GMGT 1010 - Varieties of Capitalism

Flashcards covering different types and characteristics of capitalism discussed in the GMGT 1010 lecture on 'Varieties of Capitalism'.

According to the lecture, what are some of the many different types of capitalism?

Conscious capitalism, crony capitalism, responsible capitalism, corporate capitalism, consumer capitalism, frontier capitalism, family capitalism, welfare capitalism, stakeholder capitalism, green capitalism, neoliberal capitalism, clean capitalism, laissez-faire capitalism, state capitalism, producer capitalism, creative capitalism, financial capitalism, mercantile capitalism, industrial capitalism, global capitalism.

How can capitalism be viewed on a continuum of government intervention?

It ranges from less government intervention (pure capitalism) to more government intervention (socialism).

What three traditions cause capitalism to vary across countries?

Social traditions, economic traditions, and political traditions.

What is another name for 'pure' capitalism, and what is its defining characteristic?

It is also known as Laissez-faire capitalism, characterized by minimum government intervention, strictly limited to police and fire protection.

Does any country currently operate under a 100% laissez-faire capitalist system?

No, no country in the world currently operates under a 100% laissez-faire capitalist system.

What is state capitalism?

State capitalism is when the state (government) undertakes commercial (for profit) activities, often through state-owned enterprises.

What is the core principle of stakeholder capitalism?

Stakeholder capitalism aims to balance the needs of shareholders with other stakeholders such as employees, suppliers, customers, and local communities.

What is incorporated into clean capitalism, and what is its focus?

Clean capitalism incorporates social, economic, and ecological costs and benefits into the marketplace and prices, focusing on minimizing negative externalities.

Describe Consumer capitalism and give an example country mentioned in the notes.

Consumer capitalism involves limited government involvement, open borders, and a profit mentality. Examples include Canada and Britain.

How is Producer capitalism characterized, and which countries exhibit this form?

Producer capitalism emphasizes production, employment, and statist policies. Examples include France and Japan.

What is a 'Social market economy' as mentioned in the notes?

A regulated capitalist market with generous social welfare, commonly seen in Germany.

What defines Family capitalism?

Family capitalism is defined by extended clans dominating business activities and controlling capital flows. Examples include Thailand and Indonesia.

What is Frontier capitalism?

Frontier capitalism refers to capitalism in its beginning stages, where the fundamentals of business are being introduced. Examples include Russia and China.

What is Conscious Capitalism?

Conscious Capitalism is a business philosophy emphasizing creating value for all stakeholders, not just shareholders.

What are key characteristics of US-Style capitalism?

It is closer to pure capitalism, has a history of limited government involvement, less worker representation, lower union density, and relies on stock market financing, often called 'Shareholder Capitalism'.

What are the main characteristics of Chinese capitalism?

It features state-organized economic activities, state-owned enterprises, and political over economic incentives, often referred to as 'State Capitalism'.

What are key features of German capitalism?

It has stronger state involvement in corporate policy, worker representation through co-determination, bank financing with significant cross-holdings, and a focus on vocational training and quality, often known as 'Stakeholder Capitalism'.

What is the 'Co-determination Law of 1951' in Germany?

It is a law requiring employee representation on the supervisory boards of companies, with workers' representatives obligated to appoint nominees from works' councils and unions.

What are the characteristics of Japanese capitalism?

It involves strong state involvement in business, interlocking business groups called Keiretsu, a legacy of Zaibatsu, and a lifetime employment norm, often termed 'Collective Capitalism'.

What is the difference between Zaibatsu and Keiretsu in Japanese capitalism?

Zaibatsu were family-controlled monopolies prevalent before World War II, while Keiretsu emerged post-war as decentralized networks of independently-owned companies.

How does Canadian Capitalism compare to the US, Germany, and Japan in terms of state involvement?

It has more state involvement than the US but less than Germany and Japan.

What is the 'Peace, Order, and Good Government' (POGG) clause in the Canadian Constitution?

It is a foundational principle found in section 91 of the Constitution Act, 1867, generally reflecting the Canadian government's broad legislative power.

What is the overall description of Canadian capitalism?

Canada's capitalism is often described as a mixed system, a market economy with a significant role for the state.

What are the key dimensions on which capitalism varies around the world?

Capitalism varies around the world on key dimensions influenced by the social, political, and economic traditions of a particular country.