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128-576: Giuseppe Zangara (September 7, 1900 – March 20, 1933) was an Italian immigrant and naturalized United States citizen who attempted to assassinate the President-elect of the United States , Franklin D. Roosevelt , on February 15, 1933, 17 days before Roosevelt's inauguration . During a night speech by Roosevelt in Miami, Florida , Zangara fired five shots with a handgun he had purchased
256-489: A financial infrastructure of money and investment that makes possible credit and debt , entrepreneurship , commodification , voluntary exchange , wage labor , production of commodities and services , and a strong emphasis on innovation and economic growth . In a market economy , decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets —whereas prices and
384-611: A naturalized citizen of the United States in 1929. Zangara had little education and worked as a bricklayer . He suffered severe pain in his abdomen , which doctors told him was chronic and incurable. In 1926 he underwent an appendectomy , but it was no help; if anything, it may have made his pain worse. The doctors who performed his autopsy attributed his abdominal pain to adhesions they found on his gallbladder . In his prison memoir, Zangara himself attributed his pain to being forced to do grueling physical labor on his father's farm from an early age. He wrote that his pain began when he
512-477: A broader and expanding money-based economy. The system put pressure on both landlords and tenants to increase the productivity of agriculture to make profit; the weakened coercive power of the aristocracy to extract peasant surpluses encouraged them to try better methods, and the tenants also had incentive to improve their methods in order to flourish in a competitive labor market . Terms of rent for land were becoming subject to economic market forces rather than to
640-517: A conspiracy theory emerged sometime before 1999, originating in Chicago, asserting that Zangara was a hired killer working for Frank Nitti , who was the head of the Chicago Outfit crime syndicate. John William Tuohy, author of numerous books on organized crime in Chicago, after reviewing Secret Service records, described in detail in a 2002 article his interpretation of how and why Cermak was
768-757: A couple of days before. He missed his target and instead killed Anton Cermak , the Mayor of Chicago , and injured five bystanders. Zangara was born on September 7, 1900, in Ferruzzano , Calabria , Italy. After serving with the Royal Italian Army in the Tyrolean Alps during World War I , he did a variety of menial jobs in his home village before emigrating with his uncle to the United States in 1923. He settled in Paterson, New Jersey , and became
896-585: A formal property system where ownership and transactions are clearly recorded. According to de Soto, this is the process by which physical assets are transformed into capital, which in turn may be used in many more ways and much more efficiently in the market economy. A number of Marxian economists have argued that the inclosure acts in England and similar legislation elsewhere were an integral part of capitalist primitive accumulation and that specific legal frameworks of private land ownership have been integral to
1024-399: A grazed hand, possibly caused by the bullet that struck Cermak. The intended target, Roosevelt, was unharmed. Roosevelt cradled the mortally wounded Cermak in his arms as the car rushed to the hospital; after arriving there, Cermak spoke to Roosevelt and, before he died 19 days later, allegedly uttered the line that is engraved on his tomb: "I'm glad it was me, not you." The Tribune reported
1152-423: A large middle class were good for democracy. He also argued that a market economy provided a substitute for government control of the economy, which reduces the risks of tyranny and authoritarianism. In his book The Road to Serfdom (1944), Friedrich Hayek (1899–1992) asserted that the free-market understanding of economic freedom as present in capitalism is a requisite of political freedom . He argued that
1280-505: A large number of sellers nor to a market in final equilibrium . Competition is widespread throughout the market process . It is a condition where "buyers tend to compete with other buyers, and sellers tend to compete with other sellers". In offering goods for exchange, buyers competitively bid to purchase specific quantities of specific goods which are available, or might be available if sellers were to choose to offer such goods. Similarly, sellers bid against other sellers in offering goods on
1408-631: A less protectionist policy, with the 1846 repeal of the Corn Laws and the 1849 repeal of the Navigation Acts . Britain reduced tariffs and quotas , in line with David Ricardo's advocacy of free trade . Broader processes of globalization carried capitalism across the world. By the beginning of the nineteenth century, a series of loosely connected market systems had come together as a relatively integrated global system, in turn intensifying processes of economic and other globalization. Late in
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#17328022902401536-761: A placard emblazoned with "Office of the President Elect" and used the same term on his website. President-elect Donald Trump did likewise on January 11, 2017. The Presidential Transition Act of 1963 further authorizes the Administrator of the General Services Administration to issue a "letter of ascertainment" even before the December vote of the Electoral College; this letter identifies the apparent winners of
1664-956: A possibility on several other occasions as well. In January 1853, President-elect Franklin Pierce survived a train accident that killed his 11-year-old son. Four years later, President-elect James Buchanan battled a serious illness contracted at the National Hotel in Washington, D.C., as he planned his inauguration. Additionally, on February 15, 1933, just 23 days after the Twentieth Amendment went into effect, President-elect Franklin D. Roosevelt survived an assassination attempt in Miami, Florida. The amendment's provision moving inauguration day from March 4 to January 20, would not take effect until 1937, but its three provisions about
1792-411: A president-elect went into effect immediately. If the assassination attempt on Roosevelt had been successful then, pursuant to Section 3 of the amendment, Vice President-elect John Nance Garner would have been sworn in as president on Inauguration Day, and the vice presidency would have remained vacant for the entire 4-year term. Since the widespread adoption of the telegraph in the mid-19th century,
1920-474: A result of the Industrial Revolution. The accumulation of capital is the primary mechanism through which capitalist economies promote economic growth . However, it is a characteristic of such economies that they experience a business cycle of economic growth followed by recessions. The term "capitalist", meaning an owner of capital , appears earlier than the term "capitalism" and dates to
