epidemics of american capitalism
TRANSCRIPT
-
8/9/2019 Epidemics of American Capitalism
1/25
Epidemics of American 1
Running head: EPIDEMICS AMERICAN CAPITALISM
Epidemics of American Capitalism
Parish M. Kaleiwahea
Wayland Baptist University
MGMT 5326
Dr. Tod Outlaw
June 16, 2010
-
8/9/2019 Epidemics of American Capitalism
2/25
Epidemics of American 2
Abstract
Capitalism and Globalization have been mixed with activists
arguing that it has led to enhance economic standards of living.
China, India, and East Asian countries are considered as having
financial growth because of their willingness embrace American
free enterprise economic practices and culture. However, critics
claim that American variance of capitalism has raised income
disparities, poverty, drugs, crimes and destabilized local
economies. They point to examples of Latin America and Africa
where the adoption of our free enterprise economic systems has
spread havoc and chaos. The paper advocates how Globalization
was a by-product of American Capitalism. The first section
summarizes the background of capitalism and globalization. The
second portion introduces the three epidemics that cultivated
the American version of the free market. The third section will
focus on the benefits and the criticism of American Capitalism.
The lastly the final section will try to refute the critics'
arguments that free enterprise is the only system that can
produce worldwide prosperity.
-
8/9/2019 Epidemics of American Capitalism
3/25
Epidemics of American 3
Epidemics of American Capitalism
The Berlin Wall: 1961-1989. Rest in pieces! (Eugene
Elander, 2009) The author recaptures the historic day back in
1989 in his article And Berlin wall came tumbling down!
Elander recounts emotions to a package with pieces of the wall
received from a friend who watched the demolition and at the
same, time, witnessed the fall of communist strangle hold that
had suppressed one country and its people for over 20 years. The
fall of the Iron Curtain represented a gigantic move towards the
spread of Democracy and the free market. Today, Capitalism has
quickly emerged as the leading economic system around the world.
This system is based on the premise that private
individuals or companies own the manufacture and production of
goods and services. This contrasts with the Communist control of
the economy, which guides the industry, agriculture, trade, and
commerce. An entrepreneur system is the theory that competition,
privatization, and income will bring wealth and success to the
entire population. There are different forms of capitalism,
which advocate minimum or reduced involvement of the state in
the economy. The most well liked type of capitalism that is
being advocated is the neo liberal economic system that has been
championed by the Western countries. However, regardless of
whether it is a dictatorship or commonwealth, any large-scale
political unit is a complex system. In this case, countries
-
8/9/2019 Epidemics of American Capitalism
4/25
Epidemics of American 4
under Marxist rule loss control of their system since it did not
promote the stability it needed to manage and cultivate its
economy. Most countries have an organized central authority
either a family sovereign member, elected president or appointed
official; however, the authority of any head of state is always
embedded within economic, social, and political relations over
which he or she is selected to be responsible. Even so, the
nation show signs of many of the characteristics that the leader
or government body puts in place.
Nevertheless, the context of our history is rarely
acknowledged when looking for patterns or clues to find out what
was the root cause of trend. One could look back at the demise
of the Communist regime and try to understand their fall from
grace. What was the tipping point for Union of Soviet Socialist
Republics and Eastern European communist countries? What turning
point signs did they have to replace their radical socialist
rule that provided for their livelihood for decades? More
importantly, was it American arrogance to capitalism that
enticed other countries to embrace Democracy and United States
citizens way of life? This paper will examine what influences
Globalization had on capitalism and try to understand the
relationship between the two. It concludes by acknowledging the
benefits the world had because of American capitalism. Its
relationship on Capitalism; in addition, it will provide an
-
8/9/2019 Epidemics of American Capitalism
5/25
Epidemics of American 5
overview of the arguments used by both sides. It concludes that
American Capitalism has been beneficial for the world. Is it a
merely a mirage that will lead to an implosion on the world
economy or is it the answer to the world's population for the
pursuit of contentment?
To understand the global shift in the paradigm, we must
expose some of the changes that brought us to this point.
