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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•
28 Feb 1986
TL;DR: The Langlois Index as mentioned in this paper is a taxonomy of economic processes and its relationship to the New Institutional Economics: an introductory essay and an overview of the main drivers of economic growth.
Abstract: Preface Contributors 1. The New Institutional Economics: an introductory essay Richard N. Langlois 2. Three types of market process Stephen C. Littlechild 3. Organisation, competition and the growth of knowledge Brian J. Loasby 4. Uncertainty, signal detection experiments and modelling behaviour Ronald A. Heiner 5. The evolution of rules Andrew Schotter 6. The tension between process stories and equilibrium models Richard R. Nelson 7. Competition as a process: a law and economics perspective Gerald P. O'Driscoll Jr 8. The economics of governance Oliver E. Williamson 9. Capitalism and the factory system Axel Leijonhufvud 10. Rationality, institutions and explanation Richard N. Langlois Index.
281 citations
Posted Content•
TL;DR: Schumpeter's Capitalism, Socialism, and Democracy (CSD) was published in 1942 and brought into the main stream of economic discourse the question of what market structures were most favorable to technological change and hence economic growth.
Abstract: IN THE FALL OF 1942, as the Allied and Axis nations marshalled their forces for decisive battles at Guadalcanal, El Alamein, and Stalingrad, Joseph A. Schumpeter's Capitalism, Socialism, and Democracy (CSD) was published. Perceived by Schumpeter at the time as a "little book of essays" somewhat in the nature of a "potboiler,"' it distilled for the intelligent lay reader "almost forty years' thought, observation, and research" (1942, p. ix) by the Austrian economist-statesman-banker turned Harvard don. Fifty years later, it remains relevant. In particular, it brought into the main stream of economic discourse the question of what market structures were most favorable to technological change and hence economic growth. Both in the United States and abroad, policy debates over that issue persist. Schumpeter's conjectures on market structure, the work by economists to extend them, and the continuing policy puzzles are the main focus of this anniversay essay. II. The Challenge
281 citations
TL;DR: In his classic 1944 book, The Great Transformation, Karl Polanyi traced the roots of capitalist crisis to efforts to create "self-regulating markets" in land, labor, and money.
Abstract: In his classic 1944 book, The Great Transformation, Karl Polanyi traced the roots of capitalist crisis to efforts to create "self-regulating markets" in land, labor, and money. The effect was to turn those three fundamental bases of social life into "fictitious commodities".The inevitable result, Polanyi claimed, was to despoil nature, rupture communities, and destroy livelihoods. This diagnosis has strong echoes in the 21st century: witness the burgeoning markets in carbon emissions and biotechnology; in child-care, schooling, and the care of the old; and in financial derivatives. In this situation, Polanyi's idea of fictitious commodification affords a promising basis for an integrated structural analysis that connects three dimensions of the present crisis, the ecological, the social, and the financial. This paper explores the strengths and weaknesses of Polanyi's idea.
281 citations
TL;DR: In contrast to the problematic of transition, the authors see social change not as the passage from one order to another but as rearrangement in the patterns of how a multiplicity of social orders are interwoven.
Abstract: In contrast to the problematic of transition, this paper sees social change not as the passage from one order to another but as rearrangement in the patterns of how a multiplicity of social orders are interwoven. From that perspective we see organizational innovation not as replacement but as recombination. The fmdings of field research in Hungarian firms. data on ownership of the largest Hungarian enterprises, and interviews with key policy makers in government. banking. and industry indicate the emergence of new property forms that are neither statist nor private, in which the properties of private and public are dissolved. interwoven. and recombined. Recombinant property is a form of organizational hedging, or portfolio management. in which actors are responding to extraordinary uncertainty in the organizational environment. For enterprise actors the question is not simply, "Will I survive the market test?" but also, under what conditions is proof of worth on market principles neither sufficient nor necessary to survive. Recombinant property is an attempt to have resources in more than one organizational form-or similarly-to produce hybrid organizational forms that can be justified or assessed by more than one standard of measure. The clash of competing organizational principles that characterizes post-socialist societies produces new organizational forms; and this organizational diversity can form a basis for greater adaptability. At the same time, however, this multiplicity of ordering principles creates problems of accountability. Accompanying the decentralized reorganization oj assets is a centralization of liabilities. Both processes blur the boundaries between public and private. On the one hand, privatization produces the criss-crossing lines of recombinant property; on the other, debt consolidation transforms private debt into public liabilities. Whereas in the state socialist economy paternalism was based on the state's attempts at the centralized management of assets, in the first years of the post-socialist economy paternalism is based on the state's attempts at the centralized management of liabilities. *Research for this paper was supported by grants from NCSEER (the National council for Soviet and Bast European Research), IRIS (Institutional Reform and the Informal Sector). and the Project on Corporate Governance of the World Bank/Central European University. My thanks to Ronald Breiger, Rogers Brubaker. Uszl6 Bruszt, Cluistopher Clague, Ellen Comisso. Paul DiMaggio, Geoff Fougere, Istva.n Gabor, Peter GedeOl}, Gemot Grabher, Szabolcs Kemeny, Ja.nos Kollo, Jmos KonJ.ai. Janos Lukacs, Laszl6 Neumann, Claus Offe, Eva Pal6cz, Akas Rona-Tas, Monique Djokic Stark. Marton Tardos, and Eva Voszka for their criticisms of an earlier draft. Recombinant Property in East European Capitalism
281 citations
Book•
09 Oct 2012
TL;DR: Panitch and Gindin this paper argue that the American state can identify the interests of its own capital with that of capital in general, while restructuring other states to the end of spreading capitalist social relations and preventing economic crises from interrupting capital's globalizing tendencies.
Abstract: Panitch and Gindin's monumental study offers a significant rethinking of the development of global capitalism. Transcending classical theories of interimperialist rivalry and the false dichotomy between states and markets in the neoliberal era, this book produces an exceptionally rich account of postwar global capitalism to the present day. Focussing on the American state, Panitch and Gindin argue that its distinctiveness rests in its capacity to identify the interests of its own capital with that of capital in general, while restructuring other states to the end of spreading capitalist social relations and preventing economic crises from interrupting capital's globalizing tendencies. Examining recent economic crises, the authors identify social conflict occurring within, rather than between, states, producing political fault-lines replete with possibilities for the emergence of new movements to transcend capitalist markets and states.
280 citations