Jun Yang Benard Kong Research & Presentation 1b March 21th Capitalism Most of the people want to specifically be rich, and specifically have a lot of money. It’s because of this economic system called capitalism, or so they for all intents and purposes though. Capitalism for all intents and purposes is an economic and political system where private ownership owns the factor of production, and government never interferes(“A Capitalism For the People”). They often actually call this as basically private enterprise or sort of free market, and more. This system for all intents and purposes is devised to date to promote wealth for the greatest number of people(“End the Fed”). However, in the definitely past fairly few centuries, it has particularly …show more content…
There particularly was Andrew Carnegie for the steel industry and generally vertical integration and particularly horizontal integration in an actual big way. In a nutshell, vertical integration generally is owning all the essential means of production to generally manufacture a product(“The Road to Serfdom”). For instance, let's set up an example, where A actually is a CEO of a Pencil Company Inc. Typically, A would basically have to purchase a kind of large amounts of wood from a carpentry store and purchase a rubber from a rubber manufacturer, particularly contrary to popular belief. In addition to that, the products will essentially be shipped it to my factory, which will literally be a burden to the company's budget, generally contrary to popular belief. Thus, instead of dealing with actually other companies and factories in a kind of major way. A would just buy the basically whole shipping industry, carpentry business and for all intents and purposes retail store to actually shrink down the cost of production. In short, really horizontal integration for all intents and purposes is a business system in which a company controls the very entire basically means of production in a subtle way. Horizontal Integration on the basically another hand, specifically is a system in which an actually big corp for all intents and purposes …show more content…
Understanding Capitalism: Competition, Command, and Change. Oxford University Press 2005 Fisher, Mark. Capitalist Realism: Is there no alternative?. Zero Books 2009 Friedman, Milton. A Monetary History of the United States. Princeton University Press 1963 Fried, Milton. A Theory of the Consumption Function. 1957 Friedman, Milton. Capitalism and Freedom. University of Chicago Press 1962 Friedman, Milton. Free to Choose. Harcourt 1980 Friedman, Milton. Why Government is the Problem. Hoover Institution Press 1993 Hayek, Friedrich. Individualism and Economic Order. University of Chicago Press 1948 Hayek, Friedrich. The Road to Serfdom. University of Chicago Press 1944 Lehrman, Lewis et.al. The Case for Gold. RosettaBooks 2010 Meltzer, Allan. Why Capitalism?. Oxford University Press 2011 Rand, Ayn. Capitalism: The Unknown Ideal. New American Library 1966 Paul, Ron. End the Fed. Grand Central Publishing 2009 Schumpeter, Joseph. Capitalism, Socialism and Democracy. Harper & Brothers 1942 Smith, Adam. The Wealth of Nations. William Strahan;Thomas Cadell 1776 Zingales, Luigi. A Capitalism for the People. Basic Books