2048-576: A safe environment for investment and capitalism. Similarly, Suharto 's authoritarian reign and extirpation of the Communist Party of Indonesia allowed for the expansion of capitalism in Indonesia . The term "capitalism" in its modern sense is often attributed to Karl Marx . In his Das Kapital , Marx analyzed the " capitalist mode of production " using a method of understanding today known as Marxism . However, Marx himself rarely used
2176-514: A second term are generally not referred to as presidents -elect , as they are already in office and are not waiting to become president. A sitting vice president who is elected president is referred to as president-elect. The use of the term dates back to at least the 1790s, with letters written by multiple of the Founding Fathers of the United States having used the term in relation to the 1796 United States presidential election . There
2304-686: A small scale for centuries in the form of merchant, renting and lending activities and occasionally as small-scale industry with some wage labor. Simple commodity exchange and consequently simple commodity production, which is the initial basis for the growth of capital from trade, have a very long history. During the Islamic Golden Age , Arabs promulgated capitalist economic policies such as free trade and banking. Their use of Indo-Arabic numerals facilitated bookkeeping . These innovations migrated to Europe through trade partners in cities such as Venice and Pisa. Italian mathematicians traveled
2432-528: A social system cannot be said to have existed before that date". England began a large-scale and integrative approach to mercantilism during the Elizabethan Era (1558–1603). A systematic and coherent explanation of balance of trade was made public through Thomas Mun 's argument England's Treasure by Forraign Trade, or the Balance of our Forraign Trade is The Rule of Our Treasure. It was written in
2560-617: A wobbly bench, where Mrs. Lillian Cross was already standing for a better view. Zangara got on the bench to get a clear aim at his target from 25 feet away. He placed his gun near Mrs. Cross's right shoulder (she was only about 4 inches taller than he and weighed 105 pounds). Lillian Cross saw Zangara's pistol, quickly transferred her purse from right to left hand, and then pushed up and twisted Zangara's shooting arm. As he fired shots, Mrs. Cross reported that Zangara continually attempted to force her arm back down but she "wouldn't let go." Five people were hit: Mrs. Joseph H. Gill (seriously wounded in
2688-497: Is 80. Oh, judge, don't be stingy. Give me a hundred years." Cermak died of peritonitis 19 days later, on March 6, 1933, two days after Roosevelt's inauguration . Zangara was promptly indicted for first-degree murder in Cermak's death. Because Zangara had intended to commit murder, the fact that his intended target may not have been the man he ultimately killed was not relevant as he would still be guilty of first-degree murder under
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#17328022902402816-416: Is a fundamental threat to repressive political leaders and greatly diminishes their power to coerce. Some of Friedman's views were shared by John Maynard Keynes , who believed that capitalism was vital for freedom to survive and thrive. Freedom House , an American think-tank that conducts international research on, and advocates for, democracy, political freedom and human rights , has argued that "there
2944-649: Is a high and statistically significant correlation between the level of political freedom as measured by Freedom House and economic freedom as measured by the Wall Street Journal/Heritage Foundation survey ". In Capital in the Twenty-First Century (2013), Thomas Piketty of the Paris School of Economics asserted that inequality is the inevitable consequence of economic growth in a capitalist economy and
3072-422: Is an economic system based on the private ownership of the means of production and their operation for profit . The defining characteristics of capitalism include private property, capital accumulation , competitive markets , price systems , recognition of property rights , self-interest , economic freedom , meritocracy , work ethic , consumer sovereignty , economic efficiency , profit motive ,
3200-479: Is crook man too. Put me in electric chair. I no care!" Under Florida law, a convicted murderer could not share cell space with another prisoner before his execution, but another convicted murderer was already awaiting execution at Raiford. Zangara's sentence required prison officials to expand their waiting area for prisoners sentenced to death and the "death cell" became " Death Row ". After spending only 10 days on death row, Zangara, who refused to appeal his sentence,
3328-413: Is disputed: Some commentators doubt whether an official president- and vice president-elect exist prior to the electoral votes being counted and announced by Congress on January 6, maintaining that this is a problematic contingency lacking clear constitutional or statutory direction. Others assert that once a majority of electoral votes has been cast for one ticket, then the recipients of these votes become
3456-556: Is evidence from some of these letters that, as is the case today, it may have been acceptable to apply the term to individuals that appeared to have won election, even before the full results were known. Major news publications began to regularly use the term in the latter half of the 19th century. With the 1933 ratification of the Twentieth Amendment to the United States Constitution , the term
3584-588: Is governed by stable economic laws of its own. In the English language , the term "capitalism" first appears, according to the Oxford English Dictionary (OED), in 1854, in the novel The Newcomes by novelist William Makepeace Thackeray , where the word meant "having ownership of capital". Also according to the OED, Carl Adolph Douai , a German American socialist and abolitionist , used
3712-499: Is held in early November, formal voting by the members of the Electoral College takes place in mid-December, and the presidential inauguration (at which the oath of office is taken) is then usually held on January 20. The only constitutional provision pertaining directly to the person who has won the presidential election is their availability to take the oath of office. The Presidential Transition Act of 1963 empowers
3840-505: Is magically enhanced in a plot to inflame bigotry and curtail the civil rights of the magically gifted protagonists of the Grimnoir Society. Instead of using a small-caliber handgun, Zangara is made into a living cannon or bomb and kills nearly 200 onlookers, including Cermak, and cripples Roosevelt. Charlaine Harris ' fantasy Western Gunnie Rose Series is set in a world in which Zangara succeeded in assassinating Roosevelt, and
3968-477: Is no competition. A monopoly occurs when a firm has exclusivity over a market. Hence, the firm can engage in rent seeking behaviors such as limiting output and raising prices because it has no fear of competition. Governments have implemented legislation for the purpose of preventing the creation of monopolies and cartels. In 1890, the Sherman Antitrust Act became the first legislation passed by
Giuseppe Zangara - Misplaced Pages Continue
