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Several major challenges to capitalism appeared in the early part of the 20th century. The Russian revolution in 1917 established the first state with a ruling communist party in the world; a decade later, the Great Depression triggered increasing criticism of the existing capitalist system.
The Economist wrote: "A modern surge in inequality has new economists wondering, as Marx and Ricardo did, which forces may be stopping the fruits of capitalism from being more widely distributed. Capital in the Twenty-First Century ... is an authoritative guide to the question." [37] Will Hutton wrote: "Like Friedman, Piketty is a man for the ...
In the early 20th century, Vladimir Lenin argued that state use of military power to defend capitalist interests abroad was an inevitable corollary of monopoly capitalism. [39] In 2019, Marxian Economist Richard D. Wolff argued that Capitalism is unstable, Capitalism is unequal, and fundamentally Undemocratic. [134]
In Imperialism, the Highest Stage of Capitalism (1916), Vladimir Lenin modified classic Marxist theory and argued that capitalism necessarily induced monopoly capitalism—which he also called "imperialism"—to find new markets and resources, representing the last and highest stage of capitalism. [31] Some 20th-century Marxian economists ...
In the 20th century, supporters of the capitalist system often replaced the term "capitalism" with phrases such as "free enterprise" or "private enterprise" to avoid its negative connotations. Similarly, the term "capitalist" was sometimes substituted with " investor " or " entrepreneur " to emphasize productive roles rather than passive wealth ...
The extension of universal adult male suffrage in 19th century Britain occurred along with the development of industrial capitalism, and democracy became widespread at the same time as capitalism. Research on the democratic peace theory further indicates that capitalist democracies rarely make war with one another and have little internal violence.
Democratic capitalism was implemented widely in the 20th century, particularly in Europe and the Western world after the Second World War. The coexistence of capitalism and democracy, particularly in Europe, was supported by the creation of the modern welfare state in the post-war period. [2]
Neoliberalism [1] is both a political philosophy and a term used to signify the late-20th-century political reappearance of 19th-century ideas associated with free-market capitalism. [2] [3] [4] The term has multiple, competing definitions, and is often used pejoratively.