American Capitalism
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This certificate verifies that Víctor Maestre Ramírez successfully completed and passed the online course HIST1514x: American Capitalism: A History offered by CornellX through edX. The course was taught by Associate Professor Edward E. Baptist and Assistant Professor Louis Hyman of the Department of History and Department of Labor Relations, Law, and History at Cornell University.
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US Capitalism Presentation
This document discusses the history and current state of US entrepreneurial capitalism. It outlines how capitalism has evolved since the 1970s, with wages stagnating while executive pay and consumption rose. Recent issues like the financial crisis revealed weaknesses in relying solely on free markets. While capitalism has lifted living standards, its current form prioritizes short-term profits and consumption over community. Going forward, reforms may be needed to make corporations more democratic and develop a balanced system that benefits all of society.
Factors That Lead To Economic Growth
Human capital and capital goods influence a nation's GDP in the following ways:
1) Countries that invest in the education, health, and training of their workforce (human capital) will have a more productive workforce that can produce more goods and services.
2) The production of capital goods, which are products that have value like machinery, also contributes to GDP.
3) Together, investments in human capital and production of capital goods allow a nation to produce more goods and services, leading to increased GDP.
Theory of Value. Adam Smith.
Adam Smith was an 18th century Scottish economist considered the father of modern economics. He developed the theory of value which states that the value of a good is determined by the amount of labor required to produce it. However, this only applies to primitive societies. In modern capitalist societies, the value or price of a good is made up of the costs of production including labor costs, profit, and rent for land usage. Smith's theory of value helped establish the basis for modern economic thought, though it is not fully applicable in complex market economies.
Factors of economic growth
There are 4 key factors that influence a country's economic growth and Gross Domestic Product: investment in human capital through education and training; investment in capital goods like factories, machinery and technology; natural resources available within the country; and entrepreneurship. Nations that invest in these areas will have a more productive workforce and be able to produce more goods and services, leading to higher GDP and economic growth.
Economic Development & Globalization
Economic Development and Globalization. The situation of DCs and LDCs, impact of globalization of DCs and LDCs, and challenges of LDCs.
Adam smith
Adam Smith was an 18th century Scottish economist who made important contributions to economic theory. He taught moral philosophy and economics, and is most famous for his book "The Wealth of Nations" published in 1776, in which he argued that free market capitalism and the invisible hand of self-interest would lead to economic prosperity through free trade, limited government intervention, and the division of labor.
Theory of growth
Adam Smith is considered the Father of Economics. In his seminal book, The Wealth of Nations, he argued that a country's wealth comes from the total value of goods and services produced, not just gold or agriculture. Smith identified two key drivers of economic growth: the division of labor and capital accumulation. The division of labor leads to specialization and higher productivity, while capital accumulation raises productivity by increasing capital per worker. This starts a virtuous cycle of growth, but eventually diminishing returns set in and growth slows, reaching a stationary state.
Explaining Capitalism
When what one says is determined by what one sensually knows to be the case, then, the relationship existing between these two is said to be factual.
Such a factually based statement is said to truthfully represent that which it is referencing and that statement is called a truth.
Recommended
US Capitalism Presentation
This document discusses the history and current state of US entrepreneurial capitalism. It outlines how capitalism has evolved since the 1970s, with wages stagnating while executive pay and consumption rose. Recent issues like the financial crisis revealed weaknesses in relying solely on free markets. While capitalism has lifted living standards, its current form prioritizes short-term profits and consumption over community. Going forward, reforms may be needed to make corporations more democratic and develop a balanced system that benefits all of society.
Factors That Lead To Economic Growth
Human capital and capital goods influence a nation's GDP in the following ways:
1) Countries that invest in the education, health, and training of their workforce (human capital) will have a more productive workforce that can produce more goods and services.
2) The production of capital goods, which are products that have value like machinery, also contributes to GDP.
3) Together, investments in human capital and production of capital goods allow a nation to produce more goods and services, leading to increased GDP.
Theory of Value. Adam Smith.
Adam Smith was an 18th century Scottish economist considered the father of modern economics. He developed the theory of value which states that the value of a good is determined by the amount of labor required to produce it. However, this only applies to primitive societies. In modern capitalist societies, the value or price of a good is made up of the costs of production including labor costs, profit, and rent for land usage. Smith's theory of value helped establish the basis for modern economic thought, though it is not fully applicable in complex market economies.
Factors of economic growth
There are 4 key factors that influence a country's economic growth and Gross Domestic Product: investment in human capital through education and training; investment in capital goods like factories, machinery and technology; natural resources available within the country; and entrepreneurship. Nations that invest in these areas will have a more productive workforce and be able to produce more goods and services, leading to higher GDP and economic growth.
Economic Development & Globalization
Economic Development and Globalization. The situation of DCs and LDCs, impact of globalization of DCs and LDCs, and challenges of LDCs.
Adam smith
Adam Smith was an 18th century Scottish economist who made important contributions to economic theory. He taught moral philosophy and economics, and is most famous for his book "The Wealth of Nations" published in 1776, in which he argued that free market capitalism and the invisible hand of self-interest would lead to economic prosperity through free trade, limited government intervention, and the division of labor.