4096-422: Is no profit in making an article, it is a sign that the labor and capital devoted to its production are misdirected: the value of the resources that must be used up in making the article is greater than the value of the article itself". Socialist theorists note that, unlike mercantilists, capitalists accumulate their profits while expecting their profit rates to remain the same. This causes problems as earnings in
4224-625: Is still able to assume the presidency, then the running mate is to become the president-elect with the electors being directed to vote for the former vice presidential nominee for President. The party's national committee, in consultation with the new president-elect, would then select a replacement to receive the electoral votes for Vice President. If the apparent winner dies between the College's December vote and its counting in Congress in January,
4352-588: Is to say the appropriation of capital by some to the exclusion of others") and Pierre-Joseph Proudhon in 1861 ("Economic and social regime in which capital, the source of income, does not generally belong to those who make it work through their labor"). Karl Marx frequently referred to the " capital " and to the "capitalist mode of production" in Das Kapital (1867). Marx did not use the form capitalism but instead used capital , capitalist and capitalist mode of production , which appear frequently. Due to
4480-439: The de facto president-elect has been known beyond a reasonable doubt, with only a few exceptions, within a few days (or even hours) of the polls closing on election day. As a result, incoming presidents gained valuable preparation time prior to assuming office. Recent presidents-elect have assembled transition teams to prepare for a smooth transfer of power following the inauguration . Outgoing presidents have cooperated with
4608-498: The General Services Administration to determine who the apparent election winner is, and provides for a timely and organized sequence for the federal government's transition planning in cooperation with the president-elect's transition team; it also includes the provision of office space for the "apparent successful candidates". By convention, during the period between the election and the inauguration,
4736-591: The House of Representatives in a run-off contingent election . Similarly, if no vice-presidential candidate reaches that threshold, the election for the vice president is decided by the Senate. Although neither the Constitution nor any federal law requires electors to vote for the candidate who wins their state's popular vote, some states have enacted laws mandating that they vote for the state vote winner. In 2020,
4864-487: The Twelfth Amendment stipulates that all electoral ballots cast shall be counted, presumably even those for a dead candidate. The U.S. House committee reporting on the proposed Twentieth Amendment said the "Congress would have 'no discretion' [and] 'would declare that the deceased candidate had received a majority of the votes.'" The Constitution did not originally include the term president-elect . The term
4992-462: The Twentieth Amendment uses the term "president-elect", thereby giving the term constitutional basis. It is assumed the Congressional certification of votes cast by the Electoral College of the United States – occurring after the third day of January following the swearing-in of the new Congress, per provisions of the Twelfth Amendment – unambiguously confirms the successful candidate as
5120-763: The World Bank and the IMF ), large institutional investors and a well-funded banking system . A significant managerial class has emerged and decides on a significant proportion of investments and other decisions. A different future than that envisioned by Marx has started to emerge—explored and described by Anthony Crosland in the United Kingdom in his 1956 book The Future of Socialism and by John Kenneth Galbraith in North America in his 1958 book The Affluent Society , 90 years after Marx's research on
5248-410: The neoliberal global economy would have been impossible without the fall of communism . Harvard Kennedy School economist Dani Rodrik distinguishes between three historical variants of capitalism: The relationship between democracy and capitalism is a contentious area in theory and in popular political movements. The extension of adult-male suffrage in 19th-century Britain occurred along with
Giuseppe Zangara - Misplaced Pages Continue
5376-681: The point of divergence on the premise that Zangara succeeded in assassinating President-elect Roosevelt on February 15, 1933, in Miami. Eric Norden's 1973 alternate history novel The Ultimate Solution also uses this point of divergence . A similar Zangara-is-successful premise is used in the GURPS Alternate Earths role-playing game's "Reich 5" alternate universe. Max Allan Collins ' 1983 novel True Detective , first in his Nathan Heller mystery series, features Zangara's attempted assassination of Roosevelt, positing it as an actual attempt on Chicago Mayor Anton Cermak. The novel won
5504-416: The transatlantic cable , the radiotelephone , the steamship and railways allowed goods and information to move around the world to an unprecedented degree. In the United States, the term "capitalist" primarily referred to powerful businessmen until the 1920s due to widespread societal skepticism and criticism of capitalism and its most ardent supporters. Contemporary capitalist societies developed in
5632-422: The 1620s and published in 1664. European merchants , backed by state controls, subsidies and monopolies , made most of their profits by buying and selling goods. In the words of Francis Bacon , the purpose of mercantilism was "the opening and well-balancing of trade; the cherishing of manufacturers; the banishing of idleness; the repressing of waste and excess by sumptuary laws; the improvement and husbanding of
5760-464: The 16th and 18th centuries. The Industrial Revolution of the 18th century established capitalism as a dominant mode of production , characterized by factory work and a complex division of labor . Through the process of globalization , capitalism spread across the world in the 19th and 20th centuries, especially before World War I and after the end of the Cold War. During the 19th century, capitalism
5888-459: The 1820s; no state has done so since the 1860s. Several states have enacted or proposed laws that would give their electoral votes to the winner of the national popular vote regardless of the result of their statewide vote, but these laws will not come into force unless states with a majority of the electoral votes collectively enact such laws, which as of 2018 has yet to occur. On the Monday after
6016-643: The 18th-century decisively shaped globalization. After the First and Second Opium Wars (1839–60) and the completion of the British conquest of India by 1858, vast populations of Asia became consumers of European exports. Europeans colonized areas of sub-Saharan Africa and the Pacific islands. Colonisation by Europeans, notably of sub-Saharan Africa, yielded valuable natural resources such as rubber , diamonds and coal and helped fuel trade and investment between
