Twentieth Century
Capitalism in the 20th century changed substantially from its 19th-century origins, but remained in place and by the end of the century was established as the world's most prevalent economic model, after the collapse of the USSR.
Several major challenges to capitalism appeared in the early part of the 20th century. The Russian revolution in 1917 established the first communist state in the world; a decade later, the Great Depression triggered increasing criticism of the existing capitalist system. One response to this crisis was a turn to fascism, an ideology which advocated state-influenced capitalism; other responses are, a rejection of capitalism altogether in favor of communist or socialist ideologies.
In the years after World War II, capitalism was moderated and regulated in several ways. Keynesian economics became a widely accepted method of government regulation; meanwhile, countries such as the United Kingdom experimented with mixed economies in which the state owned and operated certain major industries.
Other aspects of 20th-century capitalism include the rise of financial markets, quantitative analysis of market trends, and the increasing globalization of production and consumption.
Read more about this topic: History Of Capitalism
Famous quotes related to twentieth century:
“In the twentieth century one of the most personal relationships to have developed is that of the person and the state.... It’s become a fact of life that governments have become very intimate with people, most always to their detriment.”
—E.L. (Edgar Lawrence)
“One of the peculiar sins of the twentieth century which we’ve developed to a very high level is the sin of credulity. It has been said that when human beings stop believing in God they believe in nothing. The truth is much worse: they believe in anything.”
—Malcolm Muggeridge (1903–1990)
“... the nineteenth century believed in science but the twentieth century does not. Not.”
—Gertrude Stein (1874–1946)
“In the middle of the next century, when the literary establishment will reflect the multicultural makeup of this country and not be dominated by assimiliationists with similar tastes, from similar backgrounds, and of similar pretensions, Langston Hughes will be to the twentieth century what Walt Whitman was to the nineteenth.”
—Ishmael Reed (b. 1938)
“A writer is in danger of allowing his talent to dull who lets more than a year go past without finding himself in his rightful place of composition, the small single unluxurious ‘retreat’ of the twentieth century, the hotel bedroom.”
—Cyril Connolly (1903–1974)