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Two systems of governance, capitalism and democracy, prevail in the world today. Operating simultaneously in partially distinct domains, these systems rely on indirect governance through regulated competition to coordinate actors; inevitably, these systems influence and transform each other. This book rejects the simple equation of capitalism with markets in favor of a three-level system, a model which recognizes that markets are administered by regulators through institutions and governed by a political authority with the power to regulate behavior, punish transgressors, and redesign institutions. This system's emergence required the sovereign to relinquish some power in order to release the energies of economic actors. Rather than spreading through an unguided natural process like trade, capitalism emerged where competitive pressures forced political authorities to take risks in order to achieve increased revenues by permitting markets for land, labor, and capital.
The textbook explains the emergence, evolution, and working of the capitalist system with the help of some of the major principles and theories of economics. It interrelates economics and economic life with other aspects of our lives—social, cultural, political, religious, and intellectual. This book departs from the traditional analysis of the capitalist system in integrating the real sector of the economy with its monetary sector and carries forward Keynes' analysis. It underlines that the capitalist system is constantly changing, propelled by the tendency towards increasing concentration of ownership and control of the means of production in fewer and fewer hands.
Capitalism is the dominant economic framework in modern history, but it s unclear how it really works. Relying on the free movement and spontaneous coordination of seemingly infinitesimal market forces, its very essence is remarkably complex. Geoffrey M. Hodgson offers a more precise conceptual framework, defines the concepts involved, and illustrates that what is most important, and what has been most often overlooked, are institutions and contractsthe law. Chapter by chapter, Hodgson focuses in on how capitalism works at its very core to develop his own definitive theory of capitalism. By employing economic history and comparative analysis toward explanatory and analytical ends, Hodgson shows how capitalism is not an eternal or natural order, but indeed a relatively recent institution. If anyone were qualified to venture such a comprehensive and definitive analysis of such an important economic, legal, and social phenomenon, it is Geoffrey Hodgson. "Conceptualizing Capitalism" will significantly alter and carry forward our understanding of markets and how they work."
In this timely work, renowned scholars provide a provocative view of the transition to capitalism in formerly socialist economies. The contributors consider the experiences of Eastern Europe, Russia, and China, most arguing that an evolutionary approach to the transition has a greater chance of succeeding than does "shock therapy." Their evolutionary theoretical paradigm provides constructive alternatives to the conventional thinking on transition and on institutional change in general.
A leading economic historian traces the evolution of American capitalism from the colonial era to the present—and argues that we’ve reached a turning point that will define the era ahead. “A monumental achievement, sure to become a classic.”—Zachary D. Carter, author of The Price of Peace In this ambitious single-volume history of the United States, economic historian Jonathan Levy reveals how capitalism in America has evolved through four distinct ages and how the country’s economic evolution is inseparable from the nature of American life itself. The Age of Commerce spans the colonial era through the outbreak of the Civil War, and the Age of Capital traces the lasting impact of the industrial revolution. The volatility of the Age of Capital ultimately led to the Great Depression, which sparked the Age of Control, during which the government took on a more active role in the economy, and finally, in the Age of Chaos, deregulation and the growth of the finance industry created a booming economy for some but also striking inequalities and a lack of oversight that led directly to the crash of 2008. In Ages of American Capitalism, Levy proves that capitalism in the United States has never been just one thing. Instead, it has morphed through the country’s history—and it’s likely changing again right now. “A stunning accomplishment . . . an indispensable guide to understanding American history—and what’s happening in today’s economy.”—Christian Science Monitor “The best one-volume history of American capitalism.”—Sven Beckert, author of Empire of Cotton
The most current text of its kind, The Evolution of Economic Systems: Varieties of Capitalism in the Global Economy explores the effects of politics and culture on the nature of national economic systems. Author Barry Clark distills recent academic work in such areas as comparative political economy, varieties of capitalism, new and old institutional economics, new economic sociology, and social systems of production, presenting the material in a conversational manner that makes it accessible for undergraduate students.
This book argues that we are undergoing a transition from industrial capitalism to a new form of capitalism - what the author calls & lsquo; cognitive capitalism & rsquo;
Between the end of the Middle Ages and the Industrial Revolution, the long-established structures and practices of European agriculture and industry were slowly, disparately, but profoundly transformed. Transitions to Capitalism in Early Modern Europe, first published in 1997, narrates and analyzes the diverse patterns of economic change that permanently modified rural and urban production, altered Europe's economy and geography, and gave birth to new social classes. Broad in chronological and geographical scope and explicitly comparative, the book introduces readers to a wealth of information drawn from thoughout Mediterranean, east-central, and western Europe, as well as to the classic interpretations and current debates and revisions. The study incorporates scholarship on topics such as the world economy and women's work, and it discusses at length the impact of the emergent capitalist order on Europe's working people.
For the first time in history, the globe is dominated by one economic system. Capitalism prevails because it delivers prosperity and meets desires for autonomy. But it also is unstable and morally defective. Surveying the varieties and futures of capitalism, Branko Milanovic offers creative solutions to improve a system that isn’t going anywhere.