Answer to Question #2173 in Other Economics for Laura Lebold
What was the New Capitalism?
Elements of capitalism include private ownership of the means of production, creation of goods or services for profit or income, the accumulation of capital, competitive markets, voluntary exchange and wage labor. An important feature of new capitalism is the elevation of equity to a role co-equal with efficiency, or perhaps even superior to it, as a guide to policy. The model of New Capitalism was characterised in its first phase in the mid to late 1990s by the explosive use of new technologies in the commercial context: email, e-commerce, e-contracting and the Internet. New Capitalism is based on the fact that corporations are above all else vehicles of shareholder profit and promotes the use of the market principle in areas of society previously considered free from the market's constraints.