Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation, as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.
Market economies have existed under many forms of government and in many different times, places, and cultures. Modern industrial capitalist societies developed in Western Europe in a process that led to the Industrial Revolution. Capitalist economies promote economic growth through accumulation of capital, however a business cycle of economic growth followed by recession is a common characteristic of such economies. (Full article...)
The slate industry in Wales began during the Roman period when slate was used to roof the fort at Segontium, modern Caernarfon. The slate industry grew slowly until the early 18th century, from when it expanded rapidly and reached its peak output in the late 19th century, at which time the most important slate producing areas were in north-west Wales. These included the Penrhyn Quarry near Bethesda, the Dinorwig Quarry near Llanberis, the Nantlle Valley quarries and Blaenau Ffestiniog, where the slate was mined rather than quarried. Penrhyn and Dinorwig were the two largest slate quarries in the world, and the Oakeley mine at Blaenau Ffestiniog was the largest slate mine in the world. The Great Depression and the Second World War led to the closure of many smaller quarries, and competition from other roofing materials, particularly tiles, resulted in the closure of most of the larger quarries in the 1960s and 1970s. Slate production continues on a much reduced scale. (Full article...)
What are the alternatives to getting healthier and safer products produced and consumed under capitalism? We have seen that bans don't generally work.
The first alternative is suggested by the cigarette example, where putting higher taxes on cigarettes reduced their sales. We could put higher taxes on items that are harmful to health or safety. Such taxes would most likely be passed on to consumers. But they would accomplish the goal of reducing consumption of these items.
The second alternative is to apply a "nudging" strategy, which involves loading the choices in a way likely to lead customers to buy the healthier alternatives. Some studies show that high school students will end up eating healthier food if the healthier food items are put near the front of the cafeteria line. Students are usually hungry after classes and grab what they see first. Extending this idea further, we can imagine supermarkets such as Whole Foods giving better shelf positions to the healthier brands within each category. So, healthier cereals would be at eye level and cereals loaded with fat and sugar would be on the lower shelves.
A third alternative is to use "social marketing tools" to persuade people to make healthier choices. The 4Ps (product,price,place, and promotion) could be applied to convince people about healthier and smarter choices. Advocates of better eating would describe the benefits of eating the right foods and the bad effects of eating unhealthy foods. Mayor Michael Bloomberg of New York City was the kind of civic leader who "counter-marketed" by trying to get supermarkets not to carry 16-ounce of larger sizes of sweetened drinks and ordering cigarettes to be put out of the sight of consumers.
Image 3Gustave Doré's 19th-century engraving depicted the dirty, overcrowded slums where the industrial workers of London lived. (from History of capitalism)
Image 4A painting of a French seaport from 1638 at the height of mercantilism (from Capitalism)
Image 21The economic model of supply and demand states that the price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D): the diagram shows a positive shift in demand from D1 to D2, resulting in an increase in price (P) and quantity sold (Q) of the product. (from Capitalism)
Image 22Map of a medieval manor. Notice the large commons area and the division of land into small strips. The mustard-colored areas are part of the demesne, the hatched areas part of the glebe. William R. Shepherd, Historical Atlas, 01923 (from History of capitalism)
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