Theories of capitalism

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Giddens (1990)

In Gidden’s discussion of late modernity, he believes that modernity will eventually lead to high consequential risks for society. The intertwining of nature with science and technology brings about ontological security risks where there is a disruption of an individual’s sense of order, stability and continuity of life experience.

Market capitalists economy are continuously disembodied and socially destructive. The emphasis of such systems is on individualistic self interest economic behavior, where social relationships are place second to economic superiority

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Harvey 1950

Harvey believes that Neoliberalism capitalism in practices consolidate/create/ restore power to a few global elites while disempowering and dispossessing the masses of their rights and beings. The main concept of capitalism is the dispossession of rights.

Dispossession that entails the loss of rights leads to individuals turning to private non governmental organizations to protect and provide them with social services. This allows neoliberal states to withdraw themselves from the social responsibility to provide for the masses. This non governmental organizations are installed for the pursue of profits rather than for the people’s well being.

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