WHAT WE WROTE ABOUT
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This is a graded discussion forum set up for discussing the nature and consequences of capitalism, and capitalistic competition. Note that some of the issues covered in this discussion forum overlap with issues from our 1st discussion board (particularly as it relates to the evolution and context of business).
Modern day capitalism has its roots in the industrial revolution of the late 18th and early 19th centuries. The innovations of the industrial revolution were spurred by a profit motive and by capitalistic competition. Capitalists looking out for their own best interests were constantly seeking to find and implement new ideas that would give them an advantage over their competitors
Note that the very idea of business, especially the notion of a for-profit business that is operated to benefit its stakeholders, is a rather recent phenomenon in human history.
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NEED TO RESPONSE TO TWO PEOPLE
When discussing the topics of capitalism, competition, creative destruction, innovation and economic growth, we have examples of two different economist, Coase and Hayek. As discussed in our readings, we can see key points that will help us better understand the mentioned topics. I'll begin with my ideas of Coase. He believed that under certain conditions, having or issuing property rights to the people can possibly solve many external issues. If transaction controls are at zero, then his theorem works and if not, they don't. Coase has many assumptions in his time and many of those are just simply not applicable today. He believed that property rights must be clearly defined for both parties in order to have bargaining power. In a capitalist economy, bargaining power is a huge deal and I believe Coase thought the same way. When property rights are not assigned, we may see very inefficient allocation of resources, especially naturally occurring resources. When these are badly damaged or even destroyed, then it affects life as we know it and we can never get those things back. I would argue, however, that even if property rights are clearly defined to who has what rights, many times companies just like Duke Energy with their coal ash ponds, will still do underhanded things to harm these natural resources. Coase's theorem only works when there are no transaction costs, you have perfect information and equal market power (Boyce, P. 2021).
When speaking of capitalism, innovation, creative destruction, economic growth and competition, I would like to speak of chapter 11 in Hayek's book, The Road to Serfdom. Hayek basically believed that in order to make everyone believe in a particular system whether it be capitalism, socialism, communism, etc. that everyone had to believe in the same ends. Basically he was saying in a totalitarian system, for example, you can't make everyone work towards one central goal but instead, they have to believe that these goals are their personal ones. Whether we're talking about a totalitarian economic system or a capitalist system, I can certainly see how and why Hayek felt this way. To make all the stated topics in this discussion work, we have to believe that they were all deeply rooted in our minds and that we just simply hadn't thought or understood them in ways to act upon them. In my opinion, this goes right back to how politicians try to make us believe in whatever their propaganda is and why they feel the way they do. It's sort of a convince me and I will follow you type of thing (Andrew, 2019).
Boyce, P. (2021, January 7). Coase Theorem Definition. https://https://boycewire.com/coase-theorem-definition/ (Links to an external site.)
Andrew (2019, October 12). F.A. Hayek-The Road to Serfdom, Chapter 11-The End of Truth. https://https://knowitalltoknownothing.com/2019/10/12/the-road-to-serfdom-1944-f-a-hayek-chapter-11-the-end-of-truth/
I agree with Mr. Smith, I also read the book and Road to Serform and would like to add that he also believed that control of the local market, in comparison to a free market , limits the freedom of individuals and leads to an oppressive society or even tyranny economy. Just to continue what Mr. Smith said about the politician making us believe in the propaganda's, this has been happening for since the begging of time almost and will continue until we understand and know how to act on them.
On the topics of capitalism, competition, creative destruction, innovation and economic growth the issue of modern-day capitalism is no doubt prominent and it has its roots in the industrial revolution that took place in the 18th and early part of the 19th century. One of the striking features is the class divide that came at the forefront. The increase in the number of the capitalist class also created the working class that was exploited and paid less for their work. The profit is entirely kept by the capitalist class and the working class was left with minimal resources to live with. However, the recent phenomenon or the scenario highlights that the business nowadays operates for the benefits of the stakeholders that are associated with the business.
Dream Hoarders (2019, April 3). Broken capitalism. https://www.theguardian.com/commentisfree/2019/may/22/capitalism-broken-better-future-can-it-do-that
Question: Do you believe that Capitalism can cause uncertain future?
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