6144-523: The 1984 Shamus Award for Best P.I. Hardcover from the Private Eye Writers of America. In the original 1990 Off-Broadway production of Assassins by Stephen Sondheim , Zangara was played by Eddie Korbich . In later productions, he was played by Paul Harrhy in London's West End (1992 premiere) and Jeffrey Kuhn on Broadway (2004 premiere). Appearing in several songs from the musical,
6272-402: The 20th century, capitalism overcame a challenge by centrally-planned economies and is now the encompassing system worldwide, with the mixed economy as its dominant form in the industrialized Western world. Industrialization allowed cheap production of household items using economies of scale , while rapid population growth created sustained demand for commodities. The imperialism of
6400-447: The Constitution. Currently, in every state, an election by the people is the method employed for the choice of the members of the Electoral College. The Constitution, however, does not specify any procedure that states must follow in choosing electors. A state could, for instance, prescribe that they be elected by the state legislature or even chosen by the state's governor. The latter was the norm in early presidential elections prior to
6528-527: The European imperial powers, their colonies and the United States: The inhabitant of London could order by telephone, sipping his morning tea, the various products of the whole earth, and reasonably expect their early delivery upon his doorstep. Militarism and imperialism of racial and cultural rivalries were little more than the amusements of his daily newspaper. What an extraordinary episode in
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#17328022902406656-575: The Mediterranean talking to Arab traders and returned to popularize the use of Indo-Arabic numerals in Europe. The economic foundations of the feudal agricultural system began to shift substantially in 16th-century England as the manorial system had broken down and land began to become concentrated in the hands of fewer landlords with increasingly large estates. Instead of a serf -based system of labor, workers were increasingly employed as part of
6784-546: The November general election; this enables the president-elect, vice president-elect, and transition teams for the purposes of receiving federal transition funding, office space and communications services prior to the beginning of the new administration on January 20. There are no firm rules on how the GSA determines the president-elect. Typically, the GSA chief might make the decision after reliable news organizations have declared
6912-523: The Presidency going to the speaker of the House of Representatives , followed by the president pro tempore of the Senate and various Cabinet officers. Horace Greeley is the only presidential candidate to win pledged electors in the general election and then die before the presidential inauguration; he secured 66 votes in 1872 and died before the Electoral College met. Greeley had already clearly lost
7040-805: The Presidential Transition Act of 1963 (P.L. 88-277), amended by the Presidential Transitions Effectiveness Act of 1998 (P.L. 100-398), the Presidential Transition Act of 2000 (P.L. 106-293), and the Pre-Election Presidential Transition Act of 2010 (P.L. 111-283), the president-elect is entitled to request and receive certain privileges from the General Services Administration (GSA) as they prepare to assume office. Section 3 of
7168-628: The Presidential Transition Act of 1963 was enacted to help smooth transitions between incoming and outgoing presidential administrations. To that end, provisions such as office space , telecommunication services , transition staff members are allotted, upon request, to the president-elect, though the Act grants the president-elect no official powers and makes no mention of an "Office of the President-Elect." In 2008, President-elect Barack Obama gave numerous speeches and press conferences in front of
7296-689: The TV series The Untouchables , actor Joe Mantell played the part of Giuseppe "Joe" Zangara. This episode, while depicting Zangara's story throughout, focuses mostly on Nitti's plan to kill Cermak with an initial (fictionalized) attempt in Chicago that is foiled by Eliot Ness and his agents at the end of part one. In part two, another attempt is made using a contract hitman, an ex-Army rifleman in Florida, which again fails thanks to Ness. Suddenly, Zangara's failed, and unrelated, obsession with killing Roosevelt unintentionally achieves Nitti's goal. This two-part story
7424-531: The United Kingdom (1979–1990). Public and political interest began shifting away from the so-called collectivist concerns of Keynes's managed capitalism to a focus on individual choice , called "remarketized capitalism". The end of the Cold War and the dissolution of the Soviet Union allowed for capitalism to become a truly global system in a way not seen since before World War I . The development of
7552-503: The United States Congress to limit monopolies. Wage labor, usually referred to as paid work, paid employment, or paid labor, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labor power under a formal or informal employment contract . These transactions usually occur in a labor market where wages or salaries are market-determined . In exchange for
7680-558: The United States fractured into several different successor states. President-elect of the United States The president-elect of the United States is the candidate who has presumptively won the United States presidential election and is awaiting inauguration to become the president . There is no explicit indication in the U.S. Constitution as to when that person actually becomes president-elect, although
7808-481: The West from 1950 to the present and this type of system continues throughout the world—relevant examples started in the United States after the 1950s , France after the 1960s , Spain after the 1970s , Poland after 2015 , and others. At this stage most capitalist markets are considered developed and characterized by developed private and public markets for equity and debt, a high standard of living (as characterized by
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#17328022902407936-594: The Zangara character has a major solo in the number "How I Saved Roosevelt". In HBO's 1998 biopic Winchell , moments after the assassination attempt, Walter Winchell leaps onto the running board of Miami's Police Chief's car, asking for an interview with Zangara, thereby getting at exclusive story for the New York Daily Mirror . The 2011 fantasy noir novel Spellbound by Larry Correia features Zangara's attempted assassination of Roosevelt. Zangara
8064-418: The abdomen); Miss Margaret Kruis of Newark, New Jersey , (minor wound in hand and a scalp wound); New York detective/bodyguard William Sinnott (superficial head wound); Russell Caldwell of Miami (flesh wound on the forehead); and Chicago Mayor Anton Cermak , who was standing on the running board of the car next to Roosevelt. Mrs. Cross had powder burns on her right cheek. A Secret Service agent, Bob Clark, had
