By Harry Magdoff
Magdoff’s research is the basis upon which the paintings of a complete culture of per month assessment authors rests.
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Additional info for The Age of Imperialism the Economics of U.S. Foreign Policy
Sample text
American capitalism, unlike European capitalism, is not a transformation from feudalism. 3 Also, American capitalism was developed at a time of a small public sector – less than 10 percent of gross domestic product (GDP) – and weak government intervention in the economy, making a favorable environment for successful private businesses from the beginning and its development less confrontational. 4 American capitalism can be characterized by the following:5 1. 2. 3. 4. The economic sector is predominated by private enterprises with little or no presence of state-owned enterprises.
We thus estimate the same model using annual data, which are available from 1982 to 2009.
While the central government continues to play a vital role in allocating resources, local governments are also given a greater say on the direction of industrialization. Privatization and the development of private sector business are only undertaken at a later stage using a step-by-step approach. The idea of allowing some people to get rich first is accepted; a bigger pie should be created before consideration is given to how the pie should be divided. A very prudent approach to reforms in the financial sector is adopted.
The Age of Imperialism the Economics of U.S. Foreign Policy by Harry Magdoff
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