Conceptualizing Capitalism: Institutions, Evolution, Future by Geoffrey M. Hodgson

By Geoffrey M. Hodgson

A few centuries in the past, capitalism set in movement an explosion of financial productiveness. Markets and personal estate had existed for millennia, yet what different key associations fostered capitalism’s particularly fresh emergence? before, the conceptual toolkit on hand to respond to this question has been insufficient, and economists and different social scientists were diverted from making a choice on those key institutions.          

With Conceptualizing Capitalism, Geoffrey M. Hodgson bargains readers a extra particular conceptual framework. Drawing on a brand new theoretical technique known as criminal institutionalism, Hodgson establishes that crucial think about the emergence of capitalism—but additionally one of the ordinarily overlooked—is the constitutive function of legislation and the nation. whereas inner most estate and markets are vital to capitalism, they rely on the improvement of a good felony framework. employing this legally grounded method of the emergence of capitalism in eighteenth-century Europe, Hodgson identifies the foremost institutional advancements that coincided with its upward push. that evaluation allows him to counter the frequent view that capitalism is a ordinary and inevitable final result of human societies, displaying in its place that it's a quite contemporary phenomenon, contingent upon a unique kind of nation that protects deepest estate and enforces contracts. After setting up the character of capitalism, the booklet considers what this extra designated conceptual framework can let us know in regards to the attainable way forward for capitalism within the twenty-first century, the place one of the most very important matters are the results of globalization, the continued progress of inequality, and the demanding situations to America’s hegemony through China and others.

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