Modern Capitalism - The Successors in the Three Industrial Revolutions: The Successors in the Three Industrial Revolutions

Author: Thomas K. McCraw
Publisher:
Publish Date: 2006-04-01
Features: What is capitalism? How has capitalism evolved? Why can some entrepreneurs, large companies, and certain nations make capitalism serve their interests while others cannot? This book presents compelling arguments on these questions from a unique perspective. To some extent, the answer to "What is capitalism?" is obvious, as the advantages of capitalism are quite evident: it promotes steady income growth and increases opportunities. The negative impacts of capitalism are equally apparent: it elevates material over the spiritual, and the power of capitalist markets can lead to severe consequences. Modern Capitalism incorporates the three key elements advocated by Schumpeter, but it is primarily a historical work. Four chapters summarize the economic development histories of the United Kingdom, Germany, the United States, and Japan; other chapters feature biographies of notable figures such as Josiah Wedgwood, August Thyssen, Henry Ford, and Toyoda Sakichi; and there are also histories of renowned companies, including Rolls-Royce, Deutsche Bank, IBM, and Japan's Seven-Eleven. All these stories about nations, companies, and individuals are filled with dramatic elements, leaving a lasting impression and helping us understand the essence of achieving economic success amid constant change.