Malcolms Gladwells book the Tipping Point is about change and
offers a fascinating and insightful way to understand why change
so often happens as quickly and as unexpectedly as it does. The
author claims that ideas, behavior, messages and products
sometimes behave just like outbreaks of infectious disease. The
Tipping point deals with social epidemics that surround us and
looks at history to pin point outcomes of todays attitude
generation after generation everything from culture, music,
dress, and politics changes frequently in a very unusual way
"look at the subtle, the hidden, and the unspoken." (Gladwell
2002) What events caused the widespread of American Capitalism
throughout the world? The signs were understated, events were
overlooked, but in the end, Globalization was the root cause for
the new face American Capitalism, and that the tipping point was
slight, slow, and unwanted way of denying that people of the
world had accepted Democracy and have chosen that to be the only
way for prosperity?
-
8/9/2019 Epidemics of American Capitalism
6/25
Epidemics of American 6
Development of American capitalist beliefs
Context Background
Capitalism as a concept has existed in one form or the
other in society. These concepts and theories have evolved with
the gradual transformation of societies. The Industrial
Revolution of the nineteenth century is considered the period,
which is marked, by the growth and expansion of free enterprise
as an economic ideology. Perhaps the earliest concept of modern
capitalism was formulated by Adam Smith. He believed that the
drive for profit could have benefits for society. Karl Marx and
Max Weber also contributed important ideas for the development
of capitalism. Marx was an opponent of capitalism because he
believed that it exploited the workers treating them as
commodities. The exploitation is unethicalin that it places
limits on the productivity and satisfaction of the workers by
taking away the fruits of their labor (Quigley). He believed
that an international revolution led by the workers would
eventually topple the capitalist system. He also believed that
the capitalist system is inherently exploitive and breeds
injustice. Webers Thesis as the view that the rise of
industrial capitalism was facilitated in Protestant regions.
(Becker 2007) Weber identified the principles of capitalism that
created efficiency and effectiveness inside the economic system.
He believed that Protestants were instrumental in the
-
8/9/2019 Epidemics of American Capitalism
7/25
Epidemics of American 7
development of capitalism because of their belief in working
hard to earn a living.
The United States emerged as a major superpower after the
First World War and even consolidated its strength as the Second
World War ended. It exercised its muscle by establishing many
organizations to introduce the new form of Capitalism with an
American look. Institutions such as the United Nations,
International Monetary Fund and the World Bank were created with
the goal to protect American business among other trading
nations. Additionally, it gave the United States an upper hand
when dealing with developing countries especially if the country
required capital to invest in their countys economic growth.
Robert Skidelsky article: New Face of American Capitalism and
its impact of the world explain the new world leaders role for
the United States.
It is globalization, rather than IT, which most
distinctively displays the new face of American capitalism.
Globalization is an American process driven by
distinctively American ideas, pressures, and policies. It
is routinely and placidly defined as economic integration
across frontiers But its central concrete feature has been
the massive transfer of manufacturing capacity from high
wage to low wage countries. A new global division of labor
is emerging in which developed countries concentrate on
-
8/9/2019 Epidemics of American Capitalism
8/25
Epidemics of American 8
increasingly on services, and developing countries like
China act as manufacturing assembly plants at fraction of
western wages. (Skidelsky 2007)
The Global economy wears the mask of American capitalism. For
many it could lead to their country catapulting out of pervert
and into the wealth and prosperity.
The arrival of globalization has accepted the free
enterprise concept. Whereas, trading of good services are no
longer contained in the sandbox but can be available twenty
fours a day 365 days of the year. The technology boom in the
early 90s, continue to flourish in the new millennium. Business
expansion is almost limitless because it allows real time data
to exchange hands in millisecond instead of months for a
transaction to get approved from one country to the next can now
be mitigated in some case less than two hours. The globalization
of today needs to be visualized in much broader conceptual
framework, emphasizing the interaction between diverse economic,
ecological, political, socio-cultural, and technological
factors. In short, we can say that it is an overarching
international system shaping the domestic politics, culture,
economy and foreign relations of virtually every country
(Friedman, 2004).
American Capitalism Three Tipping Points
Closing the door, breaking the wall, and the invitation
-
8/9/2019 Epidemics of American Capitalism
9/25
Epidemics of American 9
American Capitalism is way we conduct our Global business
today, but it continues to intrigue as it was at its time of
inception. However, can one point to its origin? Examining its
impact with the world today it can be argued that the success of
the spread of democracy can be attributed to three social and
political epidemics throughout worlds history.
