Mdp 500 Foundations Of Development Theories And History Final Paper ✓ Solved

MDP 500 - FOUNDATIONS OF DEVELOPMENT: THEORIES AND HISTORY FINAL PAPER In an essay of approximately 3,000 words , address the following prompt: · In this essay, it is your task to explore how capitalism has shifted over time, altering the relative importance of different forms of capital (industrial, merchant, speculative, usury, dispossession, etc.), and changing the distribution of wealth and poverty. In this essay, we ask you to explore these shifts by addressing the following questions: How has capitalism reinvented itself in varied forms over the course of the past century? What have been the effects of these changes on the distribution of wealth and poverty? How have these changes shifted approaches to development? · Your analysis should be grounded throughout with specific examples (from case studies, readings, class discussion, using the following text books: · McMichael, Philip.

2012. Development and Social Change. A Global Perspective . 5th Edition. Los Angeles: Sage · Hickel, Jason.

2017. The Divide: Global Inequality from Conquest to Free Markets. New York: W.W. Norton., etc). You will be graded on the clarity of your argument(s) and organization, grounding in specific examples, the professionalism of writing, and proper use of citations (Chicago 16th, Author-Date).

Keep in mind that this paper must include a thesis statement and argument (it is not a book report). Your paper must be double-spaced, size 12 font , Times New Roman, 1†margins. Papers are due by 11:59 pm, November 27, 2020. Papers should be submitted as a word document to the Final Paper Assignment.

Paper for above instructions

Thesis Statement

Throughout the past century, capitalism has continually reinvented itself through various forms, including industrial, merchant, speculative, usury, and dispossession capitals. These transformations have significantly altered the structures of wealth distribution and poverty while recalibrating approaches to development. Acknowledging these shifts is crucial for understanding the contemporary landscape of global inequality, especially as they are inextricably linked to the systemic injustices perpetuated by historical and ongoing capitalist practices.

Introduction

Capitalism, as both an economic system and social construct, has undergone significant transformations over the last century. These transformations have led to the evolution of different forms of capital being prioritized at different times, subsequently influencing the global distribution of wealth and poverty. The role of industrial capital, which dominated the early 20th century, has transitioned to emergent forms such as speculative and financial capital in recent decades. To encompass these changes, one must examine specific examples that highlight capitalism's evolution and its broader consequences on economic disparity globally.

Historical Background of Capitalism

To contextualize the ongoing shift within capitalism, it is vital to analyze its stages. The Industrial Revolution in the late 18th century marked a turning point in capitalism, centered on industrial capital defined by mass production and a shift toward urbanization. By the mid-20th century, the capitalist framework began embracing consumerism and globalization, emerging as a force that expanded wealth but also entrenched inequality (McMichael 2012).

Capital Forms Over Time

1. Industrial Capital: Initially, industrial capitals fuelled massive economic growth, promoting production and consumption cycles. This form was characterized by factories, labor movements, and regulated markets to some extent. However, with globalization and advancements in technology, the industrial model began to morph.
2. Merchant and Speculative Capital: Merchants facilitated trade and commerce, essential during the colonial explorations that expanded European markets. Speculative capital emerged as a dominant force in the late 20th century, where economic activities focused increasingly on investments that prioritize financial returns over the production of goods (Hickel 2017).
3. Usury Capital: Usury, or the lending of money at unreasonably high rates, has existed throughout history, but its acceptance escalated during late capitalism, often resulting in global financial crises. Increased personal and national debt leads to systemic vulnerability and poverty, disproportionately affecting marginalized communities.
4. Dispossession Capital: The contemporary proliferation of dispossession capital refers to the extraction of resources and wealth from vulnerable populations, often facilitated by state-sanctioned enterprises. This phenomenon reinforces inequitable wealth distributions and perpetuates cycles of poverty (McMichael 2012).
5. Digital and Information Capital: As we enter the digital age, capitalism has integrated technology into its core, influencing how capital functions. The rise of big tech companies demonstrates how information itself is commodified, creating new socio-economic divides as access to technology becomes a marker of privilege (Hickel 2017).

