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The Making of Economic Society

by ;
Edition:
10th
ISBN13:

9780138747367

ISBN10:
0138747369
Format:
Paperback
Pub. Date:
11/1/1997
Publisher(s):
Prentice Hall

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Summary

With its roots in history and eyes on the future, this book traces the development of our economic society from the Middle Ages to the present, offering a balanced perspective of why our economy is the way it is and where it may be headed. It explores the catalytic role past economic trends and dynamics particularly capitalism have played in creating the present challenges we face, and offers suggestions on how we may deal with them most effectively in the future. Chapter topics include the economic problem, the premarket economy, the emergence of market society, the industrial revolution, the great depression, the rise of the public sector, modern capitalism emerges in Europe, the golden age of capitalism, the rise and fall of socialism, the globalization of economic life, and why some nations remain poor. For individuals interested in the economic history of the U.S.

Table of Contents

Introduction xv
CHAPTER 1 The Economic Problem
1(13)
The Individual and Society
2(2)
Division of labor
3(1)
Economics and scarcity
3(1)
The tasks of economic society
4(1)
Production and Distribution
4(2)
Mobilizing effort
4(1)
Allocating effort
5(1)
Distributing output
6(1)
Three Solutions to the Economic Problem
6(8)
Tradition
7(1)
The cost of tradition
8(1)
Command
9(1)
The impact of command
10(1)
The market
10(2)
Economics and the market system
12(2)
CHAPTER 2 The Premarket Economy
14(21)
The Economic Organization of Antiquity
15(7)
Agricultural foundation of ancient societies
16(1)
Economic life of the cities
17(1)
Slavery
18(1)
The social surplus
19(1)
Wealth and power
19(1)
"Economics" and social justice in antiquity
20(2)
Economic Society in the Middle Ages
22(9)
The fall of Rome
23(1)
Manorial organization of society
23(1)
Providing security
24(1)
Economics of manorial life
25(1)
Town and fair
26(1)
Guilds
26(1)
Functions of the guild
27(1)
Medieval economics
28(1)
The just price
29(1)
The disrepute of gain
30(1)
Prerequisites of Change
31(4)
CHAPTER 3 The Emergence of Market Society
35(23)
Forces of Change
35(9)
The itinerant merchant
35(2)
Urbanization
37(1)
The Crusades
38(1)
Growth of national power
39(1)
Exploration
40(1)
Change in religious climate
40(1)
Calvinism
41(1)
The Protestant ethic
42(1)
Breakdown of the manorial system
43(1)
Rise of the cash economy
44(1)
Appearance of the Economic Aspect of Life
44(6)
Labor, land, and capital come into being
45(1)
Enclosures
46(1)
Emergence of the Proletariat
47(1)
Factors of production
48(1)
Wage labor and capitalism
48(1)
Capitalism and the profit motive
49(1)
The Invention of Economics
50(8)
The "philosophy" of trade
50(1)
Division of labor
51(1)
Adam Smith's growth model
52(1)
The dynamics of the system
52(1)
The market mechanism
53(1)
The market and allocation
54(1)
The self-regulating system
54(1)
The market system and the rise of capitalism
55(3)
CHAPTER 4 The Industrial Revolution
58(20)
A Great Turning Point
59(11)
Pace of technical change
59(1)
England in 1750
60(1)
Rise of the new men
61(2)
The industrial entrepreneur
63(1)
The new rich
64(1)
Industrial and social repercussions
65(1)
Rise of the factory
65(1)
Conditions of labor
66(2)
Early capitalism and social justice
68(2)
The Industrial Revolution in the Perspective of Theory
70(8)
Capital and productivity
70(1)
Capital and specialization
71(1)
Capital and saving
72(1)
Saving and investment
72(1)
Growth in early capitalism
73(1)
Incentives for growth
74(1)
The market as a capital-building mechanism
74(4)
CHAPTER 5 The Impact of Industrial Technology
78(16)
Impact of One Invention
79(1)
The automobilization of America
80(1)
The General Impact of Technology
80(2)
Urbanization
81(1)
