Capitalism

Welcome to Capitalism Online SEARCHING: Unlike the CD, * this version will not allow you to print pages or to copy and paste passages. But it shares with the CD the fact that the entire book can be searched using Windows' standard search feature, which is accessed by pressing the “Control” and the “F” keys at the same time and then entering whatever short text you want to search for, followed by pressing the “Alt” and the “F” keys at the same time. By means of the repeated pressing of the combination of the “Alt” and the “F” keys, you can find every occurrence of a word or phrase throughout the entire book. HYPERLINKS: The book's table of contents, both in brief and in detail, has been 100 percent linked to what the entries represent, as have the lists of figures and tables. Just click on any such entry and the corresponding item and page will almost immediately appear. In addition, all note numbers in the text are linked to the corresponding notes. Clicking on the number of the note in the text brings up the note at the end of the chapter. To return to the text where the note number appeared, just right click on your mouse and then click on the menu-choice “Return to Previous View” or “Go Back,” depending on which version of the Adobe Acrobat Reader you are using. (If you move around on the page of notes, you will have to do this more than once, with the result that it may be easier to go back to the page you came from by using the method described immediately below, under the next topic.) SEARCHING FOR INDEX ENTRIES: The book's index has not been hyper-linked, but any page can immediately be accessed simply by adding the number 56 to the page number you're looking for and then entering that number into the page-number display of the Adobe Acrobat Reader, which appears down toward the lower left-hand corner of the program's Window. (See the screen shot on the next page for the exact location, which is indicated by an arrow, and then look at the lower left-hand corner of the screen you yourself are viewing at this very moment.) Thus, for example, if you're in the Index, say at page 1002 and you want to go to a topic listed as appearing on page 149, all you have to do is move your mouse to the lower left- hand corner, where the Acrobat Reader shows “1058 of 1102,” or, right now, 1 out of 1102, click on that, type in 205, press “Enter,” and you'll immediately be transported to page 149. (The reason for the addition of 56 is that in addition to the 1046 pages of text with Arabic numbers in Capitalism, there are 50 pages of text with roman numbers, as well as 4 unnumbered pages, representing the book's jacket. In addition, there are now 2 pages of these instructions. All of these 56 pages are counted in the Adobe Reader.) You may wish to try this exercise right now, by typing in any number from 1 to 1102, followed by pressing the “Enter” key. (If you have any trouble getting back to this page, just repeat the same exercise, but this time type in 1, press “Enter,” and you’ll come right back to this page.) If you want to go to a Roman-numbered page, simply add 6 to the page number you want to go to, e.g., if you want to go to p. xv, type in 21 and press “Enter.” NAVIGATING THROUGH THE DOCUMENT: In addition to the method described above of typing in the page number you want to go to, you can move from page to page simply by holding down the “Control” key and pressing the “Page Up” or “Page Down” * If you are not at www.capitalism.net, information concerning the CD can be found there. Page number display: key on your keyboard. The same results can be achieved by pressing the left or right arrow keys on your keyboard. You can move up or down one line at a time by pressing the up or down arrow keys on your keyboard. Pressing the “Page Up” or “Page Down” keys without holding down the “Control” key will usually move you up or down just part of a page. Also, you can move up or down by a page by clicking on the small right or left arrows on either side of the place in which you enter page numbers. (Please look down there now to see them.) Immediately further to the right and left are “end arrows,” clicking on which will take you to the very end of Capitalism or back to the beginning of the instructions you are now reading. Alternatively, you can go to the beginning or end of the document by pressing the combination of the “Control” and “Home” or “Control” and “End” keys. Finally, and very importantly, Adobe Acrobat Reader has horizontal and vertical scroll bars that make it possible to move from side to side on a given page or forward and backward throughout the entire document by increments ranging from a single line to hundreds of pages. AND NOW TO CAPITALISM: After you finish reading this paragraph, pressing “Control” plus “Page Down” once will bring you to the front of the book’s jacket. On your first perusal of Capitalism, you may wish to continue to press “Control” plus “Page Down” in order to read the jacket and view the book’s title page, its publication facts, and its dedication page, just as you might in looking through any conventional, hardcopy book. The book’s “Contents in Brief” starts on page 13 of this present pdf file and the detailed “Contents” begins on page 15 of this present file. You may also wish to go directly to the book’s Index, which begins on page 1057 of this pdf version of the book. [...]