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This paper explains social capitalism as the idea that social and economic progress can exist side by side and that the process of building richer societies involves the global economy placing more value on people. The paper identifies the four elements in the European social model and focuses on Norway's developed system of social capitalism. The paper also discusses social capitalism's shortcomings in regards to fiscal policy and looks at China's expansion and move towards capitalism that is coming at the expense of its people and the country. The paper shows how social capitalism provides an alternative to the point of view that capitalism and social benefits cannot go hand in hand.
From the Paper:"Capitalism can be defined as "an economic system based on the private ownership of the means of production and distribution of goods, characterized by a free competitive market and motivation by profit" (Encarta, 2007). On the other hand socialism can be thought of as "a political theory or system in which the means of production and distribution are controlled by the people and operated according to equity and fairness rather than market principles" (Encarta, 2007). Given these two definitions the term "social capitalism" then seems like somewhat of an oxymoron. Capitalism itself is anti-social in nature, so surely then "social capitalism" is a contradiction in terms? What the new economy ''social capitalism'' argues is that government is not invisible, as described in Adam Smith's ''free market'' model of capitalism. Neither is the government all intrusive, as with Keynes. The government is in fact active and protects societal issues that impact on every citizen in all sectors that have an impact on an economy: education, infrastructure, health, water, energy, and the environment (Clark 2004)."
Sample of Sources Used:
- Encarta(r) World English Dictionary. 2007 Microsoft Corporation. Bloomsbury Publishing Plc. Retrieved on May 3rd, 2007 from http://encarta.msn.com/encnet/features/dictionary/DictionaryResults.aspx?refid=1861594662
- Pankaj, M. "China's New Left calls for a social alternative". The New York Times Magazine. Oct. 13, 2006
- Bloom, D. "Social Capitalism & Human Diversity". River Path Associates. Mar. 2000.
- European Council, Presidency Conclusions (2000) 'Lisbon European Council, 23 and 24March', URL (consulted Feb. 2006): http://www.bolognaberlin2003.de/pdf/PRESIDENCY_CONCLUSIONS_Lissabon.pdf.
- Weinstein, W.A., Sept 2005, "Intelligence Brief: Norway" Retrieved from http://www.pinr.com/report.php?ac=view_report&report_id=369&language_id=1
Cite this Analytical Essay:
Social Capitalism (2009, October 07) Retrieved February 01, 2015, from http://www.academon.com/analytical-essay/social-capitalism-116553/
"Social Capitalism" 07 October 2009. Web. 01 February. 2015. <http://www.academon.com/analytical-essay/social-capitalism-116553/>