Political Economy and American Capitalism

We are now witness to the waning years of the 1900s. Soon, we shall embark upon a bold journey into the uncharted territory of the twenty-first of various persuasions have speculated as to what the century. Futurists oncoming decades might bestow upon us. Not surprising, most predictions are closely tied to advances in technology, especially in astrophysiCS, biochemistry, electronics, and genetics. But what about the economic system? Whatever happens, forces have undoubtedly already been set in motion which will mold (or remold) the structure and character of American capitalism. American capitalism has been, is, and will undoubtedly continue to be a system in transition. Technology perennially changes, albeit at a faster or slower pace sometimes than others, and society's institutions continually adjust to these technological changes. Such adjustments alter the character of our politico-economic system when statutes are enacted, court decisions rendered, administrative agency rules promulgated, and cultural mores realigned to supplant old ones. Other adaptations are brought about when small-group collective action is successful in causing a special status of privilege to be conferred on some members of society, but restrictions to be levied on others.

1 Overview.- A Backward Glance.- The View Ahead.- Concluding Remarks.- 2 Political Economy.- Economics and Political Economy.- Types of Political Economy.- Scientific Dimensions of Political Economy.- Concluding Remarks.- 3 Power.- Power in Action.- Social Science Concepts of Power.- Political Economy of Power.- Economics and Power.- Concluding Remarks.- 4 Legitimacy.- Nature of Legitimacy.- The Corporation.- Indicators of Corporate Power.- Legitimacy of the Corporation.- Concluding Remarks.- 5 Feudalism.- Nature of Feudalism.- Medieval Economics.- Decline of Feudalism.- Vestiges of Feudal Institutions.- Concluding Remarks.- 6 Mercantilism.- The Quadruple Coincidence.- Characteristics of Mercantilism.- Views on Mercantilism in America.- Concluding Remarks.- 7 Fascism.- Nature of Fascism.- Fascist Parallels.- Recent Views.- Concluding Remarks.- 8 Socialism.- Elements of Socialism.- Some Popular Beliefs.- American Capitalism cum Socialism?.- Concluding Remarks.- 9 Modern American Capitalism.- Background.- Private Property and Incentives.- Pluralism and American Capitalism.- Concluding Remarks.- 10 Military-Industrial Complex.- Organizational Dimensions.- Evolutionary Aspects.- Economic Rationale.- Reality and Recógnition.- Concluding Remarks.- 11 Transportation.- The Railroads.- International Air Transport.- Concluding Remarks.- 12 Iiigiier Education.- Faculty Governance.- Tenure and Academic Freedom.- From Academy to Big Education.- Concluding Remarks.- 13 Medical Care.- Preliminary Considerations.- Evolution of Power.- Further Influence by Organized Medicine.- Concluding Remarks.- 14 Impressions.- Key Concepts and Some Conclusions.- The Alchemy of the American Economy.- Concluding Remarks.