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neocapitalism
Neo-capitalism is an economic ideology which blends some elements of capitalism with other systems.〔(Neocapitalism ), Time Magazine, October 30, 1964.〕 The new capitalism was new compared to the capitalism in the era before World War II.
The term ''neo-capitalism'' was first used in the late 1950s and early 1960s by French and Belgian left-wing writers, including André Gorz and Leo Michielsen. It was popularized in English by the Marxist Ernest Mandel in works such as ''An Introduction to Marxist Economic Theory.''〔Ernest Mandell, (An Introduction to Marxist Economic Theory ), Chapter III, "Neo-capitalism."〕
In the 1970s, sociologist Michael Miller started using "neo-capitalism" to refer to the Continental European blend of expansive private enterprise, extensive social-welfare programs and selective government intervention whereby organized labor works in partnership with government and private industry to negotiate and implement general wage levels and government spending across the economy in return for avoiding strikes and labor unrest.〔S. Michael Miller, ("Notes on Neo-Capitalism" ), "Theory and Society," Vol. 2, No. 1 (Spring, 1975), pp. 1-35.〕
==See also==
*State monopoly capitalism
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