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Neo-Capitalism, literally means "New Capitalism". This economic theory fuses some elements of capitalism with some elements of socialism, mixing elements of each.[1] The new capitalism was new compared to the capitalism in the era before World War II.

The term neo-capitalism was first used in the late 1950s and early 1960s by French and Belgian left-wing writers, including Andre Gorz and Leo Michielsen. It was popularized in English by the Marxist Ernest Mandel in works such as An Introduction to Marxist Economic Theory.[2]

In the 1970s, sociologist Michael Miller started using "neo-Capitalism" to refer to the Continental European blend of expansive private enterprise, extensive social-welfare programs and selective government intervention whereby organised labour works in partnership with government and private industry to negotiate and implement general wage levels and government spending across the economy in return for avoiding strikes and labour unrest.[3]

See also

References

  1. ^ Neocapitalism, Time Magazine, October 30, 1964.
  2. ^ Ernest Mandell, An Introduction to Marxist Economic Theory, Chapter III, "Neo-capitalism."
  3. ^ S. Michael Miller, "Notes on Neo-Capitalism", "Theory and Society," Vol. 2, No. 1 (Spring, 1975), pp. 1-35.

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