Theory of growth
Adam Smith is considered the Father of Economics. In his seminal book, The Wealth of Nations, he argued that a country's wealth comes from the total value of goods and services produced, not just gold or agriculture. Smith identified two key drivers of economic growth: the division of labor and capital accumulation. The division of labor leads to specialization and higher productivity, while capital accumulation raises productivity by increasing capital per worker. This starts a virtuous cycle of growth, but eventually diminishing returns set in and growth slows, reaching a stationary state.
Explaining Capitalism
When what one says is determined by what one sensually knows to be the case, then, the relationship existing between these two is said to be factual.
Such a factually based statement is said to truthfully represent that which it is referencing and that statement is called a truth.
Brief review of Adam Smith's main concepts of growth.
Adam Smith considered wealth of a nation to be its total output rather than just gold or agriculture. He believed economic growth increased total output, income, and standard of living. Smith argued growth occurs through increasing the division of labor, which raises productivity, and accumulating capital, which raises labor productivity by increasing the capital-labor ratio. This virtuous cycle of growth could eventually lead to a stationary state with zero growth.
Adam Smith Presentation
Adam Smith was the author of An Inquiry into the Nature and Causes of the Wealth of Nations and developed key economic concepts including the invisible hand, private property rights, division of labor, laissez-faire policies, and free trade. He argued that when individuals act in their own self-interest through free markets and specialization of labor, it indirectly promotes the greater good of society as a whole.
Adam smith
El documento resume la vida y obra del economista escocés Adam Smith. Nació en 1723 en Escocia y fue considerado el padre de la economía moderna por su libro más famoso "La riqueza de las naciones" publicado en 1776, donde introdujo conceptos como la división del trabajo y defendió el libre mercado. Antes había publicado en 1759 "La teoría de los sentimientos morales" donde analizó la naturaleza humana y sentó las bases de su pensamiento económico. Smith mostró que el interés propio de las personas puede benef
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The document summarizes key aspects of the economy as a social institution. It discusses three major revolutions - agricultural, industrial, and information - that transformed economic structures over thousands of years. The agricultural revolution led to specialized work and trade. The industrial revolution centralized work in factories and manufacturing. The information revolution shifted the economy from tangible goods to ideas and services. The document also compares economic models like capitalism, socialism, and mixed systems.
Capitalism
This document defines and describes various aspects of capitalism. Capitalism is an economic system defined by private ownership of trade, industries and means of production that are operated for profit. It is based on wage labor, private ownership and production for exchange and profit. Under capitalism, money is invested to generate more money through the process of capital accumulating more capital. Key features include private property, large-scale production, profit as the main motive, competition, and the price mechanism being determined by supply and demand rather than production costs. The document also discusses various forms of capitalism and both pros and cons.
A Summary Of Adam Smith - Ideas, Life & Legacy
Adam Smith was an 18th century Scottish moral philosopher and economist known as the father of modern economics. He published two influential works, The Theory of Moral Sentiments, which examined human psychology and ethics, and An Inquiry into the Nature and Causes of the Wealth of Nations, which introduced concepts like the invisible hand of the market and the benefits of free market competition and division of labor. Smith argued that when individuals pursue their own self-interest in a free market system, it leads to an optimal outcome for society as a whole through mechanisms like supply and demand aligning individual and social interests.
Economic institution
The economy is the institution that provides for the production and distribution of goods and services, which people in every society need. Sometimes they can provide these things for themselves, and sometimes they rely on others to provide them. When people rely on others for goods or services, they must have something to exchange, such as currency (in industrialized societies) or other goods or services (in nonindustrialized societies). The customs surrounding exchange and distribution of good and services shape societies in fundamental ways.
Capitalism
The document discusses capitalism from several perspectives. It begins with an introduction to capitalism and its key principles of private ownership, profit, and voluntary exchange. It then provides a historical overview of capitalism from its pre-history through modern eras like mercantilism, industrialization, and globalization. The document also examines different types of capitalism like free market capitalism and state capitalism. It outlines both advocacy for capitalism's ability to drive economic growth and self-organization, as well as criticisms around inequality and unfair distribution of wealth and power.
Classic Theories of Economic Growth
Presentation on Todaro & Smith's Economic Development (Chapter 3) for Philippine Studies 222, Asian Center, University of the Philippines, Diliman.
Four Factors of Economic Growth
This document discusses how economic growth is measured and the factors that influence it. It explains that a country's gross domestic product (GDP) measures economic growth and is the total value of goods and services produced in one year. The four main factors that determine a country's GDP are natural resources, human capital, capital goods, and entrepreneurship. Investing in education, health, and skills training improves human capital and standard of living.
Economic Growth and Development
Development requires sustained effort over long periods and involves changes. Economic growth refers to increases in output or production, while economic development also includes changes to production arrangements. Development in humans and countries involves not just physical increases but also changes to attitudes, habits, and intelligence/institutions to become mature. Economic development is characterized by sustained output increases, widespread structural changes, and growth in efficiency shaped by non-economic factors.
Economic growth and economic development
Economic growth meaning, meaning of economic development
Components of HDI, diffrence between economic growth and economic development.
