Топики

Capitalism (Капитализм)

 

Capitalism

Capitalism is a term to define the system of economic individualism, based on the assumption that people's pursuit of self-interest and the right to own private property are legally legitimate and morally defensible. In this case the state exists to protect individual rights. Restricted by law and custom to a certain extend, people as individuals are free to decide where to invest, what to produce or sell, and what prices to charge. Their efforts in terms of assets, sales and profits, or the number of customers, employees, and investors, or whether they operate in local, regional, national, or international markets, are not limited in any natural way.

In the nineteenth century even capitalism's defenders did not understand its nature. It was believed that the perfect economic system was that of «pure» competition, where all firms are small scale, products in each industry are homogeneous, buyers are perfectly informed about what is for sale and at what price, and all sellers have to «take» the market price, being unable to charge a higher one for their goods.

In practice, though, there is no such thing as pure competition. Under real competition within capitalism companies are rivals for sales and profits. This leads them to introduce cost-cutting technologies, to innovate in product design and performance, and to use packaging to make products more attractive for customers. Companies also offer assurances of security to imperfectly informed consumers, such as money-back guarantees or product warranties. They also build customer loyalty through investing in their brand names and reputations.

If a company is successful in adopting these techniques of rivalry, it is growing, and eventually may come to dominate its industry, though usually only for a few years until other firms find better ways of satisfying consumer demands. Neither rivalry nor product differentiation occurs under perfect competition, but they happen constantly under real flesh-and-blood capitalism.

These rivalry and product differentiation account for the major benefits of capitalism, where luxuries are quickly transformed into necessities. Quite recently, microwave ovens, videocassette recorders, answering machines, personal computers, sophisticated cameras, and compact disc players were available to only a few. Now lots of people can afford those.

Giant corporations are the main feature of modern capitalism. They attract capital from thousands and even millions of investors who may not know each other, but who entrust their money to managers in exchange for a share of the resulting profits. So, investment and management have become two distinct elements of modern capitalism, and giant corporations have become a good proof of the ability of individuals to engage in large-scale, long-range cooperation for their mutual benefit and enrichment.

A fully free economy, though, never has existed, as governmental authorities have always been playing a more or less active, interventionist role in regulating national economies.

 Слова и выражения (Vocalubary) для темы Capitalism - Капитализм

adopt

 принимать

afford

 позволить (себе)

assumption

 предположение

assurance

 обеспечение, гарантия

available

 доступный

benefit

 выгода

constantly

 постоянно

custom

 обычай

defender

 защитник

defensible

 подлежащий защите

define

 определять

differentiation

 дифференциация

distinct

 ясный, различимый

dominate

 доминировать

effort

 усилие

enrichment

 обогащение

entrust

 вверять, доверять

eventually

 постепенно, шаг за шагом

giant

 гигант; гигантский

homogeneous

 однородные

individualism

 индивидуализм

innovate

 использовать инновации

interventionist

 интервенционистская

law

 закон

legal

 законный

legitimate

 законный, легитимный

loyalty

 лояльность

luxury

 роскошь, предмет роскоши

mutual

 общий

necessity

 необходимость, предмет (первой) необходимости

occur

 случаться, происходить

performance

 исполнение, работа, деятельность

proof

 доказательство

protect

 защищать

pursuit

 следование, преследование

restrict

 ограничивать

rival

 соперник

rivalry

 соперничество

security

 безопасность

sophisticated

 сложный, изощренный

term

 термин

warranty

 техническая гарантия

Self- interest

личный, частный интерес

in this case

 в этом случае

to a certain extent

 до определенного предела

in terms

 в терминах

small scale

 малый масштаб; маломасштабный

Cost- cutting

снижающий издержки

Money-back guarantee

 гарантия возврата денег

brand name

 товарная марка

Flesh and blood

 «во плоти» (доел.: во плоти и крови)

microwave oven

 микроволновая печь

videocassette recorder

 видеомагнитофон

answering machine

 автоответчик

personal computer

 персональный компьютер

sophisticated camera

 сложный фото(кино)аппарат

compact disc player

 проигрыватель компактдисков

in exchange for

 в обмен на

engage in

 участвовать (в), быть задействованным (в)

Large- scale

 крупномасштабный

Long-range

долговременный

 

Узнать подробнее - Как выучить английский язык бесплатно

Вы здесь: Home Топики Capitalism (Капитализм)