8192-488: The back of an open car in the Bayfront Park area of Miami, Florida, where Zangara was working the occasional odd job and living off his savings. Zangara, armed with a .32-caliber US Revolver Company revolver he had bought for $ 8 (equivalent to $ 190 in 2023) at a local pawn shop, joined the crowd of spectators, but as he was only 5 feet (1.5 m) tall, he was unable to see over other people and had to stand on
8320-411: The ballots are accepted without objections, the presidential and vice-presidential candidates winning at least 270 electoral votes—a majority of the total number of electoral votes—are certified as having won the election by the incumbent vice president , in their capacity as president of the Senate. If no presidential candidate reaches the 270-vote threshold, the election for the president is decided by
8448-529: The business of a third party by offering the most favourable terms". It was described by Adam Smith in The Wealth of Nations (1776) and later economists as allocating productive resources to their most highly valued uses and encouraging efficiency . Smith and other classical economists before Antoine Augustine Cournot were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of buyers, not necessarily to
8576-480: The constitutionality of these laws was upheld by the United States Supreme Court. Historically, there have only been a few instances of " faithless electors " casting their ballots for a candidate to whom they were not pledged, and such instances have never altered the final outcome of a presidential election. Two congressional reports found that the president-elect is the eventual winner of
8704-578: The development of capitalism. Private property rights are not absolute, as in many countries the state has the power to seize private property, typically for public use, under the powers of eminent domain . In capitalist economics, market competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share and sales volume by varying the elements of the marketing mix : price, product, distribution and promotion. Merriam-Webster defines competition in business as "the effort of two or more parties acting independently to secure
8832-754: The development of industrial capitalism and representative democracy became widespread at the same time as capitalism, leading capitalists to posit a causal or mutual relationship between them. However, according to some authors in the 20th-century, capitalism also accompanied a variety of political formations quite distinct from liberal democracies, including fascist regimes, absolute monarchies and single-party states . Democratic peace theory asserts that democracies seldom fight other democracies, but others suggest this may be because of political similarity or stability, rather than because they are "democratic" or "capitalist". Critics argue that though economic growth under capitalism has led to democracy, it may not do so in
8960-634: The distribution of goods and services are mainly determined by competition in goods and services markets. Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism , anarcho-capitalism , state capitalism , and welfare capitalism . Different forms of capitalism feature varying degrees of free markets , public ownership , obstacles to free competition, and state-sanctioned social policies . The degree of competition in markets and
9088-410: The doctrine of transferred intent . There were worries that Zangara's defense would argue that Cermak's death was not a result of his bullet injury. A theory, raised decades later, questioned whether Cermak's death was caused by medical malpractice on the part of the doctors treating him. It alleged that they failed to realize that the bullet had actually caused direct damage to his colon and precipitated
9216-461: The economic progress of man was that age which came to an end in August 1914. From the 1870s to the early 1920s, the global financial system was mainly tied to the gold standard . The United Kingdom first formally adopted this standard in 1821. Soon to follow were Canada in 1853, Newfoundland in 1865, the United States and Germany ( de jure ) in 1873. New technologies, such as the telegraph ,
9344-467: The election and most of his votes inconsequentially scattered to other candidates. The closest instance of there being no qualified person to take the presidential oath of office on Inauguration Day happened in 1877 when the disputed election between Rutherford B. Hayes and Samuel J. Tilden was decided and certified in Hayes' favor just three days before the inauguration (then March 4). It might have been
9472-414: The end of a four-year presidential term and the beginning of the next four-year presidential term. It is a "constitutional mystery" about who (if anyone) holds the presidency during the brief period on Inauguration Day between noon and the swearing-in of a new president (or the renewed swearing-in of a re-elected president) approximately five minutes later. One view is that "a President-elect does not assume
9600-399: The era of merchant capitalism and mercantilism as the origin of modern capitalism, although Karl Polanyi argued that the hallmark of capitalism is the establishment of generalized markets for what he called the "fictitious commodities", i.e. land, labor and money. Accordingly, he argued that "not until 1834 was a competitive labor market established in England, hence industrial capitalism as
9728-420: The event of a nominee's death, either before or after the general election. If the apparent winner of the general election dies before the Electoral College votes in December the electors would likely be expected to endorse whatever new nominee their national party selects as a replacement. The rules of both major parties stipulate that if the apparent winner dies under such circumstances and his or her running mate
9856-493: The expense of another state. During the Industrial Revolution , industrialists replaced merchants as a dominant factor in the capitalist system and effected the decline of the traditional handicraft skills of artisans , guilds and journeymen . Industrial capitalism marked the development of the factory system of manufacturing, characterized by a complex division of labor between and within work process and
9984-522: The following: In free market and laissez-faire forms of capitalism, markets are used most extensively with minimal or no regulation over the pricing mechanism. In mixed economies, which are almost universal today, markets continue to play a dominant role, but they are regulated to some extent by the state in order to correct market failures , promote social welfare , conserve natural resources , fund defense and public safety or other rationale. In state capitalist systems, markets are relied upon
10112-477: The future as authoritarian régimes have been able to manage economic growth using some of capitalism's competitive principles without making concessions to greater political freedom . Political scientists Torben Iversen and David Soskice see democracy and capitalism as mutually supportive. Robert Dahl argued in On Democracy that capitalism was beneficial for democracy because economic growth and
