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A periodization of capitalism seeks to distinguish stages of development that help understanding of features of capitalism through time. The best-known periodizations that have been proposed distinguish these stages as: Early / monopoly / state monopoly capitalism ; Free trade / monopoly / finance capitalism
The term "late capitalism" was generally not used by Marxist-Leninists. They used the concept of state monopoly capitalism (originally formulated by Vladimir Lenin) to denote the highest developmental stage of capitalism. [5] Particularly in the 1970s and 1980s, many economic and political analyses of late capitalism were published.
The subject is constructed in late modernity against the backdrop of a fragmented world of competing and contrasting identities [6] and lifestyle cultures. [7] The framing matrix of the late modern personality is the ambiguous way the fluid social relations of late modernity impinge on the individual, producing a reflexive and multiple self. [8]
Economic growth, the increase in the amount of the goods and services produced by an economy over time; Input-output model, a quantitative economic technique that represents the interdependencies between different branches of a national economy or different regional economies
The development of one or more substantial manufacturing sectors with a high rate of growth; he indicates the leading sectors in the economy. Rostow regards the development of leading sectors as the 'analytical bone structure' of the stages of economic growth. There are generally three sectors of an economy: Primary Sector - Agriculture
Some researchers typify the end of the Late Modern period by the concerns for the environment which began in 1950, as this marks the end of modern confidence about humanity's domination of the natural world. [5] The Postmodern era is the economic or cultural state or condition of society which is said to exist after modernity.
Starting from around 2000, economists Yang Xiaokai and Lin Yifu had a famous academic debate about "backward disadvantage" and "backward advantage", [10] and their debate was essentially about whether the economic development of late-developing countries should take the path of institutional imitation or technological imitation.
The economic side of Sen's work can best be categorized under welfare economics, which evaluates the effects of economic policies on the well-being of peoples. Sen wrote the influential book Development as Freedom which added an important ethical side to development economics .