Fall of Global Capitalism (Frieden)
Clinton Surratt
ECON 295
Mid-Term Exam
October 15, 2009
I. Introduction The fall and rise of Capitalism only tells part of the story of Capitalism. If Frieden were to title his book a few years from now, it would probably read “The Fall, Rise, and Fall of Global Capitalism” or “The Cycles of Capitalism” for I feel Capitalism has, in fact, occurred in cycles in we are in one of the final cycles. From the onset of Capitalism until today, Capitalism has produced some vast contrasts between many factors in the economy. Some of these contrasts are the rise of Monopolistic firms and the death of small firms along side and an ever-increasing income inequality between the rich and poor. The effects of Capitalism on today’s modern economy have come to a head. Our approach and attitude in attaining wealth in this Capitalist economy is almost reckless. The magnitude at which we are careless about the effects of Capitalism on our society is alarming and its death will bring about what I would call Efficient Conservationalism. Global Capitalism is more evident now then it has ever been. If you look at the rate at which GDP has increased since the beginning of our country, you will see a sharp acceleration of total output since the inception of Capitalism in the late 1800’s and early 1900’s. With this rapid acceleration, Capitalism is showing signs of overheating and weakness in its practices, especially in America, which is evident by the intensity and frequency of economic recessions and depressions. It is also being blamed as one of the main causes of modern pollution trends. Let us look at the history and evolution of Global Capitalism.
The rise of Global Capitalism was introduced by the beginnings of Mercantilism in which there was a rapid growth in overseas trading with an emphasis on exports. Mercantilism is considered the earliest stage of modern Capitalism for it favored the accumulation of capital. Following Mercantilism, Capitalism changes faces
ECON 295
Mid-Term Exam
October 15, 2009
I. Introduction The fall and rise of Capitalism only tells part of the story of Capitalism. If Frieden were to title his book a few years from now, it would probably read “The Fall, Rise, and Fall of Global Capitalism” or “The Cycles of Capitalism” for I feel Capitalism has, in fact, occurred in cycles in we are in one of the final cycles. From the onset of Capitalism until today, Capitalism has produced some vast contrasts between many factors in the economy. Some of these contrasts are the rise of Monopolistic firms and the death of small firms along side and an ever-increasing income inequality between the rich and poor. The effects of Capitalism on today’s modern economy have come to a head. Our approach and attitude in attaining wealth in this Capitalist economy is almost reckless. The magnitude at which we are careless about the effects of Capitalism on our society is alarming and its death will bring about what I would call Efficient Conservationalism. Global Capitalism is more evident now then it has ever been. If you look at the rate at which GDP has increased since the beginning of our country, you will see a sharp acceleration of total output since the inception of Capitalism in the late 1800’s and early 1900’s. With this rapid acceleration, Capitalism is showing signs of overheating and weakness in its practices, especially in America, which is evident by the intensity and frequency of economic recessions and depressions. It is also being blamed as one of the main causes of modern pollution trends. Let us look at the history and evolution of Global Capitalism.
The rise of Global Capitalism was introduced by the beginnings of Mercantilism in which there was a rapid growth in overseas trading with an emphasis on exports. Mercantilism is considered the earliest stage of modern Capitalism for it favored the accumulation of capital. Following Mercantilism, Capitalism changes faces