O Desenvolvimento do Capitalismo e o Papel das Doutrinas Liberal e Neoliberal: Uma Perspectiva Historica (The Development of Capitalism, Liberalism and Neoliberalism: An Historical Overview)
Marianna Izabel Medeiros Klaes
King's College London; Universidade do Sul de Santa Catarina University (Brazil)
June 17, 2003
Brazilian Society of Economic Politics, 2003
The capitalist industrial society underwent profound changes after World War II. Although its political, economic and social structures were redesigned in the postwar period, they began to crumble again just two decades afterwards as a result of the liberal model crises, which badly affected the capitalist system and national economies worldwide in the 70’s and 80’s.
The 90’s witnessed the emergence of a sort of economic globalization golden age, however still challenged by economic-financial crises, political uncertainties and critical development issues.
Nevertheless, a new type of capitalist society, known as the Knowledge Society, is developing in the dawn of the 21st century, endowed with characteristics that differ greatly from the classical capitalist industrial society, as the Knowledge Society is based upon the integration of the economy in a global scale and use of human capital as a fundamental resource.
How the capitalist system has reinvented itself within the new knowledge boundaries? Why has industrial and financial capitalism collapsed? Should it finally be acknowledge that the neoliberal policies have failed?
Having those questions taken as leitmotiv by the author, this article aims to discuss the capitalist system development from a historical and an analytical perspective, and it is divided into two main sections.
The first section summarises the financial and commercial capitalisms origins. Moving on to the analysis of the Industrial Revolution’s impact on the capitalist system, the emergence of "free enterprise" under the Liberalism aegis, and the calling for the state introduce mechanisms to promote market equilibrium in the last decades of the 19th century.
In the second section, this study examines the industrial and financial capitalism redesign, the Welfare State and economic interventionist policies, the decline of socialism and capitalism’s collapse in the context of economic globalization. Finally, it discusses the major outcomes of the impact of neoliberal policies in the 20th century and onwards.
Note: Downloadable document is in Portuguese.
Number of Pages in PDF File: 14
Keywords: Capitalism, Liberalism, Neoliberalism, Globalisation, Interventionism, Welfare State, Industrial Revolution
JEL Classification: L10, M10, N00, N20, P00, P10Accepted Paper Series
Date posted: July 22, 2011
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