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The Fundamental Institutions of Capitalism presents a radical institutional approach to the analysis of capitalism. Ernesto Screpanti puts forward a number of provocative arguments that expose common ground in both neoclassical and Marxist orthodoxies. It will appeal to a broad audience of social scientists including advanced students and professio
This book presents a radical institutional approach to the analysis of capitalism. The author discusses a wide range of topics and puts forward a number of arguments that expose common ground in both neoclassical and Marxist orthodoxies.
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."
Author : Peter A. Hall Publisher : Oxford University Press Page : 557 pages File Size : 33,6 MB Release : 2001 Category : Business & Economics ISBN : 0199247749
Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
What are the most fundamental differences among the political economies of the developed world? How do national institutional differences condition economic performance, public policy, and social well-being? Will they survive the pressures for convergence generated by globalization and technological change? These have long been central questions in comparative political economy. This book provides a new and coherent set of answers to them. Building on the new economics of organization, the authors develop an important new theory about which differences among national political economies are most significant for economic policy and performance. Drawing on a distinction between 'liberal' and 'coordinated' market economies, they argue that there is more than one path to economic success. Nations need not converge to a single Anglo-American model. They develop a new theory of 'comparative institutionaladvantage' that transforms our understanding of international trade, offers new explanations for the response of firms and nations to the challenges of globalization, and provides a new theory of national interest to explain the conduct of nations in international relations. The analysis brings the firm back into the centre of comparative political economy. It provides new perspectives on economic and social policy-making that illuminate the role of business in the development of the welfare state and the dilemmas facing those who make economic policy in the contemporary world. Emphasizing the 'institutional complementarities' that link labour relations, corporate finance, and national legal systems, the authors bring interdisciplinary perspectives to bear on issues of strategic management, economic performance, and institutional change. This pathbreaking work sets new agendas in the study of comparative political economy. As such, it will be of value to academics and graduate students in economics, business, and political science, as well as to many others with interests in international relations, social policy-making, and the law.
Author : Oliver E. Williamson Publisher : Simon and Schuster Page : 473 pages File Size : 32,37 MB Release : 1985 Category : Business & Economics ISBN : 068486374X
This long-awaited sequel to the modem classic "Markets and Hierarchies" develops and extends Williamson's innovative use of transaction cost economics as an approach to studying economic organization by applying it to work and labor as well as the corporation itself. In addition, Williamson explores its growing implications for public policy, including its potential influence on antitrust and merger guidelines, labor policy, and SEC and public utility regulations.
This book contains another set of essays dealing with the fundamental economic problems of our time: inequality, environment degradation, and social disorder, which are analyzed in light of the unified theory of capitalism. This theory is a scientific endeavor that seeks to explain the capitalist system taken by parts and then taken as a whole, as a unified theory. By parts, the theory analyzes the First World and the Third World and also the short run, long run, and very long run economic processes, showing why and how economic growth has led to a new epoch, with ecological equilibrium disruption, known as the Anthropocene Age. The empirical predictions of the theory are proven to be consistent with the available facts. Therefore, the theory can be accepted as a good representation of the real-world capitalism; moreover, its derived causality relations become inputs for the debate on the needed science-based policies for the new age. Indeed, this book proposes structural policies to change the way capitalism operates, through changes in its basic institutions, mainly the electoral democracy, which would certainly imply a re-foundation of the capitalist system.
An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.
This study is based on the belief that economic organization is shaped by transaction cost economizing decisions. It sets out the basic principles of transaction cost economics, applies the basic arguments to economic institutions, and develops public policy implications. Any issue that arises, or can be recast as a matter of contracting, is usefully examined in terms of transaction costs. Transaction cost economics maintains that governance of contractual relations is mainly achieved through institutions of private ordering instead of legal centralism. This approach is based on behavioral assumptions of bounded rationalism and opportunism, which reflect actual human nature. These assumptions underlie the problem of economic organization: to create contract and governance structures that economize on bounded rationality while safeguarding transactions against the hazards of opportunism. The book first summarizes the transaction cost economics approach to the study of economic organization. It develops the underlying behavioral assumptions and the types of transactions; alternative approaches to the world of contracts are presented. Assuming that firms are best regarded as a governance structure, a comparative institutional approach to the governance of contractual relations is set out. The evidence, theory, and policy of vertical integration are discussed, on the basis that the decision to integrate is paradigmatic to transaction cost analysis. The incentives and bureaucratic limits of internal organization are presented, including the dilemma of why a large firm can't do everything a collection of small firms can do. The economics of organization in presented in terms of transaction costs, showing that hierarchy also serves efficiency and permits a variety of predictions about the organization of work. Efficient labor organization is explored; on the assumption that an authority relation prevails between workers and managers, what governance structure supports will be made in response to various types of job attributes are discussed, and implications for union organization are developed. Considering antitrust ramifications of transaction cost economics, the book summarizes transaction cost issues that arise in the context of contracting, merger, and strategic behavior, and challenges earlier antitrust preoccupation with monopoly. (TNM).