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  • Essay / Capitalist System - 1179

    From the French Revolution (1789) to modern times, various important theories created by philosophers, academics, social scientists, politicians and economists. Rousseau to Kant, Adam Smith to John Stuart Mill, Proudhon to Comte, Marx to Bernstein, Ricardo to Mazzini, so many approaches considered as milestones introduced into the environment of different studies. However, during this period of four (18th, 19th, 20th and 21st) centuries, societies evolved significantly while the fundamental assumptions of earlier communities were replaced. As the bases of political theories evolved from state centralism to individualism, the study of economics consequently evolved toward an environment based on the individual. As concepts and theories are introduced, new systems emerge, both in political and economic terms. After centuries of war and destruction, from the second half of the 20th century, the capitalist system began to take shape. The effectiveness of armed struggles and the arms race between States is called into question. Especially after the fall of the Berlin Wall, the superiority of liberal ideals was more precisely accepted. In this context of conventional processes, the analysis of this evolutionary timeline will provide an answer to the following question: “Why today do we seem to focus “more” on the distribution of income between households or individuals? On the other hand, it would be unfair to say that individualistic approaches have emerged only recently. When Adam Smith explained his thoughts on "private interests" and the "public good" in the late 18th century, no one can accurately say that these ideas will be a game-changer. flow of social sciences. He said that society's annual income is always equal to the exchange... middle of paper... sufficient welfare state. However, by analyzing individuals separately, the study will show that there are groups of people belonging to different economic sections of society. As crucial issues such as growth theory and many others require the integration of sub-disciplines of economics, including labor economics, using both macro and micro approaches of analysis . Works Cited A. Atkinson “Factor shares: the main problem in political economy? Oxford Review of Economic Policy, volume 25, number 1, 2009, pp.3-16Marx, Karl, Friedrich Engels, Samuel Moore and David McLellan. The Communist Manifesto. Oxford: Oxford University Press, 1992.Mill, John. S., “On Liberty”, The Floating Press, 2009 (based on a 1909 edition). Smith, Adam, An Inquiry into the Nature and Causes of the Wealth of Nations. Edwin Cannan, ed. 1904. Library of Economy and Freedom.