final exam paper

final exam paper - William Cliff: 903631044 - Economics 107...

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William Cliff: 903631044 -- Economics 107 FINAL EXAM ESSAY #1 While we have seen that each country develops its own type of capitalistic society, describe and analyze the common characteristics that capitalism introduces to all societies. Capitalism was started as a coincidence; it was not seen as a necessary global economic system when it was established in the 18 th and 19 th centuries. As a result of its organic origins, many different forms have taken place. These are due to the unique dynamics of national populations, geography and attitudes of individual national governments. There are, however, common characteristics in all capitalistic societies. They share fundamental traits of innovation, niche-production, privatization, international cooperation, and the dynamic of each individual continuing to press forward. Innovation and its potential to create of a niche market is one of the most fundamental elements of capitalism. Improving the lives of massive amounts of people creates demand. Innovation was used to address famine early on by the Dutch and the English with their agricultural developments. Innovation was what made the US and Germany originally dominate the international market. Called the Industrial Levethians, Cornelius Vanderbilt, Andrew Carnegie, August Thyssen, Carl Zeiss and Siemens, were all American and German individuals who used their countries unique environment to innovate then create new industry from which economic growth and expansion occurred. These men produced within the niche of their nation: the Americans focused on their abundant resources and their strong nationalistic identity and created industries based on steel, railroads and oil. The Germans used their great educational system and their advantage in engineering to create specialized quality products like steel piping, electrical wire and microscopes. Moving more into the modern era of capitalism, Japan has innovated in producing computer chips—proving the dependency theory wrong. All examples of such innovation create not only economic growth, but capitalistic economic development as these countries create demand for their product through specialization and finding their niche. International cooperation through foreign trade and is another aspect of capitalism
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final exam paper - William Cliff: 903631044 - Economics 107...

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