By:

Sheena Lyn M. Tinasas

Jenn Mercy S. Fortuno
Shanlane Joy T. Barcelona
Yell. A Umahag
Reijell Brian A. tallador

Etymology
Capitalistis

derived fromcapital, which evolved

fromcapitale, a lateLatinword based oncaput,
meaning "head" also the origin
ofchattelandcattlein the sense of movable
property (only much later to refer only to
livestock).
Capitale emerged in the 12th to 13th centuries in
the sense of referring to funds, stock of
merchandise, sum of money, or money carrying
interest.

History of Industrial Capitalism

David Hume and Adam Smith

- Challenged fundamentalmercantilistdoctrines such as the

belief that the amount of the world's wealth remained
constant and that a state could only increase its wealth at the
expense of another state.

History of Industrial Capitalism

During theIndustrial revolution, the industrialist

replaced the merchant as a dominant factor in the
capitalist system and affected the decline of the
traditional handicraft skills ofartisans, guilds, and
journeymen. Also during this period, the surplus
generated by the rise of commercial agriculture
encouraged increased mechanization of agriculture.
Industrial capitalism marked the development of
thefactorysystem of manufacturing, characterized
by a complexdivision of laborbetween and within
work process and the routine of work tasks; and
finally established the global domination of the
capitalist mode of production.

What is a Capitalist Society?

An

economic system in which the means of

production and distribution are privately or
corporately owned and development is
proportionate to the accumulation and
reinvestment of profits gained in a free market.

Examples of Capitalist Societies

1.

Germany

Capitalism in Germany is found in its institutions such as banking

andeducational systems. German industries have prospered because the
country has made it a priority to train its labor force to succeed in various
industries. These various systems have worked together to make a robust
capitalistic market for the country.

Examples of Capitalist Societies

2. United States

Americans are known to be risk takers and capital makers. In

the US it is possible to begin a business of humble means and
expand it to grow into a conglomerate business model for
people wanting to start a new business.

Examples of Capitalist Societies

3. China

China has focused in the last fifty yearscapi on educating the

masses and the effort has paid off. Adultliteracy in China has
risen to almost 95% and is steadily rising. China is placing a
priority on the development of its human capital and offers it
workers more on the dollar to produce goods for export

Examples of Capitalist Societies

4. INDIA

The infrastructure is limited by the human capital available to take

jobs offered by the companies poised to hire qualified candidates as
corporations globally look to India for offshore needs (call center and
telemarketing, etc.).TheIndian governmentrealizes the potential of
capitalistic growth as it struggles to overcome an outdated caste
system.

Examples of Capitalist Societies

5. Japan

TheJapanese economyhas rebounded from its nearcollapse in the

1990s and has prospered with Keiretsu networks. Japan has a stateled economic machine, which keeps the country in healthy
economic shape. Japan has been interested in reform in a few major
areas such as: labor relations, bank relations, corporate governance
and supplier relations.

 Sources:

https://
en.wikipedia.org/wiki/Capitalism#Summar
y
http://blog.peerform.com/the-five-mostcapitalistic-countries-in-the-world/

Crony capitalism in the Philippines

 The

Economist, a prestigious and influential magazine

for business and world leaders, came out recently with
a list of countries run by crony capitalism. The British
publication ranked the Philippines sixth among cronyheld economies of the world.
This jibes with statistics that the countrys economy is
held by only one percent of the countrys population
of close to 100 million, with 76 percent contribution to
the Gross Domestic Product or the total resources of
the country. The Philippines is actually controlled by
some 100 families.
What is more significant in The Economist report is
that since 2007, crony capitalism in the Philippines
has worsened and gone up by three notches. The
Economist ranked the Philippines worse than countries
including India, Indonesia, Thailand, China and even
the United States.

 Santa

Banana, its a small comfort that Hong Kong

and Singapore took the No. 1 and No. 2 ranking,
despite the fact that these two city states are known
for their transparency, competitiveness and good
governance.
We saw during the Marcos dictatorship how crony
capitalism bled the country dry. We also know that
cronyism weakens institutions and encourages
inefficiency, mediocrity and corruption.
Thus, the question: Why do Hong Kong and Singapore,
despite the fact that they are No. 1 in
competitiveness, transparency and good governance,
rank high in crony capitalism?
The reason as I see it, and seen by analysts and
observers, is that cronies in those two city states have
contributed more to their respective economies.

 Thus,

if poverty and joblessness continue to make the

Philippines the laggard in this region, blame it all on the
lack of inclusive growth. Despite a robust GDP, poverty
and unemployment continue to rise.
Just look at the newspapers, especially business dailies,
and see for yourself that only a few seem to be making all
the money one can think of, while the bulk of the
populace remains mired in poverty and joblessness.
The Economist has proposed several measures to address
the problem of non-inclusive growth: better governance,
competitiveness and tighter anti-trust laws. It all boils
down to opening our doors to the global economy, which
we dont have, since we have a government aimed only at
protecting its cronies for political reasons. Crony
capitalism, my gulay, is not bad per se. Like in Hong Kong
and Singapore, they can foster inclusive growth!
Unfortunately, what we have here is not doing this!