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By R. Mascarenhas

This comparative learn of commercial capitalism is an exam of state-economy kin in combined economies starting from the interventionist German and eastern to the fewer interventionist Anglo-American. Following the postwar consensus that led to the 'golden age' (1950-1973) and ended with the strength quandary, the Anglo-American economies followed neoliberalism whereas Germany and Japan remained interventionist. This led to the emergence of nationwide forms of capitalism. whereas examining the elevated festival among them, R.C.Mascarenhas additionally notes the effect of globalization in addition to 'alternative capitalism' with the survival and re-emergence of business districts.

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In identifying changes that have taken place within the capitalist system, Galbraith challenges conventional wisdom regarding the assumption that the competitive capitalist system identified with modern industrialized economies still exists. Once identified with railroads, steelmaking, petroleum production and well-known names such as Carnegie, Rockefeller and Ford, corporations are now more diversified and located worldwide, headed by relatively unknown men and women who own no Developments in Modern Industrial Capitalism 41 appreciable share in the enterprise.

While governments have always played a more active role in managing the economy in Europe when compared with the United States, the role of government in Europe has become politically acceptable and constructive. Writing at the time of a full employment economy with rapid technical progress, Shonfield expressed his belief that progress could be maintained only through an active public policy which assisted the quick transfer of people from jobs in which they had been established to new forms of employment (1965, p.

The changing balance of public and private power is reflected in the changes one observes in private enterprise in the second half of the twentieth 42 Foundations of Capitalism century. It is a steadier employer of labour, more amenable to the influence of public authority and more sensitive to the public view of its behaviour. Being large, it is influenced by its long-term future and sees itself as a permanent institution. Gradually the state has assumed the role of taming the market, realizing it was no longer acceptable in a civilized society to encounter sudden market fluctuations (Shonfield, 1965, p.

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