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By R. Mascarenhas

This comparative research of commercial capitalism is an exam of state-economy kinfolk in combined economies starting from the interventionist German and jap to the fewer interventionist Anglo-American. Following the postwar consensus that ended in the 'golden age' (1950-1973) and ended with the power problem, the Anglo-American economies followed neoliberalism whereas Germany and Japan remained interventionist. This led to the emergence of nationwide kinds of capitalism. whereas studying the elevated pageant among them, R.C.Mascarenhas additionally notes the effect of globalization in addition to 'alternative capitalism' with the survival and re-emergence of commercial districts.

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126, 131). However, the United States, in the absence of feudalism, was able to engage in both a vigorous development of capitalism and sturdy political pluralism. It must be asked whether the existence of democracy and equality without enduring a democratic revolution is a blessing or a misfortune. According to Louis Hartz, the United States suffers from a lack of ideological diversity, that is, a `prime constituent of genuine liberty' so abundant in Europe (Hirschman, 1986). In Passions and the Interests (1977), Hirschman notes Smith's belief that doucier would result in corruption and decadence.

19). , 1992, p. 2). A significant development in `new institutionalism' is the concept of the veto, which has been built into institutions and is seen as a constraint in making policy changes or as protection against arbitrary use of power. , 1992; Weaver and Rockman, 1993; Mascarenhas, 1996, 1999). I adopt a position that attributes to the state (government) a crucial role in a mixed economy. The effectiveness of the state in promoting the growth and development of the economy, both public and private, rests on appropriate institutions.

The fourth section reviews more recent critics including Galbraith, Shonfield, Hirsch and Hirschman. A conclusion sums up in the final section. Philosophical foundations of modern capitalism Early developments in political economy can be traced to the writings of Adam Smith, Karl Marx and Friedrich List, whose influence is reflected to a great extent in the libertarian and neo-Marxist schools. Their work provides a useful background to a comparative study of industrial capitalism. Libertarian philosophy centres around freedom of choice, individual liberty and the right to property, which together contribute to enterprise, initiative and self-interest.

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