10240-475: The idea that if all participants focus on their own goals, society's well-being will be water under the bridge, Smith maintains that despite the concerns of intellectuals, "global trends will hardly be altered if they refrain from pursuing their personal ends." He insisted that the actions of a few participants cannot alter the course of society. Instead, Smith maintained that they should focus on personal progress instead and that this will result in overall growth to
10368-696: The least corrupt, operates largely under a one-party rule. Furthermore, it does not vigorously defend freedom of expression as evidenced by its government-regulated press , and its penchant for upholding laws protecting ethnic and religious harmony, judicial dignity and personal reputation. The private (capitalist) sector in the People's Republic of China has grown exponentially and thrived since its inception, despite having an authoritarian government. Augusto Pinochet 's rule in Chile led to economic growth and high levels of inequality by using authoritarian means to create
10496-406: The least, with the state relying heavily on state-owned enterprises or indirect economic planning to accumulate capital. Competition arises when more than one producer is trying to sell the same or similar products to the same buyers. Adherents of the capitalist theory believe that competition leads to innovation and more affordable prices. Monopolies or cartels can develop, especially if there
10624-466: The majority of electoral ballots cast in December. The Congressional Research Service (CRS) of the Library of Congress , in its 2004 report "Presidential and Vice Presidential Succession: Overview and Current Legislation," discussed the question of when candidates who have received a majority of electoral votes become president-elect. The report notes that the constitutional status of the president-elect
10752-500: The majority of electoral votes, or the person who has been chosen by the House of Representatives in the event that the election is thrown into the House. It is immaterial whether or not the votes have been counted, for the person becomes the president-elect as soon as the votes are cast. Scholars have noted that the national committees of the Democratic and Republican parties have adopted rules for selecting replacement candidates in
10880-403: The market mechanism is the only way of deciding what to produce and how to distribute the items without using coercion. Milton Friedman and Ronald Reagan also promoted this view. Friedman claimed that centralized economic operations are always accompanied by political repression . In his view, transactions in a market economy are voluntary and the wide diversity that voluntary activity permits
11008-428: The market, competing for the attention and exchange resources of buyers. Competition results from scarcity , as it is not possible to satisfy all conceivable human wants, and occurs as people try to meet the criteria being used to determine allocation. In the works of Adam Smith, the idea of capitalism is made possible through competition which creates growth. Although capitalism had not entered mainstream economics at
11136-480: The members of the Electoral College , the body that directly elects the president, must be "appointed, in each state, on the Tuesday next after the first Monday in November, in every fourth year". Thus, all states appoint their electors on the same date, in November, once every four years. However, the manner of appointment of the electors is determined by the law of each state, subject to the restrictions stipulated by
11264-434: The mid-17th century. "Capitalism" is derived from capital , which evolved from capitale , a late Latin word based on caput , meaning "head"—which is also the origin of " chattel " and " cattle " in the sense of movable property (only much later to refer only to livestock). Capitale emerged in the 12th to 13th centuries to refer to funds, stock of merchandise, sum of money or money carrying interest. By 1283, it
11392-424: The money paid as wages (usual for short-term work-contracts) or salaries (in permanent employment contracts), the work product generally becomes the undifferentiated property of the employer. A wage laborer is a person whose primary means of income is from the selling of their labor in this way. The profit motive , in the theory of capitalism, is the desire to earn income in the form of profit. Stated differently,
11520-516: The oath"; in other words, the president "must complete the oath before she can constitutionally tap the power of the presidency." The president-elect and vice president-elect receive mandatory protection from the United States Secret Service . Since the 1968 assassination of Robert F. Kennedy , major-party candidates also receive such protection during the election campaign. Notes: Capitalists Capitalism
11648-422: The official "president-elect" under the U.S. Constitution. As an unofficial term, president-elect has been used by the media since at least the latter half of the 19th century and was in use by politicians since at least the 1790s. Politicians and the media have applied the term to the projected winner, even on election night, and very few who turned out to lose have been referred to as such. While Election Day
11776-443: The perforation. The perforation led to sepsis and his death but Cermak might not have died "but for [the] physicians' blunders". This theory was refuted by a later medical analysis of the event. Zangara pleaded guilty to the additional murder charge and was sentenced to death by Circuit Court Judge Uly Thompson. Zangara said after hearing his sentence: "You give me electric chair . I no afraid of that chair! You one of capitalists. You
11904-600: The powers of the Chief Executive"; the view can be partially based on the fact that the oath is not mentioned in the eligibility requirements for the presidency set forth elsewhere in Article II. A third, intermediate view (the "primed presidency" view) is that "a President-elect automatically becomes President upon the start of his new term, but is unable to 'enter on the Execution of his Office' until he recites
12032-425: The president- and vice president-elect, notwithstanding the fact that the electoral votes are not counted and certified until the following January 6. The CRS report quotes the 1933 U.S. House committee report accompanying the Twentieth Amendment as endorsing the latter view: It will be noted that the committee uses the term "president-elect" in its generally accepted sense, as meaning the person who has received
12160-435: The president-elect actively prepares to carry out the duties of the office of president and works with the outgoing (or lame duck ) president to ensure a smooth handover of presidential responsibilities. Since 2008, incoming presidents have also used the name Office of the President-Elect to refer to their transition organization, despite a lack of formal description for it. Incumbent presidents who have won re-election for
12288-479: The president-elect dies before noon on January 20, the vice president-elect becomes president-elect. In cases where there is no president-elect or vice president-elect, the amendment also gives the Congress the authority to declare an acting president until such time as there is a president or vice president. At this point the Presidential Succession Act of 1947 would apply, with the office of