... ECONOMICS CHAPTER 1 ECONOMICS AND CAPITALISM 15 CHAPTER 2 WEALTH AND ITS ROLE IN HUMAN LIFE 39 CHAPTER 3 NATURAL RESOURCES AND THE ENVIRONMENT 63 PART TWO THE DIVISION OF LABOR AND CAPITALISM CHAPTER 4 THE DIVISION OF LABOR AND PRODUCTION 123 CHAPTER 5 THE DEPENDENCE OF THE DIVISION OF LABOR ON CAPITALISM I 135 CHAPTER 6 THE DEPENDENCE OF THE DIVISION OF LABOR ON CAPITALISM II: THE PRICE SYSTEM AND... and Personal Understanding 17 Economics and Business 18 Economics and the Defense of Individual Rights 18 PART B CAPITALISM 1 The Philosophical Foundations of Capitalism and Economic Activity 19 2 Capitalism and Freedom 21 Freedom and Government 21 Freedom as the Foundation of Security 22 x CAPITALISM The Indivisibility of Economic and Political Freedom 23 The Rational Versus the Anarchic Concept of... Freedom in the United States 26 The Growth of Corruption as the Result of the Decline of Freedom 26 3 Capitalism and the Origin of Economic Institutions 27 4 Capitalism and the Economic History of the United States 28 5 Why Economics and Capitalism Are Controversial 31 The Assault on Economic Activity and Capitalism 31 The Prevailing Prescientific Worldview in the Realm of Economics 32 Economics Versus... ECONOMIC COORDINATION 172 CHAPTER 7 THE DEPENDENCE OF THE DIVISION OF LABOR ON CAPITALISM III: PRICE CONTROLS AND ECONOMIC CHAOS 219 CHAPTER 8 THE DEPENDENCE OF THE DIVISION OF LABOR ON CAPITALISM IV: SOCIALISM, ECONOMIC CHAOS, AND TOTALITARIAN DICTATORSHIP 267 CHAPTER 9 THE INFLUENCE OF THE DIVISION OF LABOR ON THE INSTITUTIONS OF CAPITALISM 296 CHAPTER 10 MONOPOLY VERSUS FREEDOM OF COMPETITION 375 CHAPTER... viii CAPITALISM CHAPTER 15 AGGREGATE PRODUCTION, AGGREGATE SPENDING, AND THE ROLE OF SAVING IN SPENDING 673 CHAPTER 16 THE NET-CONSUMPTION/NET-INVESTMENT THEORY OF PROFIT AND INTEREST 719 CHAPTER 17 APPLICATIONS OF THE INVARIABLE-MONEY/NET-CONSUMPTION ANALYSIS 809 CHAPTER 18 KEYNESIANISM: A CRITIQUE 863 CHAPTER 19 GOLD VERSUS INFLATION 895 EPILOGUE CHAPTER 20 TOWARD THE ESTABLISHMENT OF LAISSEZ-FAIRE CAPITALISM. .. DEFENSE OF CAPITALISM 993 INDEX 1001 CONTENTS LIST OF FIGURES xxxv LIST OF TABLES xxxvii PREFACE xxxix Notes l INTRODUCTION 1 Procapitalist Economic Thought, Past and Present 1 2 Pseudoeconomic Thought 6 Marshallian Neoclassical Economics: The Monopoly Doctrine and Keynesianism 7 Mathematical Economics 8 3 Overview of This Book Notes 9 11 PART ONE THE FOUNDATIONS OF ECONOMICS CHAPTER 1 ECONOMICS AND CAPITALISM. .. the Case for Unilateral Free Trade 190 xiv CAPITALISM 3 The Tendency Toward Uniform Prices Over Time: The Function of Commodity Speculation 191 Rebuttal of the Charge That the Oil Shortages of the 1970s Were “Manufactured” by the Oil Companies 192 4 The Tendency Toward Uniform Wage Rates for Workers of the Same Degree of Ability 194 Equal Pay for Equal Work: Capitalism Versus Racism 5 Prices and Costs... Toward Universal Price Controls 256 xvi CAPITALISM 2 Universal Price Controls and Universal Shortages Excess Demand and Controlled Incomes 3 The Destruction of Production Through Shortages The Prosperity Delusion of Price Controls: The World War II “Boom” 257 257 258 262 4 Socialism on the Nazi Pattern 263 Notes 264 CHAPTER 8 THE DEPENDENCE OF THE DIVISION OF LABOR ON CAPITALISM IV: SOCIALISM, ECONOMIC... System of Aristocratic Privilege and a Court Society 288 6 From Forced Labor to Mass Murder Under Socialism 290 7 From Socialism to Capitalism: How to Privatize Communist Countries 290 Notes 294 CONTENTS xvii CHAPTER 9 THE INFLUENCE OF THE DIVISION OF LABOR ON THE INSTITUTIONS OF CAPITALISM PART A PRIVATE OWNERSHIP OF THE MEANS OF PRODUCTION 1 The General Benefit from Private Ownership of the Means of Production... Natural Resources 322 323 PART B ECONOMIC INEQUALITY 1 Economic Inequality Under Capitalism 326 2 Critique of the Marxian Doctrine on Economic Inequality 330 Economic Inequality and the Law of Diminishing Marginal Utility 332 Economic Inequality and the Normal Curve 336 3 The “Equality of Opportunity” Doctrine: A Critique 337 xviii CAPITALISM Education and the Freedom of Opportunity 342 Everyone’s Interest . on a given page or forward and backward throughout the entire document by increments ranging from a single line to hundreds of pages. AND NOW TO CAPITALISM: After you finish reading this. AGGREGATE SPENDING, AND THE ROLE OF SAVING IN SPENDING 673 CHAPTER 16. THE NET-CONSUMPTION/NET-INVESTMENT THEORY OF PROFIT AND INTEREST 719 CHAPTER 17. APPLICATIONS OF THE INVARIABLE-MONEY/NET-CONSUMPTION. corresponding item and page will almost immediately appear. In addition, all note numbers in the text are linked to the corresponding notes. Clicking on the number of the note in the text brings up