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By R. Mascarenhas

This comparative examine of commercial capitalism is an exam of state-economy family members in combined economies starting from the interventionist German and jap to the fewer interventionist Anglo-American. Following the postwar consensus that led to the 'golden age' (1950-1973) and ended with the strength concern, the Anglo-American economies followed neoliberalism whereas Germany and Japan remained interventionist. This ended in the emergence of nationwide varieties of capitalism. whereas examining the elevated festival among them, R.C.Mascarenhas additionally notes the effect of globalization in addition to 'alternative capitalism' with the survival and re-emergence of business districts.

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That the state can play a variety of roles in industrialization is evident in light of recent studies (Evans, 1995; Herrigel, 1996; Sabel and Zeitlin, 1997). Developments in Modern Industrial Capitalism 37 Critics of rational capitalism A different perspective to our understanding of modern capitalism is offered by Hirschman, Hirsch, Schumpeter and others. A brief analysis of their critique follows. The types of capitalism (rational, political and adventurist) enunciated by Weber can be adopted to critique the divergence of present-day capitalism.

In the interest of brevity, the choice has been selective, according to their relevance to this study. Their categorization into sub-sections could be questioned as arbitrary. While being open to such criticism, my purpose has been to explain the intellectual foundation which has sustained the edifice of capitalism and to trace how later thinkers have viewed the changes to the institution on which western industrial economies have been built and sustained. Central to the institution of capitalism is the concept of private property which, when used for productive purposes by individuals to meet demands of consumers, creates what we refer to as the market.

The hostility of the Puritans to monopolies and political capitalism undoubtedly helped a competitive and private kind of capitalism to emerge. The viewpoint that money-making and religion could very well go together also helped to legitimise capitalism' (Swedberg, 1998, p. 126). While the protestant ethic explains the existence of capitalism in the West, its rationality is manifested in the pursuance of interests through exchange in markets, the use of money (price) to transact such exchanges, in the means of accounting, and the use of specific technology to produce goods through rational organization of labour within a legal framework that guarantees contracts and private property.

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