Contemporary Reflections on an Economic Interpretation of History.
AIR FORCE ACADEMY CO
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Throughout history, diverse forms of social organization have emerged to resolve the economic problem of allocating scarce resources to satisfy unlimited wants. Karl Marx argued that the development of social organization will occur through a process which is impelled by changes in modes of production. He observed that feudalistic and mercantilistic forms of social organization had yielded to capitalism. Capitalism, in his view, was merely an historical necessity which would provide the basis for socialistic and ultimately communistic economic systems which he considered to be more desirable social organizations. One of the most significant distinctions among the evolving forms of social organization has been balance between the private and public sectors. The emphasis upon 1 efficiency, 2 equity, 3 economic stabilization, and 4 economic growth characterizes a stage of economic development. These criteria are used to evaluate the dynamic process of social change. The objective of the paper is to place the American system within an historical perspective and provide insights into its evolutionary direction. The balance which dominates in the years ahead will substantially influence the evolutionary process the United States economy will follow. Author
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