Effects of Capitalism on Wealth Distribution and Poverty

The evolutionary trajectory of capitalism has notable repercussions on wealth distribution and poverty. Each transitional phase has generated profound disparities, often aggravating the gap between the rich and the poor.

Wealth Inequality

Recent analyses show that wealth distribution has become increasingly skewed, with the top income earners capturing a more significant proportion of total earnings. The financialization of the economy has enriched corporations and the elite while leaving a substantial portion of the global population in poverty (Piketty 2014). Hickel (2017) highlights that the top 1% of the world’s population owned more than half of the global wealth—a staggering statistic that reflects a critical flaw within the capitalist system.

Poverty Trends

Conversely, while capitalism has indeed generated wealth, it has also led to the persistence of poverty in both developed and developing nations. Social safety nets often lag behind the pace of capital accumulation, resulting in an increase in precarious work conditions and informal economies that exploit labor (McMichael 2012). One cannot ignore the harsh implications of austerity measures imposed by global financial institutions on nations in crisis, further deepening inequality.

Shifting Approaches to Development

As capitalism has transformed, so too has the discourse surrounding development. The rise of neoliberalism in the late 20th century has also influenced approaches to development, emphasizing the privatization of resources and deregulation of markets under the assumption that these reforms would alleviate poverty.

Project-Based Development

Traditional development models that focused on agricultural output or industrialization have evolved toward project-based approaches, often emphasizing globalization and the integration of local economies into broader markets (McMichael 2012). However, these methodologies sometimes disregard local needs, leading to dependency and exploitation rather than genuine development.

Sustainable Development

The recognition of sustainability has gained momentum as contemporary development paradigms shift towards ecological considerations. This shift underscores the need for balancing economic growth with social equity and environmental preservation. However, the reform implementation has faced resistance rooted in capitalist priorities that often prioritize profit over sustainable practices (Hickel 2017).

The Role of Social Movements

Emerging social movements challenge traditional narratives of development, advocating for equitable and participatory approaches that prioritize the needs of marginalized communities. The success of these movements hinges on the concerted efforts to address the systemic injustices perpetuated by capitalist frameworks, calling for inclusive practices that distribute resources more fairly (McMichael 2012).

Conclusion

In conclusion, capitalism's evolution over the past century has been marked by significant shifts in the forms of capital that dominate the economic landscape. These changes have profound implications for wealth distribution and poverty, perpetuating cycles of inequality. Furthermore, the transformations observed in capitalism necessitate new approaches to development that effectively address social, economic, and environmental disparities. Understanding these dynamics provides insight into the broader contexts of global inequality and serves as a call to reassess capitalist priorities and create more equitable systems for the future.

References

- Hickel, Jason. 2017. The Divide: Global Inequality from Conquest to Free Markets. New York: W.W. Norton.
- McMichael, Philip. 2012. Development and Social Change: A Global Perspective. 5th ed. Los Angeles: Sage.
- Piketty, Thomas. 2014. Capital in the Twenty-First Century. Cambridge: Harvard University Press.
- Wright, Erik Olin. 2010. Envisioning Real Utopias. New York: Verso.
- Harvey, David. 2007. A Brief History of Neoliberalism. Oxford: Oxford University Press.
- Stiglitz, Joseph E. 2012. The Price of Inequality: How Today’s Divided Society Endangers Our Future. New York: W.W. Norton.
- Rodrik, Dani. 2011. The Globalization Paradox: Democracy and the Future of the World Economy. New York: W.W. Norton.
- Sachs, Jeffrey D. 2015. The Age of Sustainable Development. New York: Columbia University Press.
- Chomsky, Noam. 2017. Requiem for the American Dream: The 10 Principles of Concentration of Wealth & Power. New York: Seven Stories Press.
- Klein, Naomi. 2014. This Changes Everything: Capitalism vs. The Climate. New York: Simon & Schuster.