Conceptualizing Capitalism: Institutions, Evolution, Future
University of Chicago Press, 22.09.2015 - 495 Seiten
A few centuries ago, capitalism set in motion an explosion of economic productivity. Markets and private property had existed for millennia, but what other key institutions fostered capitalism’s relatively recent emergence? Until now, the conceptual toolkit available to answer this question has been inadequate, and economists and other social scientists have been diverted from identifying these key institutions.
With Conceptualizing Capitalism, Geoffrey M. Hodgson offers readers a more precise conceptual framework. Drawing on a new theoretical approach called legal institutionalism, Hodgson establishes that the most important factor in the emergence of capitalism—but also among the most often overlooked—is the constitutive role of law and the state. While private property and markets are central to capitalism, they depend upon the development of an effective legal framework. Applying this legally grounded approach to the emergence of capitalism in eighteenth-century Europe, Hodgson identifies the key institutional developments that coincided with its rise. That analysis enables him to counter the widespread view that capitalism is a natural and inevitable outcome of human societies, showing instead that it is a relatively recent phenomenon, contingent upon a special form of state that protects private property and enforces contracts. After establishing the nature of capitalism, the book considers what this more precise conceptual framework can tell us about the possible future of capitalism in the twenty-first century, where some of the most important concerns are the effects of globalization, the continuing growth of inequality, and the challenges to America’s hegemony by China and others.
Was andere dazu sagen - Rezension schreiben
Es wurden keine Rezensionen gefunden.
Andere Ausgaben - Alle anzeigen
argued assets Austrian school authority behavior capi capitalist century chapter China claim Coase collateral commodity complex concept context cooperatives corporation credit money crucial cultural custom defined definition of capitalism economic economists Edward Elgar emergence employee employment contract enforcement entity essence established evolution evolutionary exchange existence firm Friedrich Hayek GDP per capita global growth Hayek Hence historically specific Hodgson human capital ideas important incentives individual inequality innovation institutions interaction involves kets knowledge labor power legal personality legal rights legal system limited markets Marx Marx’s Marxist means ment missing markets modern monetary nature nomic ontology organizations ownership physical political possible private property problem production property rights role routines rules Schumpeter simply social capital social relations social structure socialist society spontaneous tacit knowledge theory things tion trade understand Veblen vital wage labor wealth widespread worker worker cooperatives wrote