Making of Economic Society / Edition 12

Making of Economic Society / Edition 12

by Robert L. Heilbroner
Pub. Date:
Prentice Hall
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Making of Economic Society / Edition 12

With its roots in history and eyes on the future, this book traces the development of our economic society from the Middle Ages to the present, offering a balanced perspective of why our economy is the way it is and where it may be headed. It explores the catalytic role past economic trends and dynamics–particularly capitalism–have played in creating the present challenges we face, and offers suggestions on how we may deal with them most effectively in the future. Chapter topics include the economic problem, the premarket economy, the emergence of market society, the industrial revolution, the great depression, the rise of the public sector, modern capitalism emerges in Europe, the golden age of capitalism, the rise and fall of socialism, the globalization of economic life, and why some nations remain poor. For individuals interested in the economic history of the U.S.

Product Details

ISBN-13: 2900131704250
Publisher: Prentice Hall
Publication date: 01/05/2007
Edition description: Revised Edition
Pages: 248
Product dimensions: 6.00(w) x 1.25(h) x 9.00(d)

Table of Contents

Chapter 1The Economic Problem1
The Individual and Society2
Division of labor3
Economics and scarcity3
The tasks of economic society4
Production and Distribution4
Mobilizing effort4
Allocating effort5
Distributing output5
Three Solutions to the Economic Problem6
The market10
Chapter 2The Premarket Economy15
The Economic Organization of Antiquity16
Agricultural foundation of ancient societies16
Economic life of the cities18
The social surplus19
Wealth and power20
"Economics" and social justice in antiquity21
Economic Society in the Middle Ages22
The fall of Rome23
Manorial organization of society24
Providing security25
Economics of manorial life25
Town and fair26
Functions of the guild27
Medieval economics28
The just price29
The disrepute of gain30
Prerequisites of Change31
Chapter 3The Emergence of Market Society36
Forces of Change36
The itinerant merchant36
The crusades38
Growth of national power40
Change in religious climate41
The Protestant ethic43
Breakdown of the manorial system43
Rise of the cash economy44
Appearance of the Economic Aspect of Life45
Labor, land, and captial come into being45
Emergence of the proletariat47
Factors of production48
Wage labor and capitalism49
Capitalism and the profit motive50
The Invention of Economics50
The "philosophy" of trade50
Division of labor51
Adam Smith's growth model52
The dynamics of the system53
The market mechanism53
The market and allocation54
The self-regulating system54
The market system and the rise of capitalism55
Chapter 4The Industrial Revolution59
A Great Turning Point60
Pace of technical change60
England in 175061
Rise of the new men62
The industrial entrepreneur64
The new rich64
Industrial and social repercussions65
Rise of the factory66
Conditions of labor67
Early capitalism and social justice68
The Industrial Revolution in the Perspective of Theory70
Capital and productivity71
Capital and specialization72
Capital and saving72
Saving and investment72
Growth in early capitalism73
Incentives for growth74
The market as a capital-building mechanism75
Chapter 5The Impact of Industrial Technology79
Impact of One Invention80
The automobilization of America80
The General Impact of Technology81
Sociological effects82
Mass Production83
Economies of large-scale production83
Agents of Industrial Change84
The great entrepreneurs84
Captains of industry85
The omnipresent trust86
The Change in Market Structure87
The Rise of Big Business88
Change in competition88
Limitation of competition89
Trusts, mergers, and growth89
Threat of monopoly capitalism91
Rise of antitrust legislation91
The Berle and Means study92
Chapter 6The Great Depression96
The Path of Growth96
America in 192997
The stock market boom98
The Great Crash98
The Great Depression99
Causes of the depression: speculation99
Weakness on the farm100
Inelastic demand101
Weakness in the factory102
Technology and employment102
Maldistribution of income103
Critical Role of Capital Formation104
Investment and profit expectations105
Effects of falling investment105
Multiplier effect106
Chapter 7The Rise of the Public Sector109
The New Deal109
Intervening in markets110
New interventions111
A historical detour into banking111
Rise of National Banks112
Monetary Policy113
The New Deal's new policy113
Public spending as a new force114
The economy fails to respond114
Compensatory government spending115
Fears of government intervention116
Impact of the war116
Aftermath of the war117
Fiscal Policy Enters the Scene118
Looking at the Public Sector118
Chapter 8Modern Capitalism Emerges in Europe122
The Feudal Heritage122
National rivalries122
The lag in productivity123
Crucial role of European trade124
Breakdown of international trade125
European socialism125
Recovery of European Capitalism126
Welfare capitalism126
The common market127
Europe Slows Down128
Chapter 9The Golden Age of Capitalism132
Postwar Possibilities132
International forces132
Geopolitics enters the picture133
Meanwhile, back at home134
Structural Changes in American Capitalism135
Technology lends a hand135
The capital-labor accord136
The government finds its place136
World Prosperity and Convergence137
Tarnish begins to show138
Chapter 10The Golden Age Comes to an End141
Macroeconomic Dilemmas141
Inflation enters the scene141
Oil shock142
Stagflation and the policy dilemma143
The uneven recovery145
Explaining Economic Decline147
Behind the numbers: the shift to service147
The slow pace of investment147
From Slower Growth to Greater Inequality148
Behind the inequality problem150
The government retreats150
Chapter 11The Rise and Fall of Socialism154
Socialism Versus Capitalism?154
Explaining the Historic Shift155
The Soviet System156
Market versus plan157
Inefficiencies of planning159
The Transition to Capitalism160
The Future of Socialism161
Chapter 12The Globalization of Economic Life165
The Reshaping of the World Economy165
The collapse of Bretton Woods165
The era of flexible exchange rates166
The Globalization of Production and Finance167
Capital moves around the world167
The extent of globalization167
The Causes of Globalization169
Technology shrinks the globe169
Global finance: the tail wagging the dog?170
Consequences of Globalization171
U.S. trade deficit and foreign debt171
A race to the bottom?172
Diminished national sovereignty173
How Global Is Globalization?174
Chapter 13Why Some Nations Remain Poor178
The Problem of Uneven Development178
Colonialism and Its Legacy178
Early Versus Late Industrialization180
Is Africa different?181
The politics of economic development181
The Role of International Organizations182
Neoliberalism: Opportunities and Challenges183
Prospects for the Future183
Overcoming tensions between north and south184
Chapter 14Problems and Possibilities188
Tradition-Run Societies188
Command Societies188
Analyzing the Future190
Three Major Issues191
China tries another route195
Western socialism196
The Outlook for Capitalism197
The drive to accumulate197
Ecological overload197
The tightening market web198
The two sectors199
A spectrum of capitalisms200
Name Index202
Subject Index204

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