To be competitive, capitalism must lower the cost of production by lower wage costs, lower inflation, lower interest rates, and lower taxes. The welfare state has become the greatest hindrance because it supports costly wage rates even in a recession with high unemployment. The consequences of a...

Attempts to trace the process of internationalization of production since the late nineteenth century, which has laid down the path and pattern of modern economic growth in the Third World. Industrial capitalism emerged historically in the UK with the Industrial Revolution, and was subsequently...