12416-423: The president-elect on important policy matters during the last two months of the president's term to ensure a smooth transition and continuity of operations that have significant national interests. Before the ratification of the Twentieth Amendment in 1933, which moved the start of the presidential term to January, the president-elect did not assume office until March, four months after the popular election. Under
12544-484: The previous stage of mercantilism, invested capital in the East India Companies and other colonies, seeking a return on investment . In the mid-18th century a group of economic theorists, led by David Hume (1711–1776) and Adam Smith (1723–1790), challenged fundamental mercantilist doctrines—such as the belief that the world's wealth remained constant and that a state could only increase its wealth at
12672-599: The previous stagnant system of custom and feudal obligation. The economic doctrine prevailing from the 16th to the 18th centuries is commonly called mercantilism . This period, the Age of Discovery , was associated with the geographic exploration of foreign lands by merchant traders, especially from England and the Low Countries . Mercantilism was a system of trade for profit, although commodities were still largely produced by non-capitalist methods. Most scholars consider
12800-489: The quote without attributing it to a witness, and most scholars doubt it was ever said. Zangara confessed in the Dade County Courthouse jail, stating: "I have the gun in my hand. I kill kings and presidents first and next all capitalists ." He pleaded guilty to four counts of attempted murder and was sentenced to 80 years in prison. As he was led out of the courtroom, Zangara told the judge: "Four times 20
12928-596: The real target and the relationship of the shooting to the rampant gang violence in Chicago. The theory is enhanced by numerous researchers, citing their analysis of court testimony, asserting that Cermak had directed an assassination attempt on Nitti less than three months earlier. The conspiracy theorists suggest that Zangara had been an expert marksman in the Italian Army 16 years earlier, who would presumably hit his target, though sidestepping any issues about Zangara's progressive age and health issues since his time in
13056-491: The reason for a business's existence is to turn a profit. The profit motive functions according to rational choice theory , or the theory that individuals tend to pursue what is in their own best interests. Accordingly, businesses seek to benefit themselves and/or their shareholders by maximizing profit. In capitalist theoretics, the profit motive is said to ensure that resources are being allocated efficiently. For instance, Austrian economist Henry Hazlitt explains: "If there
13184-435: The rest of society do not increase in the same proportion. The relationship between the state , its formal mechanisms, and capitalist societies has been debated in many fields of social and political theory, with active discussion since the 19th century. Hernando de Soto is a contemporary Peruvian economist who has argued that an important characteristic of capitalism is the functioning state protection of property rights in
13312-517: The resulting concentration of wealth can destabilize democratic societies and undermine the ideals of social justice upon which they are built. States with capitalistic economic systems have thrived under political regimes deemed to be authoritarian or oppressive. Singapore has a successful open market economy as a result of its competitive, business-friendly climate and robust rule of law. Nonetheless, it often comes under fire for its style of government which, though democratic and consistently one of
13440-560: The results of the popular vote that decided the appointment of the electors, although this information is not constitutionally required. The electors in each state and of the District of Columbia then send the certificates of vote, with the enclosed certificates of ascertainment, to the president of the U.S. Senate . The electoral votes are counted in a joint session of Congress in early January (on January 6 as required by 3 U.S. Code, Chapter 1, or an alternative date set by statute), and if
13568-613: The role of intervention and regulation , as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning . Capitalism in its modern form emerged from agrarianism in England , as well as mercantilist practices by European countries between
13696-486: The routine of work tasks; and eventually established the domination of the capitalist mode of production . Industrial Britain eventually abandoned the protectionist policy formerly prescribed by mercantilism. In the 19th century, Richard Cobden (1804–1865) and John Bright (1811–1889), who based their beliefs on the Manchester School , initiated a movement to lower tariffs . In the 1840s Britain adopted
13824-456: The second Wednesday in December, the electors of each state meet in their respective state capitals (and the electors of the District of Columbia meet in the federal capital), and in those meetings the electors cast their votes for president and vice president of the United States. At the conclusion of their meetings, the electors of each state and of the District of Columbia then execute a "certificate of vote" (in several original copies), declaring
13952-652: The soil; the regulation of prices...". After the period of the proto-industrialization , the British East India Company and the Dutch East India Company , after massive contributions from the Mughal Bengal , inaugurated an expansive era of commerce and trade. These companies were characterized by their colonial and expansionary powers given to them by nation-states. During this era, merchants, who had traded under
14080-440: The state of capitalism in 1867. The postwar boom ended in the late 1960s and early 1970s and the economic situation grew worse with the rise of stagflation . Monetarism , a modification of Keynesianism that is more compatible with laissez-faire analyses, gained increasing prominence in the capitalist world, especially under the years in office of Ronald Reagan in the United States (1981–1989) and of Margaret Thatcher in
14208-466: The status and powers of the President until he or she takes the oath"; under this view, "a person must reach before he or she can assume and exercise the powers of President." A second, opposite view is that the taking of the oath is a "ceremonial reminder of both the President's duty to execute the law and the status of the Constitution as supreme law" and is not a prerequisite to a person "exercis[ing]
14336-420: The term "capitalism" by many authors as "mainly rhetorical, functioning less as an actual concept than as a gesture toward the need for a concept". Scholars who are uncritical of capitalism rarely actually use the term "capitalism". Some doubt that the term "capitalism" possesses valid scientific dignity, and it is generally not discussed in mainstream economics , with economist Daron Acemoglu suggesting that
