The Making of Economic Society. Twelfth Edition
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.
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Introduction
1 The Economic Problem 1
The Individual and Society 2
Production and Distribution 5
Three Solutions to the Economic Problem 8
2 The Premarket Economy 17
The Economic Organization of Antiquity 18
Economic Society in the Middle Ages 26
Prerequisites of Change 37
3 The Emergence of Market Society 42
Forces of Change 42
Appearance of the Economic Aspect of Life 53
The Invention of Economics 60
4 The Industrial Revolution 69
A Great Turning Point 70
The Industrial Revolution in the Perspective of Theory 83
5 The Impact of Industrial Technology 93
Impact of One Invention 94
The General Impact of Technology 96
The Rise of Unionism 99
Mass Production 101
Agents of Industrial Change 104
6 The Change in Market Structure 109
The Rise of Big Business 110
Big Business Today 116
The Economic Impact of Big Business 121
Power and Responsibility 124
7 The Great Depression 134
Critical Role of Capital Formation 144
8 The Evolution of Guided Capitalism 149
Instruments of Policy 159
9 The Drift of European Economic History 166
European Capitalism 166
Recovery of European Capitalism 171
10 The New International Economy 178
The United States in the World Economy 180
Behind the Turnabout 181
International Production 184
Underdeveloped Systems 189
11 The Dynamics of Capitalism 195
Capitalist Dynamics 197
Inflationary Capitalism 203
Unemployment 207
12 The Options Before America 212
Controlling Inflation 212
Combating Unemployment and Recession 216
An International Economic Policy 219
13 Socialism and Capitalism 225
The Soviet System 227
Prospects for Capitalism 237
A Last Word 239
Index 243
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