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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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Book
01 Jan 2000
TL;DR: The transition from socialism to capitalism in former socialist economies is one of the main economic events of the twentieth century as discussed by the authors, and it is contributing to a shift in emphasis in economics from standard price and monetary theory to contracting and its institutional environment.
Abstract: The transition from socialism to capitalism in former socialist economies is one of the main economic events of the twentieth century. Not only does it affect the lives of approximately 1.65 billion people, but it is contributing to a shift in emphasis in economics from standard price and monetary theory to contracting and its institutional environment. Economic research in transition shows not only that institutions matter but also how their evolution toward higher efficiency depends on initial conditions and on sustained political support.Unlike early policy literature on transition economics, which focused on the so-called Washington consensus, this book provides an overview of current research, analyzing issues raised by transition for which economic theorists and policy makers had no ready answers. It shows how research on transition contributes to our understanding of capitalism as an economic system and of the dynamics of large-scale institutional change.The book is divided into three parts. The first part looks at how large-scale reforms are decided dynamically through the political process. The second part looks at the general equilibrium and macroeconomic effects of liberalization in economies without preexisting markets. The third part looks at the economic behavior of firms in the transition from state to private ownership and compares the effects of privatization, restructuring, and financial reform. Although focused on transition economics, the discussions are relevant to topics in political economics, development, public economics, corporate finance, and micro- and macroeconomics.

773 citations

Book ChapterDOI
TL;DR: The authors argue that the inability to accumulate through expanded reproduction on a sustained basis has been paralleled by a rise in attempts to accumulate by dispossession, which is the hallmark of what some like to call 'the new imperialism' is about.
Abstract: Global capitalism has experienced a chronic and enduring problem of overaccumulation since the 1970s. I interpret the volatility of international capitalism during these years, however, as a series of temporary spatio-temporal fixes that failed even in the medium run to deal with problems of overaccumulation. It was, as Peter Gowan argues, through the orchestration of such volatility that the United States sought to preserve its hegemonic position within global capitalism. The recent apparent shift towards an open imperialism backed by military force on the part of the US may then be seen as a sign of the weakening of that hegemony before the serious threat of recession and widespread devaluation at home, as opposed to the various bouts of devaluation formerly inflicted elsewhere (Latin America in the 1980s and early 1990s, and, even more seriously, the crisis that consumed East and South-East Asia in 1997 and then engulfed Russia and much of Latin America). But I also want to argue that the inability to accumulate through expanded reproduction on a sustained basis has been paralleled by a rise in attempts to accumulate by dispossession. This, I then conclude, is the hallmark of what some like to call ' the new imperialism' is about.

766 citations

Journal ArticleDOI
TL;DR: In this paper, an approach to institutional change more extended than the one provided in Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford, Oxford University Press, 2001) but congruent with its varieties-of-capitalism perspective is presented.
Abstract: Contemporary approaches to varieties to capitalism are often criticized for neglecting issues of institutional change. This paper develops an approach to institutional change more extended than the one provided in Hall and Soskice (in Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford, Oxford University Press, 2001) but congruent with its varieties-of-capitalism perspective. It begins by outlining an approach to institutional stability, which suggests that the persistence of institutions depends not only on their aggregate welfare effects but also on the distributive benefits that they provide to the underlying social or political coalitions; and not only on the Pareto-optimal quality of such equilibria but also on continuous processes of mobilization through which the actors test the limits of the existing institutions. It then develops an analysis of institutional change that emphasizes the ways in which defection, reinterpretation and reform emerge out of such contestation and assesses the accuracy of this account against recent developments in the political economies of Europe. The paper concludes by outlining the implications of this perspective for contemporary analyses of liberalization in the political economy.

763 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20241
20231,685
20223,695
2021801
2020934
20191,091