14464-418: The term "capitalism" should be abandoned entirely. Consequently, understanding of the concept of capitalism tends to be heavily influenced by opponents of capitalism and by the followers and critics of Karl Marx. Capitalism, in its modern form, can be traced to the emergence of agrarian capitalism and mercantilism in the early Renaissance , in city-states like Florence . Capital has existed incipiently on
14592-525: The term "capitalism" while it was used twice in the more political interpretations of his work, primarily authored by his collaborator Friedrich Engels . In the 20th century, defenders of the capitalist system often replaced the term "capitalism" with phrases such as free enterprise and private enterprise and replaced "capitalist" with rentier and investor in reaction to the negative connotations associated with capitalism. In general, capitalism as an economic system and mode of production can be summarized by
14720-518: The term "private capitalism" in 1863. There is no universally agreed upon definition of capitalism; it is unclear whether or not capitalism characterizes an entire society, a specific type of social order, or crucial components or elements of a society. Societies officially founded in opposition to capitalism (such as the Soviet Union ) have sometimes been argued to actually exhibit characteristics of capitalism. Nancy Fraser describes usage of
14848-466: The term in his first work, What is Property? (1840), to refer to the owners of capital. Benjamin Disraeli used the term in his 1845 work Sybil . Alexander Hamilton used "capitalist" in his Report of Manufactures presented to the United States Congress in 1791. The initial use of the term "capitalism" in its modern sense is attributed to Louis Blanc in 1850 ("What I call 'capitalism' that
14976-414: The time of Smith, it is vital to the construction of his ideal society. One of the foundational blocks of capitalism is competition. Smith believed that a prosperous society is one where "everyone should be free to enter and leave the market and change trades as often as he pleases." He believed that the freedom to act in one's self-interest is essential for the success of a capitalist society. In response to
15104-478: The vote count in each meeting. To each certificate of vote, a certificate of ascertainment is annexed. Each certificate of ascertainment is the official document (usually signed by the governor of the state or by the state's secretary of state) that declares the names of the electors, certifying their appointment as members of the Electoral College. Given that in all states the electors are currently chosen by popular vote, each certificate of ascertainment also declares
15232-401: The war, his short stature requiring him to stand on a jostled chair, his experience being with a rifle rather than with a pistol from a great distance, and his own statements regarding his target. Raymond Moley , who interviewed Zangara, believed he was not part of any larger conspiracy, and that he had intended to kill Roosevelt. In a 1960 two-part story line titled "The Unhired Assassin" on
15360-474: The winner or following a concession by the loser. Article II, Section 1, clause 8 of the Constitution provides that "Before he enter on the Execution of his Office" the president shall swear or affirm to "faithfully execute the Office of President of the United States" and "preserve, protect and defend the Constitution of the United States." The Twentieth Amendment provides that noon on January 20 marks both
15488-410: The word being coined by socialist critics of capitalism, economist and historian Robert Hessen stated that the term "capitalism" itself is a term of disparagement and a misnomer for economic individualism . Bernard Harcourt agrees with the statement that the term is a misnomer, adding that it misleadingly suggests that there is such a thing as " capital " that inherently functions in certain ways and
15616-571: Was executed on March 20, 1933, in Old Sparky , the electric chair at Florida State Prison in Raiford . Zangara became enraged when he learned no newsreel cameras would be filming his final moments. His final statement was "Viva l'Italia! Goodbye to all poor peoples everywhere! ... Push the button! Go ahead, push the button!" While accounts focus on Cermak and the other victims being random casualties of an attempt to assassinate Roosevelt,
15744-453: Was introduced through the Twentieth Amendment , ratified in 1933, which contained a provision addressing the unavailability of the president-elect to take the oath of office on Inauguration Day. Section 3 provides that if there is no president-elect on January 20, or the president-elect "fails to qualify", the vice president-elect would become acting president on January 20 until there is a qualified president. The section also provides that if
15872-560: Was largely unregulated by the state, but became more regulated in the post– World War II period through Keynesianism , followed by a return of more unregulated capitalism starting in the 1980s through neoliberalism . The existence of market economies has been observed under many forms of government and across a vast array of historical periods , geographical locations , and cultural contexts. The modern industrial capitalist societies that exist today developed in Western Europe as
16000-586: Was later edited together as a feature-length movie retitled The Gun of Zangara . In the 1993 reboot of The Untouchables , the episode "Radical Solution" has actor David Engel portraying Zangara. Zangara plays a significant role in the background provided for Philip K. Dick 's 1962 novel The Man in the High Castle (as well as the subsequent Amazon original series ). This alternate history novel, set after an Axis victory in World War II , bases
16128-603: Was now used in the Constitution of the United States . Article II, Section 1, Clause 2 of the United States Constitution , along with the Twelfth and Twentieth Amendments directly address and govern the process for electing the nation's president. Presidential elections are further regulated by various federal and state laws. Under the 1887 Electoral Count Act , the presidential electors,
16256-400: Was six years old. Observers at the time and following his execution have discussed his mental state. Arguments have been made that Zangara was mentally ill , incapable of distinguishing right from wrong, and ought to have had an insanity defense presented on his behalf while others have contended that he was sane. On February 15, 1933, Roosevelt was giving an impromptu speech at night from
16384-763: Was used in the sense of the capital assets of a trading firm and was often interchanged with other words—wealth, money, funds, goods, assets, property and so on. The Hollantse ( German : holländische ) Mercurius uses "capitalists" in 1633 and 1654 to refer to owners of capital. In French, Étienne Clavier referred to capitalistes in 1788, four years before its first recorded English usage by Arthur Young in his work Travels in France (1792). In his Principles of Political Economy and Taxation (1817), David Ricardo referred to "the capitalist" many times. English poet Samuel Taylor Coleridge used "capitalist" in his work Table Talk (1823). Pierre-Joseph Proudhon used
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