In the early 1500s China had the largest Navy fleet in the
world. Chinese Admiral named Zheng He commanded a fleet of over
300 vessels and 28,000 men compared to Spains famous explorer
Christopher Columbus. The Chinese ships were far superior to any
nation during that era. Between 1405 and 1433, Zheng traveled
wildly throughout world and exchanged commodities and ideas
among neighboring nations. However, by 1430 the new emperor
abruptly ended all of the trade and exploration. One of the
first indicators of the new Chinese ruler was what Kennedy calls
China's decision under the weak emperors who followed Yung
Lo "to turn its back on the world" (Kennedy 7). Kennedy
when on to say In the 15th century, China was
technologically superior to Europe in many fields. In 1436,
an imperial edict was issued forbidding the construction of
ocean going vessels. Foreign missions and voyages were
banned. Trade and even contact with foreigners were
officially discouraged overall; China remained isolated
from the rest of the world between the mid 15th and the mid
-
8/9/2019 Epidemics of American Capitalism
10/25
Epidemics of American 10
19th century.
Fairbank says that "Ming China . . . missed the boat of modern
technological and economic development" (Fairbank 138). Kennedy
says "a key element in China's retreat was the sheer
conservatism of the Confucian bureaucracy" . . . [which] wished
to "preserve and recapture the past, not to create a brighter
future based upon . . . overseas commerce" (Kennedy 7-8). If
China continued it dominate the sea-lanes and trade some can
argue that the exploration history would be different from
todays textbooks. Chinas emperor to cut all ties with the West
edified other nations to take advantage of Navy expeditionary,
trade, and capitalistic opportunity in the world market.
The end of the Cold War brought the obliteration of the
Communist empire; more importantly, it provided a new and
hopeful beginning for the entire world. After continued silent
war propaganda among the super powers the United States and the
Soviet Union had reach a tipping point of despair. After
countless attempts to maintain social, political, and economic
prowess the Soviet Union could no longer live in mediocrity. It
decided to pursue Americas style of Governing privatization and
slowly transition towards democracy through
internationalization, globalization, and Americanization that
demanded the use of American Capitalism for industrial and
economic growth for the former Soviet regime.
-
8/9/2019 Epidemics of American Capitalism
11/25
Epidemics of American 11
Chinas appointment to the World Trade Organization in 2001
was regarded at the time to be a significant economic
achievement for China. It signified a hybrid epidemic since two
countries would benefit the most from its induction into the
WTO. Chinas struggle as non-trading member since 1978 when it
first opens its doors for Global business ventures. By not
allowing China into the WTO, their growth rate crawled almost to
a standstill. Chinas WTO accession has huge impact in the
domestic, regional and world economies. China accession to WTO
stood out since it was the only nation in the bloc that followed
communist ideology. The country joined a body that embodies free
trade and liberalization, which was clearly in conflict with
communist ideologies. Since its induction of the WTO, the
Chinese government continues to embrace and practice a market
economy, and it has become very competitive. In addition, China
was also granted a grace period over which it would carry out
reforms in its financial sector. A timetable was put in place
indicating the liberalization program across the regions, which
would eventually see the sector opened to foreign institution by
2006.
-
8/9/2019 Epidemics of American Capitalism
12/25
Epidemics of American 12
(Hansakul, Syetam, 2004)
The government also opened up insurance industry to foreign
firms. Foreign insurance firms were allowed greater geographical
coverage and 50 percent joint ownership by June 2003, there were
about 11 foreign insurance firms. The table below shows the
number of foreign owned financial institutions in the country by
June 2003.
(Hansakul, Syetam, 2004)
Chinese decision to shut out the world, the fall of Communism,
and WTO invitation for China carved the sculpture of American
Capitalism these events, which seem subtle, unrelated, and
without incident encapsulate our continued dominance of the
Global economy. However, have citizens of the United States
considered the impact to the spread of American Capitalism
pandemic.
-
8/9/2019 Epidemics of American Capitalism
13/25
Epidemics of American 13
American Capitalism Benefits
Decentralization & Developing Country miracles
One of the key features of the capitalist system is that
decentralization allows the use of many innovative solutions for
problems. Competition leads to companies finding superior
solutions that can satisfy the aspirations of the world economy.
