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Capitalism
About: Capitalism is a research topic. Over the lifetime, 27714 publications have been published within this topic receiving 858042 citations.
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849 citations
Book•
01 Jan 1977
TL;DR: The authors traces the background of current liberal-democratic theory, explains how the concept of democracy became both embedded in the shifting ideas of social equality and increasingly dependent on the mechanism of capitalism, and points the way to a more participatory democracy.
Abstract: The author traces the background of current liberal-democratic theory, explains how the concept of democracy became both embedded in the shifting ideas of social equality and increasingly dependent on the mechanism of capitalism, and points the way to a more participatory democracy.
828 citations
820 citations
TL;DR: The Dependent Market Economy (DME) model as mentioned in this paper is characterized by the importance of foreign capital for the socioeconomic setup and is located in postsocialist Central Europe, and has comparative advantages in the assembly and production of relatively complex and durable consumer goods.
Abstract: This article enlarges the existing literature on the varieties of capitalism by identifying a third basic variety that does not resemble the liberal market economy or coordinated market economy types. The dependent market economy (DME ) type, as it is named by the authors, is characterized by the importance of foreign capital for the socioeconomic setup and is located in postsocialist Central Europe. Since the collapse of state socialism in the late 1980s, the Czech republic, Hungary, poland, and the slovak republic have introduced a rather successful model of capitalism when compared with other postsocialist states. This article identifies the key elements of the DME model and discusses their interplay. DME s have comparative advantages in the assembly and production of relatively complex and durable consumer goods. These comparative advantages are based on institutional complementarities between skilled, but cheap, labor; the transfer of technological innovations within transnational enterprises; and the provision of capital via foreign direct investment.
802 citations
TL;DR: The authors argue that to understand the basic tradeoff between the costs of disorder and those of dictatorship, one needs to understand how institutions exert profound influence on economic development and apply this logic to study the structure of efficient institutions, the consequences of colonial transplantation, and the politics of institutional choice.
798 citations