The role of markets VS alternative institutional mechanisms

Based on the readings 3) through 7) in the coursepack (i.e. from CP-3 to CP-7), please answer the following three questions:

1) How does capitalism compare with pre-capitalist economic systems with respect to the organization of the economy?

Discuss: a) the role of markets VS alternative institutional mechanisms (i.e. householding, reciprocity, redistribution or tradition & command), and b) the relationship between the economy and the society (i.e. embedded/disembedded economies).

2) How does the feudal ideology compare with the ideology of capitalism? Include in your answer a discussion of the following aspects: a) motives of economic behavior (i.e. material gain VS other drivers); b) price determination (i.e. “just price” VS market price); c) organization of manufacturing production (guilds VS capitalist enterprises); d) economic targets (i.e. social cohesion/reproduction of the system VS profits/economic growth).

3) What can you say about the social/economic/political/environmental changes brought about by capitalism? (Please do not repeat your answer to question 1); base your answer on CP-7).

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Requirements:

§ Your answers should be typed (Font: Times New Roman; Line spacing: double; margins: 1”). Each answer should be around 350 words;

§ Be accurate and precise in the presentation of your arguments and avoid the use of informal expression. Written assignments at the college require accuracy in word selection and sentence formulation. A written assignment should use a different language than the language you use in daily conversations;

§ In each answer, make specific references to the content of ALL required readings (when appropriate, references can also consist of direct quotes. In this case, the quote needs to be accompanied with the page number of the relevant reading). References should be in-text.

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