Socialism or communism creates flaws because it retards
creativity and innovation. Any individual that has a brilliant
solution cannot experiment with in inside a centrally planned
economy. The government sets the targets for the achievement of
production that breeds corruption, stagnancy, and static growth
for industries. Limited intervention of the economy has been
criticized by some schools of capitalism. They argue that this
brings recessions and collapse of the economy. Some researchers
insist that the Great Depression was caused by the flawed
policies of the Federal government. Latin America during the
1980s and 1990s witnessed a wave of free market systems being
implemented. The result was that state owned enterprises that
had been heavily subsidized and protected by the government now
had to open themselves to competition and profit. They were
inclined to provide superior services and goods for the
citizens. Empirical studies conducted of Latin American nations
found that private organizations increased their efficiency and
effectiveness due to privatization. Unproductive workers were
-
8/9/2019 Epidemics of American Capitalism
14/25
Epidemics of American 14
laid off which reduced the costs of these organizations. It also
created a new group of consumers because of income increases and
new job opportunities. The GDP of individual nations began to
increase while inflation was curbed due to the market reforms
(Federal Reserve Bank of Dallas, 2002). The volume of sales
intensified because of the creation of a huge consumer market.
The governments also witnessed benefit in the form of reduced
expenditure after the closing of subsidies.
The Chinese economic miracle has been due to the adoption
of free market system. The Chinese government initiated a
massive program of economic liberalization and opening its
markets in the late 1970s by abandoning the socialist planning
(Parsad, 2007). The economy has grown annually with a rate of
ten percent. Poverty has been reduced with income generated for
a large section of the population. Agriculture was liberalized
and privatized by the government as it moved from the communist
system. State industries were given considerable degrees of
autonomy and freedom to make decisions. Private industry was
encouraged in the services, retail, and manufacturing sectors
(Parsad, 2007). Banking system was implemented while foreign
direct investment was invited inside the country. Exports and
trade comprise the bulk of the Chinese economic performance.
Investments in agriculture and industry have led to the country
acquiring tremendous resources in exporting and catering to its
-
8/9/2019 Epidemics of American Capitalism
15/25
Epidemics of American 15
huge consumer market. Another nation that has become one of the
largest economies in the world is India. During the early 1990s,
the government abandoned its years of socialist and centralized
planning that had created inefficient and static industries.
Economy was on the verge of bankruptcy when the markets were
opened. Foreign investment was invited while the banking and
services sectors were organized along the lines of modern
nations. Industrial productivity increased with the rise of an
Indian middle class. India and China have been the leading
examples of how capitalism can breed efficiency and productivity
in the economic system. Poverty rates have been significantly
declined because of the economic reforms implemented in China
and India (Srinivasan, 2006). Moreover, a study by The European
Journal of Comparative Economics illustrates a side-by-side
comparison of China and India successfully integrated into the
world economy.
Balance of payments statistics show that a large part of
Chinas payments for services are linked to merchandise
trade (transport, insurance, royalties, Table 4). In
2006, China accounted for 5% of the international payments
for transport services and for 8% of payments for insurance
services. India has taken a very strong position in
computer and information services exports, with almost one
fifth of world exports. Its payments for transport services
-
8/9/2019 Epidemics of American Capitalism
16/25
Epidemics of American 16
also increased (to 3.7% of world total in 2006).
(Bensidoun, Lemoine, nal 2009)
Table 3 - China and India: degreeof economic openness
In percent
China India
1995 2006 1995 2006Exports of goods and services/GDP 23 40 11 23Exports of goods/GDP 18 37 9 14Exports of services/GDP 5 3 3 9Manufactured exports/manufacturing 51 93 39 60Services exports/services value 8 9 5 17FDI inflows/GDP 5 3 1 2FDI outflows/GDP 0 1 0 1
Source: World Bank (2007b).
Criticism of American Capitalism
Promote exploitation and unfairness
Capitalism has been criticized because it is considered to
breed exploitation and injustice according to socialists and
communists (Nozick, 1998). Others believe that some form of
government regulation and interference is vital to prevent
recessions and depressions. Marxism was a leading critique of
capitalism that advocated the use of violent revolutions by
workers to overthrow these systems. Some sects of religions have
also spoken out against capitalism because it promotes interest
and materialism. One criticism leveled against capitalism is
that it leads to the creation of income disparities. It also
tends to favor some segments of society at the expense of
marginalized communities. Crime, drugs, unemployment, social
-
8/9/2019 Epidemics of American Capitalism
17/25
Epidemics of American 17
dislocations, and other social problems also increase under a
capitalist system. The free market system leads to the creation
of monopoly by the private organizations (Rea, 2007). The market
becomes dominated a group of organizations which concentrate
wealth and power in their hands. Imperialism and neo colonialism
are termed as being promoted under the pretext of the capitalist
system by anti globalization groups. This has led to the
generation of conflicts and repression of workers. There are
also concerns that capitalist drive for growth and productivity
could come at the cost of the destruction or deterioration of
the environment. Critics of capitalism argue that the opening of
domestic markets with the global system leads to the destruction
of local industries, which are unable to compete with
international companies. They argue that developing countries
have become dumping areas for the goods that are manufactured by
multinational organizations. There have also been concerns that
capitalist economic policies have caused extensive social
disruptions in Latin American and African societies.
