This was in such to safeguard trade so that it was unable to be manipulated with civil society's power to dictate and determine prices on its value merits. ... Polanyi developed his idea to illuminate the warning for society and its natural resources when the competitive forces are allowed to dictate the market prices in the economy. ... Polanyi argues that negative consequences are inevitable from pursuing this utopian ideal as a struggle for resources in a resource-scarce world will ultimately lead to demise of nature and effectively human society. This presents a surprisingly relevant...

• Word Count: 1246
• Approx Pages: 5
• Has Bibliography
• Grade Level: Graduate

Social stratification refers to the divisions of society into a pattern of layers or strata made up of a hierarchy of social groups. ... Whilst they claim that a meritocratic society gives high reward (financially and status-wise) to motivate the most gifted and inequality means those disadvantaged wish to improve on their position, there is much resentment over "fat-cat" pay packets in today's world. ... So for a capitalist society the two key classes are "bourgeoisie" (the owners and controllers) and the "proletariat" (the labour force), though he did recognise that actual society was ...

• Word Count: 840
• Approx Pages: 3
• Has Bibliography
• Grade Level: Graduate

In his 1969 work, "The State in Capitalist Society," Ralph Miliband outlined what he saw as several key aspects of the nature of the neoliberal world. ... This, he claimed, proved the existence of the 'dominant class' as a social phenomenon and the inaccessibility of those of a working class background to the higher echelons of society. ... The outgoing headmaster of Eton today, Tony Little, was himself an Etonian whose fees were considerably subsidised given his family's economic circumstances. ... While many of a capitalist society's elite may choose to sit on their mone...

• Word Count: 2635
• Approx Pages: 11
• Has Bibliography
• Grade Level: Graduate

The world market enables African elites to consume products of western civilization without having to initiate the difficult and long-term process of constructing the productive base of their societies. ... Due to imported ideas of trade, the development of the use of a standardized common currency has limited barter exchange and subsistence trade (primary components of pre-colonial African economies) within African societies. ... Integration into a global market has changed the manner of trade and the economic systems of African societies themselves. ... Innumerable social, political and eco...

• Word Count: 917
• Approx Pages: 4
• Grade Level: Graduate

The world market enables African elites to consume products of western civilization without having to initiate the difficult and long-term process of constructing the productive base of their societies. ... Due to imported ideas of trade, the development of the use of a standardized common currency has limited barter exchange and subsistence trade (primary components of pre-colonial African economies) within African societies. ... Integration into a global market has changed the manner of trade and the economic systems of African societies themselves. ... Innumerable social, political and eco...

• Word Count: 917
• Approx Pages: 4
• Grade Level: Graduate

When classical economists developed the ideas behind the free market economy, many failed to account for the social disparities created by industrialized society. ... Furthermore, socialism argued that a society entrenched in capitalism, where profits from entrepreneurs are reinvested into capital goods increases unemployment by replacing the worker with technology. ... In response to profit facilitating exploitation, the individualists assert that entrepreneurs must be entitled to profit to drive competition and thus create the strongest society. ... Again, Individualism cites competition, a ...

• Word Count: 1068
• Approx Pages: 4
• Has Bibliography
• Grade Level: Graduate