb81edf3a261248c016eafdd3db , .uadeedbb81edf3a261248c016eafdd3db:hover , .uadeedbb81edf3a261248c016eafdd3db:visited , .uadeedbb81edf3a261248c016eafdd3db:active { border:0!important; } .uadeedbb81edf3a261248c016eafdd3db .clearfix:after { content: ""; display: table; clear: both; } .uadeedbb81edf3a261248c016eafdd3db { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uadeedbb81edf3a261248c016eafdd3db:active , .uadeedbb81edf3a261248c016eafdd3db:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uadeedbb81edf3a261248c016eafdd3db .centered-text-area { width: 100%; position: relative ; } .uadeedbb81edf3a261248c016eafdd3db .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uadeedbb81edf3a261248c016eafdd3db .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uadeedbb81edf3a261248c016eafdd3db .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uadeedbb81edf3a261248c016eafdd3db:hover .ctaButton { background-color: #34495E!important; } .uadeedbb81edf3a261248c016eafdd3db .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uadeedbb81edf3a261248c016eafdd3db .uadeedbb81edf3a261248c016eafdd3db-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uadeedbb81edf3a261248c016eafdd3db:after { content: ""; display: block; clear: both; } READ: Antigone Creon A True Tragic Hero Essay For example: Radiation and nuclear safety standards For more than 30 years, the Agency has established international safety standards and guidance on radiation and nuclear safety and assisted Member States in their application nationally to promote the safe use of nuclear technologies in medicine, research, agriculture, industry and .