Empirical research conducted of Latin American neo liberal
reforms found that they had retarded the industrial growth of
local organizations (Zettelmeyer, 2006). Colombia experienced
stable and sufficient economic growth before embracing market
reforms. Critics say that the opening of markets made the
Colombian economy vulnerable to the volatilities and
-
8/9/2019 Epidemics of American Capitalism
18/25
Epidemics of American 18
fluctuations of the world market. Latin American states also
witnessed unequal distribution of resources after embracing
market reforms (Zettelmeyer, 2006). The drive for profit has
been criticized because it comes at the expense of marginalized
communities. Russia and Eastern European states faced numerous
problems as they began the transition towards market-oriented
economies. Unemployment rates increased while crime began to
soar in the cities. Social upheavals were also witnessed as
thousands of educated engineers, doctors, and scientists did not
have jobs. Inside countries like Georgia and Uzbekistan, living
standards have fallen while industrial production has been
sluggish due to the inadequate reforms. Soft budget controls and
administrative controls were blamed for the economic collapse in
the post communist period (Gaidar, 1998). The number of
scientists in Armenia declined dramatically because of the rapid
unemployment inside the country. Perhaps the greatest decline
was witnessed in Russia during the 1990s as its economy began to
collapse. The rise of the Russian mafia and corruption spread
havoc and chaos in the economic system. Poverty, homelessness,
unemployment, crime, and violence increased in the cities of
Russia. Market reforms were disastrous for Russia because it led
to the creation of criminals who took advantage and began to
purchase the vital strategic assets of the country (Cooper,
-
8/9/2019 Epidemics of American Capitalism
19/25
Epidemics of American 19
2008). Most of the money was stolen and shipped to offshore
banks in the West.
Refuting the critics
Addressing the glass half full
Despite the inherent flaws in capitalism, the opening of
economic markets and trade liberalization has proven to be
beneficial for countries. The economic indicators of countries
with economic freedom show an increase in productivity and
efficiency as opposed to closed economies. The integration of
the global economy has created many benefits because this has
led to the transfer of technology and investments inside
developing countries. Since the mid-2000s, both countries have
rapidly expanded their investment abroad. One of the goals of
the large Chinese and Indian firms, which have pursued this
strategy, is to acquire advanced technology (through mergers and
acquisitions).(Bensidoun, Lemoine, nal 2009)
Figure 3 - Direct investment abroad byChina andIndia (billion US$)
25
22 China
20
14 India
10
5
-
8/9/2019 Epidemics of American Capitalism
20/25
Epidemics of American 20
0
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 0607
Source: UNCTAD
(2007).
It has also led to the efficiency and productivity of economies.
The private ownership of the means of production leads to
efficiency and effectiveness as people have diverse choices to
choose their career paths. Foreign investment for any developing
country can be beneficial as it allows the creation of new jobs
and improved working conditions as compared with local
companies. It also eventually leads to the path of freedom
despite the fact that it has flourished under authoritarian
regimes. Countries like South Korea, Taiwan, Chile, etc had
authoritarian governments that presided over economic miracles.
Once they had developed their economies, the political system
became more open as it allowed multi parties and democracy to
firmly root itself. The intellectual growth and progress of the
West in the nineteenth century was mainly due to the principles
of the free market. One of the greatest strengths of capitalism
has been decentralization as it allows companies and
organizations to strive hard in order to maintain their
competitive edge. The examples of India and China, which had
-
8/9/2019 Epidemics of American Capitalism
21/25
Epidemics of American 21
state planned systems, previously are sufficient to demonstrate
the benefits of capitalism as a viable economic system.