Interdependence
81(1)
Sociological effects
81(1)
Mass Production
82(2)
Economies of large-scale production
83(1)
Agents of Industrial Change
84(2)
The great entrepreneurs
84(1)
Captains of industry
85(1)
The omnipresent trust
85(1)
The Change in Market Structure
86(1)
The Rise of Big Business
87(7)
Change in competition
87(1)
Limitation of competition
88(1)
Trusts, mergers, and growth
89(1)
Threat of monopoly capitalism
90(1)
Rise of antitrust legislation
90(1)
The Berle and Means study
91(3)
CHAPTER 6 The Great Depression
94(13)
The Path of Growth
94(9)
America in 1929
96(1)
The stock market boom
96(1)
The great crash
97(1)
The Great Depression
97(1)
Causes of the depression: speculation
98(1)
Weakness on the farm
99(1)
Inelastic demand
99(1)
Weakness in the factory
100(1)
Technology and employment
101(1)
Maldistribution of income
102(1)
Critical Role of Capital Formation
103(4)
Investment and profit expectations
103(1)
Effects of falling investment
104(1)
Multiplier effect
105(2)
CHAPTER 7 The Rise of the Public Sector
107(12)
The New Deal
107(3)
Intervening in markets
108(1)
New interventions
109(1)
A historical detour into banking
110(1)
Rise of National Banks
110(1)
Monetary Policy
111(5)
The New Deal's new policy
111(1)
Public spending as a new force
112(1)
The economy fails to respond
113(1)
Compensatory government spending
114(1)
Fears of government intervention
114(1)
Impact of the war
115(1)
Aftermath of the war
115(1)
Fiscal Policy Enters the Scene
116(1)
Looking at the Public Sector
117(2)
CHAPTER 8 Modern Capitalism Emerges in Europe
119(9)
The Feudal Heritage
119(4)
National rivalries
120(1)
The lag in productivity
121(1)
Crucial role of European trade
121(1)
Breakdown of international trade
122(1)
European socialism
123(1)
Recovery of European Capitalism
123(2)
Welfare capitalism
123(1)
The Common Market
124(1)
Corporatism
125(1)
Europe Slows Down
126(2)
CHAPTER 9 The Golden Age of Capitalism
128(9)
Postwar Possibilities
128(3)
International forces
129(1)
Geopolitics enters the picture
130(1)
Meanwhile, back at home
130(1)
Structural Changes in American Capitalism
131(3)
Technology lends a hand
131(1)
The capital-labor accord
132(1)
The government finds its place
133(1)
World Prosperity and Convergence
134(3)
Tarnish begins to show
134(3)
CHAPTER 10 The Golden Age Comes to an End
137(12)
Macroeconomic Dilemmas
137(5)
Inflation enters the scene
137(1)
Oil shock
138(1)
Stagflation and the policy dilemma
139(2)
The silent depression
141(1)
Explaining Economic Decline
142(1)
Behind the numbers: The shift to services
142(1)
The slow pace of investment
142(1)
Downsizing
143(1)
From Slower Growth to Greater Inequality
143(6)
Behind the inequality problem
145(1)
The government retreats
146(3)
CHAPTER 11 The Globalization of Economic Life
149(13)
The Reshaping of the World Economy
149(2)
The collapse of Bretton Woods
149(1)
The end of U.S. hegemony
150(1)
Capital moves around the world
151(1)
Causes and Consequences of Globalization
151(4)
The extent of globalization
151(2)
Technology "shrinks" the globe
153(1)
The nexus of production and trade
153(1)
Global finance: The tail wagging the dog?
154(1)
Competition on a World Scale
155(4)
United States competitiveness declines
155(1)
The "new competition"
156(1)
The race to the bottom
157(2)
How Global Is Globalization?
159(3)
CHAPTER 12 Problems and Possibilities
162(15)
Tradition-Run Societies
162(1)
Command Societies
163(1)
Capitalism
163(1)
Analyzing the Future
164(1)
Three Major Issues
165(5)
1. Unemployment
165(2)
2. Inequality
167(2)
3. Globalization
169(1)
Socialism
170(1)
China tries another route
170(1)
Western socialism
171(1)
The Outlook for Capitalism
171(6)
The drive to accumulate
172(1)
Ecological overload
172(1)
The tightening market web
173(1)
The two sectors
174(1)
A spectrum of capitalisms
175(2)
Name Index 177(4)
Subject Index 181


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