Neo-capitalism is an economic ideology which blends some elements of

capitalism Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private ...

with other systems."Neocapitalism"
''

Time Magazine ''Time'' (stylized in all caps) is an American news magazine based in New York City. For nearly a century, it was published weekly, but starting in March 2020 it transitioned to every other week. It was first published in New York City on Ma ...

''. October 30, 1964. The new capitalism was new compared to the capitalism in the era before

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the World War II by country, vast majority of the world's countries—including all of the great power ...

. Social and economic ideology that arose in the second half of the 20th century and in which the capitalist doctrine becomes deeper, being based on

technological revolution A technological revolution is a period in which one or more technologies is replaced by another novel technology in a short amount of time. It is an era of accelerated technological progress characterized by new innovations whose rapid applic ...

and on the

internationalization In economics, internationalization or internationalisation is the process of increasing involvement of enterprises in international markets, although there is no agreed definition of internationalization. Internationalization is a crucial strateg ...

of the markets. It is a term used to designate a new form of capitalism that is characterized for correcting its excesses by means of the application of measures that guard over the social well-being. The important aspects include a great

economic freedom Economic freedom, or economic liberty, is the ability of people of a society to take economic actions. This is a term used in economic and policy debates as well as in the philosophy of economics. One approach to economic freedom comes from the l ...

, attaching the

private property Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property and personal property, which is owned by a state entity, and from collective or ...

of the industries and companies, moderated with a centralized

economic planning Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources ...

, which can include that the state is an owner of some means of production. It tries to support a balance between the

economic growth Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate o ...

, lower inflation, low levels of unemployment, good conditions of work, social assistance and good

public services A public service is any service intended to address specific needs pertaining to the aggregate members of a community. Public services are available to people within a government jurisdiction as provided directly through public sector agencies ...

, across the intervention of the state in the economy. It arises in the technological companies reconstructed in the postwar period. One of its more outstanding representatives is the

Keynesian Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output an ...

economist

Paul Samuelson Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he " ...

References

{{reflist Capitalist systems Cooperatives Economic ideologies Economic liberalism Ideologies Social philosophy

See also

References