An examination of the global inequalities of a capitalist economy with suggestions on how to make it more equitable.
Written in 2008; 1,738 words; 11 sources; APA; $ 56.95
Paper Summary:
This paper discusses capitalist economies. It specifically analyses the current global economic inequalities that exist. It then probes two explanations for these inequalities - one given by neo-classical theory and the other by Marxism. Finally, the paper gives some suggestions as to how the capitalist economy can be made more equitable in a globalised world.
From the Paper:
"The other crucial component that must be addressed if truly aiming for distributional equity in the capitalist economy is broadening ownership of capital. This means not only broadening ownership of wealth but giving workers a more direct stake in economic management. Self (Self 2000:209) proposes the promotion of producers' and consumers' cooperatives to achieve this goal, which would act as an effective to competition. To counter any lack of interest on the part of workers to ensure cooperatives' success, Self suggests that workers own individual shares which must be sold back to the cooperative on an agreed formula when the worker leaves or dies. This effectively gives workers a stake in increasing profits and a bonus for any increase in market value. Hence, promoting cooperatives is a valuable means of addressing class conflict, a factor which entrenches inequality and poverty, since it necessarily causes the convergence of capitalist and worker interests."
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