Question

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read the relevant part(s) of the article o T Stpe How to answer one or more questions, you should re- 1. According to Robert Heilbroner and Lester Thurow, what three attributes did noncapitalist societies lack? In these societies, who owned society's wealth and how was it acquired? 2. Historically, has capitalism always been part of society? 3. What was one of the biggest obstacles to the development of a market system? 4. What are the factors of production in a market society? Why were there no factors of production in a pre-capitalist society? What were some of the events or historical changes in Europe that created "the impoverished aristocrat"? Why did the dismantling of feudalism create economic freedom? What were the negative consequences of the economic freedom of capitalism? What is the relationship between capitalism and political freedom? How did capitalism change the pace of technological innovation? Who were some of the technology- minded entrepreneurs? What happened to the standard of living with this increased output of technology? How did the division of labour change the nature of work? What were the negative effects of rapid technological change on the stability of work? What is laisser-faire capitalism? What are some examples of economic intervention? 5. 6. 7. 8. 9. 3 HeilbronerR and ThurowL Study Guide

Answer 1

The non-capitalist societies is a society where no individual have the rights to own wealth. All the wealth belongs to the lord or the state. Therefore in non-capitalist societies the factor of production such as labour, land and other natural resources are not not for sale to the common peoples.

According to Heilbroner and Lester Thurow, the three characteristics that don't belong to the non-capitalist societies are as follows:-

(a) Absence of private property:- The individual don't have the rights to own a property. The individual can not make wealth base on his competency. Whatsoever he or she built or make belongs to the lord or to the state. Therefore such society discourage innovation and invention and the state can't progress economically and technologically.

(b) Lack of market system:- A market is a place where the goods and service are exchange for profit. In non-capitalist society a market system doesn't exist. All the production and distribution takes place by the order of the lord or by the state.

(c) Lack of competition:- As their is not market system, all the production and distribution are control by the lord or by the state their prevail stable economic life in the economy. The economy with no trade and taxation.

In non-capitalist society all the wealth created by the common people are control and manage by the lord or by the state. The society wealth is not own by the person who is responsible for adding value in creating money but by the person in power that he or she derive from the state. Thus, the wealth in non-capitalist societies is derived hereditarily or by the person in power of state.