Conclusion
Capitalism is an economic system where private individuals
or organizations control the means of production. This system
has been in one form or the other but it was the nineteenth
century when the ideas of free markets were developed. Adam
Smith is considered one of the pioneers of the ideas of free
markets who believed that the drive for profit could benefit
society. Marx was a bitter critique of capitalism who believed
that it exploited the workers as another commodity. The neo
liberal economic school of thought is the most prevalent in the
economic system of the West. It advocates minimum government
interference or regulation inside economics.
American Capitalism has many benefits despite the extensive
criticism leveled towards it. It creates the most efficient and
productive economic system. It is based on profit, competition,
privatization and recently globalization. It also eventually
leads to the political freedom. It stands for economic freedom
because it allows individuals to shape their own destinies by
choosing different career paths. This is difficult to achieve in
traditional or socialist societies. Empirical studies conducted
of Latin American nations found that private organizations
increased their efficiency and effectiveness due to
-
8/9/2019 Epidemics of American Capitalism
22/25
-
8/9/2019 Epidemics of American Capitalism
23/25
Epidemics of American 23
References
Bensidoun, L., Unal. (2009). The integration of China and India
into the world economy: A comparison. The European Journal of
Comparative Economics, 6, 131-155.
(2002). Beyond the Border Latin American Market Reforms Put to
the Test. Retrieved November 4, 2008, from Federal Reserve Bank
of Dallas Web site:
http://www.dallasfed.org/research/swe/2002/swe0204c.html
Cooper, William H. (2008). Russias Economic Performance and
Policies and Their Implications for the United States. Retrieved
November 4, 2008, Web site:
http://www.fas.org/sgp/crs/row/RL34512.pdf
Elander. (2009, November 10). And the Berlin Wall Came Tumbling
Down! (History) (1). Retrieved 18 05 2010, from OpEdNews.com:
http://www.opednews.com/articles/And-the-Berlin-Wall-came-t-by-
Eugene-Elander-091109-87.html.
Gaidar, Yegor (1998). Lessons of the Russian Crisis for
Transition Economies. Retrieved November 4, 2008, from IMF Web
site:
http://www.imf.org/external/pubs/ft/fandd/1999/06/pdf/gaidar.pdf
Gill, Stephen (2000). The constitution of global capitalism.
Retrieved November 4, 2008, from Global Site Web site:
http://www.theglobalsite.ac.uk/press/010gill.pdf
gladwell dot com - the tipping point. (n.d.). Retrieved from
-
8/9/2019 Epidemics of American Capitalism
24/25
Epidemics of American 24
http://www.gladwell.com/tippingpoint/
Hansakul, Syetam. Chinas Financial Sector: Institutional
Framework and Main Challenges. China Special, Deutsche Bank
Research, Jan 9 2004. Retrieved On 12/14/07
fromhttp://www.dbresearch.de/PROD/CIB_INTERNET_EN-
PROD/PROD0000000000072461.pdf
Jinhao Zhou. (2008). Does China's Rise Threaten The United
States. Asian Perspective, 32(3), 171-182.
Retrieved November 4, 2008, from Ludwig von Mises Institute Web
site: http://mises.org/article.aspx?Id=1005
Nozick, Robert (1998). Why Do Intellectuals Oppose Capitalism?.
Retrieved November 4, 2008, Web site:
http://www.cato.org/pubs/policy_report/cpr-20n1-1.html
Parsad, Eswar S. (2007). Is the Chinese Growth Miracle Built to
Last? Retrieved November 4, 2008, Web site:
http://prasad.aem.cornell.edu/doc/new_papers/ChinaGrowth.pdf
Srinivasan, T. N. (2006). China and India: Economic Performance,
Competition and Cooperation. Retrieved November 4, 2008, Web
site:
http://www.econ.yale.edu/~srinivas/C&I%20Economic%20Performance%
20Update.pdf
Rea, K.J (2007). Monopoly, Imperfect Competition, and Oligopoly.
-
8/9/2019 Epidemics of American Capitalism
25/25
Epidemics of American 25
Retrieved November 4, 2008, Web site:
http://www.chass.utoronto.ca/~reak/eco100/100_6.htm
Rockwell, Llewellyn H. (2002). The Legitimacy of Capitalism. .
Zettelmeyer, Jeromin (2006). Growth and Reforms in Latin
America: A Survey of Facts and Arguments. Retrieved November 4,
2008, from IMF Web site:
http://www.imf.org/external/pubs/ft/wp/2006/wp06210.pdf