Category: Economics

Schumpeter: Creative Destruction. 1942

The following excerpt is Chapter 7 of Joseph Schumpeter’s book “Capitalism, Socialism, Democracy, originally written in 1942. It describes Capitalism as an evolutionary process, with continuous creative destruction of old...

Milton Friedman: Stockholder Theory.

The Social Responsibility of Business is to Increase its Profits Article by Milton Friedman (Quoted from: The New York Times Magazine, September 13, 1970.) When I hear businessmen speak eloquently about...

China

China is one of the most dynamic and interesting countries today; it’s emerging power will shape the 21st century. Here are some facts about the country that I find useful...

Economics

Economics is a social science that analyzes the production, distribution, and consumption of goods and services. In this definition, Economics is one of the more fundamental sciences, because it examines...

Russia

Russia has an estimated population of 142 Million in mid-2013, with a slightly negative growth rate. It is geographically the largest country in the world, with 1.8 times the size...

Marx: Commodity Fetishism

The Fetishism of commodities is explained in Section 4. of Chapter 1 of Capital: A commodity appears, at first sight, a very trivial thing, and easily understood. Its analysis shows...