Download PDF by David Schweickart: After Capitalism (New Critical Theory)
By David Schweickart
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In After Capitalism, David Schweickart strikes past the established arguments opposed to globalizing capitalism to give a contribution anything totally important and lengthy overdue—a coherent imaginative and prescient of a achievable, fascinating substitute to capitalism. He names the program monetary Democracy, a successor-system to capitalism which preserves the potency strengths of a industry economic climate whereas extending democracy to the office and to the constructions of funding finance. Drawing on either theoretical and empirical learn, Schweickart exhibits how and why this version is effective, dynamic, and more advantageous to capitalism alongside a variety of values.
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Extra resources for After Capitalism (New Critical Theory)
Banks would com pete, as they do now, trying to balance the riskiness of their loans against the interest rates they charge. , the most profitable) would be rewarded, managers whose banks per formed poorly would be sacked. In all cases, bank profits are returned to the national investment fund. In my view, the optimal mechanism, at least for a rich country, lies be tween these extremes. DeciSion-making is far more decentralized than in the first alternative; the market is more constrained than in the second.
S. government or blue-chip corporate bond is that you might make less money than if you invested in some other, riskier fi nancial market. Barring a revolution (and maybe even then, as we shall see), those contractual interest payments will always be made. In a capitalist society, enormous sums are paid to people who do not en gage in any entrepreneurial activity or take on any significant risk with their capital. The precise amount is impossible to calculate, since "interest" as it appears in income accounts is not quite the same as the risk-free "interest" of economic theory, but it is worth noting that in 1998, personal interest in come totaled $765 billion.
LO) To be sure, the decision to save does not always have negative conse quences. If the money saved is loaned out to an entrepreneur who uses it to buy raw materials and hire workers, then aggregate demand is not reduced. However, as Keynes so forcefully pointed out, there is no reason to suppose that the demand for investment loans will be sufficient to absorb the supply of savings. When it is not, the whole economy suffers. We get recession, un employment-and the eventual disappearance of those excess savings.
After Capitalism (New Critical Theory) by David Schweickart