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Brief review of Adam Smith's main concepts of growth.
Adam Smith considered wealth of a nation to be its total output rather than just gold or agriculture. He believed economic growth increased total output, income, and standard of living. Smith argued growth occurs through increasing the division of labor, which raises productivity, and accumulating capital, which raises labor productivity by increasing the capital-labor ratio. This virtuous cycle of growth could eventually lead to a stationary state with zero growth.
Adam Smith Presentation
Adam Smith was the author of An Inquiry into the Nature and Causes of the Wealth of Nations and developed key economic concepts including the invisible hand, private property rights, division of labor, laissez-faire policies, and free trade. He argued that when individuals act in their own self-interest through free markets and specialization of labor, it indirectly promotes the greater good of society as a whole.
Adam smith
El documento resume la vida y obra del economista escocés Adam Smith. Nació en 1723 en Escocia y fue considerado el padre de la economía moderna por su libro más famoso "La riqueza de las naciones" publicado en 1776, donde introdujo conceptos como la división del trabajo y defendió el libre mercado. Antes había publicado en 1759 "La teoría de los sentimientos morales" donde analizó la naturaleza humana y sentó las bases de su pensamiento económico. Smith mostró que el interés propio de las personas puede benef
Economy...as a social institution
The document summarizes key aspects of the economy as a social institution. It discusses three major revolutions - agricultural, industrial, and information - that transformed economic structures over thousands of years. The agricultural revolution led to specialized work and trade. The industrial revolution centralized work in factories and manufacturing. The information revolution shifted the economy from tangible goods to ideas and services. The document also compares economic models like capitalism, socialism, and mixed systems.
Capitalism
This document defines and describes various aspects of capitalism. Capitalism is an economic system defined by private ownership of trade, industries and means of production that are operated for profit. It is based on wage labor, private ownership and production for exchange and profit. Under capitalism, money is invested to generate more money through the process of capital accumulating more capital. Key features include private property, large-scale production, profit as the main motive, competition, and the price mechanism being determined by supply and demand rather than production costs. The document also discusses various forms of capitalism and both pros and cons.
A Summary Of Adam Smith - Ideas, Life & Legacy
Adam Smith was an 18th century Scottish moral philosopher and economist known as the father of modern economics. He published two influential works, The Theory of Moral Sentiments, which examined human psychology and ethics, and An Inquiry into the Nature and Causes of the Wealth of Nations, which introduced concepts like the invisible hand of the market and the benefits of free market competition and division of labor. Smith argued that when individuals pursue their own self-interest in a free market system, it leads to an optimal outcome for society as a whole through mechanisms like supply and demand aligning individual and social interests.
Economic institution
The economy is the institution that provides for the production and distribution of goods and services, which people in every society need. Sometimes they can provide these things for themselves, and sometimes they rely on others to provide them. When people rely on others for goods or services, they must have something to exchange, such as currency (in industrialized societies) or other goods or services (in nonindustrialized societies). The customs surrounding exchange and distribution of good and services shape societies in fundamental ways.
Capitalism
The document discusses capitalism from several perspectives. It begins with an introduction to capitalism and its key principles of private ownership, profit, and voluntary exchange. It then provides a historical overview of capitalism from its pre-history through modern eras like mercantilism, industrialization, and globalization. The document also examines different types of capitalism like free market capitalism and state capitalism. It outlines both advocacy for capitalism's ability to drive economic growth and self-organization, as well as criticisms around inequality and unfair distribution of wealth and power.
Classic Theories of Economic Growth
Presentation on Todaro & Smith's Economic Development (Chapter 3) for Philippine Studies 222, Asian Center, University of the Philippines, Diliman.
Four Factors of Economic Growth
This document discusses how economic growth is measured and the factors that influence it. It explains that a country's gross domestic product (GDP) measures economic growth and is the total value of goods and services produced in one year. The four main factors that determine a country's GDP are natural resources, human capital, capital goods, and entrepreneurship. Investing in education, health, and skills training improves human capital and standard of living.
Economic Growth and Development
Development requires sustained effort over long periods and involves changes. Economic growth refers to increases in output or production, while economic development also includes changes to production arrangements. Development in humans and countries involves not just physical increases but also changes to attitudes, habits, and intelligence/institutions to become mature. Economic development is characterized by sustained output increases, widespread structural changes, and growth in efficiency shaped by non-economic factors.
Economic growth and economic development
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Components of HDI, diffrence between economic growth and economic development.
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Brief review of Adam Smith's main concepts of growth.
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American Capitalism
- 1. Associate Professor, Department of History Cornell University Edward E. Baptist Assistant Professor, Department of Labor Relations, Law, and History Cornell University Louis Hyman HONOR CODE CERTIFICATE Verify the authenticity of this certificate at CERTIFICATE HONOR CODE Víctor Maestre Ramírez successfully completed and received a passing grade in HIST1514x: American Capitalism: A History a course of study offered by CornellX, an online learning initiative of Cornell University through edX. Issued May 21, 2015 https://verify.edx.org/cert/499efc28094b448798c24b0f9113111f