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Item type:Publication, Introduction to unified theory of capitalism(Springer International Publishing, 2021-09-16)This essay is an introduction to unified theory of capitalism. It is intended to make the essays of the book more accessible. In the first part, the chapter presents the epistemological principles of economics and then the primary assumptions of the unified theory, its empirical predictions, and the consistency of predictions with facts. Thus it is shown that indeed the unified theory is a good representation of the real-world capitalism. The second part of the chapter compares, based on epistemological criteria, the traits of the unified theory with those of the prevailing economic theories, namely, neoclassical, Keynesian, and Marxian. On epistemological grounds, the unified theory appears to be superior as it can explain facts that the other theories also can, but explains additional facts that the others cannot. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Inequality, power relations, and democracy(Springer International Publishing, 2021-09-16)In the post-World War II period, capitalism has been characterized by rapid economic growth, but accompanied by social maladies as side effects. This has been the growth age of capitalism, as growth rates of output per capita have been higher than ever. The basic social maladies include income inequality, social disorder, and environment degradation. Today's social maladies are also higher than ever. This outcome is certainly a paradox in a democratic society. The unified theory of capitalism supplies an explanation: The outcome reflects the power relations under which democratic capitalism operates. Given this striking finding, this essay summarizes the foundations of the unified theory and the epistemological justification of its findings, and then elaborates further on the explanation. The ultimate factor explaining the outcome of growth with social maladies in the capitalist system, taken by parts and taken as a whole, is the initial inequality. Societies that are very unequal by birth can hardly attain social progress. The initial inequality is truly a curse. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Quality of Society: Essays on the Unified Theory of Capitalism. Volume III(Springer Nature, 2023-01-01)This book contains another set of essays dealing with the fundamental economic problems of our time: inequality, environment degradation, and social disorder, which are analyzed in light of the unified theory of capitalism. This theory is a scientific endeavor that seeks to explain the capitalist system taken by parts and then taken as a whole, as a unified theory. By parts, the theory analyzes the First World and the Third World and also the short run, long run, and very long run economic processes, showing why and how economic growth has led to a new epoch, with ecological equilibrium disruption, known as the Anthropocene Age. The empirical predictions of the theory are proven to be consistent with the available facts. Therefore, the theory can be accepted as a good representation of the real-world capitalism; moreover, its derived causality relations become inputs for the debate on the needed science-based policies for the new age. Indeed, this book proposes structuralpolicies to change the way capitalism operates, through changes in its basic institutions, mainly the electoral democracy, which would certainly imply a re-foundation of the capitalist system.