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, literally means "New Capitalism". This economic theory fuses some elements of capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
. The new capitalism was new compared to the capitalism in the era before World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
The term neo-capitalism was first used in the late 1950s and early 1960s by French and Belgian left-wing writers, including André Gorz
André Gorz , pen name of Gérard Horst, born Gerhard Hirsch, also known by his pen name Michel Bosquet, was an Austrian and French social philosopher. Also a journalist, he co-founded Le Nouvel Observateur weekly in 1964...
and Leo Michielsen. It was popularized in English by the Marxist
Marxism is an economic and sociopolitical worldview and method of socioeconomic inquiry that centers upon a materialist interpretation of history, a dialectical view of social change, and an analysis and critique of the development of capitalism. Marxism was pioneered in the early to mid 19th...
Ernest Ezra Mandel, also known by various pseudonyms such as Ernest Germain, Pierre Gousset, Henri Vallin, Walter , was a revolutionary Marxist theorist.-Life:...
in works such as An Introduction to Marxist Economic Theory.
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 organised labour 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 labour unrest.