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Studies on Balkan and Near Eastern Social Sciences – Volume 3

Edited By Rasim Yilmaz and Günther Löschnigg

The third volume of «Studies on Balkan and Near Eastern Social Sciences» is a collection of empirical and theoretical research papers in the social sciences regarding the Balkans and the Near East written by researchers from several different universities and institutions. The book addresses economic, financial, political, sociological, international relations, health, cultural, and feminist issues in the region of the Balkan and Near East. The book is aimed at educators, researchers, and students interested in the Balkan and Near Eastern countries.

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Human Rights and Virtuous Growth in Terms of Global Economic Transformation: Is It Possible to Return to Homo-Politicus?

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Introduction

Capitalism is an economic system that gives capital owners the right to acquire private ownership in an unlimited amount and to produce and trade according to their free preferences. In the capitalist economic model, every factor of production can survive with its price. In other words, all phases of the input-output process are priced and the factor that does not get a certain value is vanished from the market. In short, everything exists with its price.

The regulations (or deregulation) of the capitalist system are like liberal economic policies. Although capitalism and liberalism point to the same freedom and liberties, there is a difference between them regarding historical process. Capitalism refers to a broad system, which has emerged with the collapse of feudal system1 in Europe since 11th century and is based on ideological2 fundamentals.

Liberalism, on the other hand, refers to the ability of financial flows in the form of money and capital to gain international mobility and emerged in 19th and 20th centuries. The key notion that determines the similarities or differences between capitalism and liberalism is globalization. The capital becomes liberal (liquid) as it becomes global. When capitalism was emerging as an ideological based mechanism in Western Europe, the governance of markets and capital was in the control of the Catholic Church. After the French Revolution that was broken out as a reaction against to this system, capitalism exhibited a tendency for liberalization. Hence, capital became free from...

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