Capitalism
Subtitle: its origins and evolution as a system of governance
By: Bruce R. Scott
Publisher: Springer
Published: 2011
Place of publication: New York
Language: eng
Number of pages: 672
ISBN-13: 9781461418788
Subjects: Development economics; Endogenous growth (Economics); History; Capitalism; Economic history
Description: "Two systems of governance, capitalism and democracy, prevail in the world today. Operating in partly overlapping domains, these systems influence and transform each other, but the nature of this interaction is often misunderstood -- largely because capitalism has not been recognized as a system of governance. Rejecting the simple definition "capitalism = actions of firms in markets," Harvard's Bruce R. Scott offers instead a conception of capitalism as a three-level system akin to organized sports, in which games (markets) are conducted according to rules administered by referees (regulators), which in turn are shaped and directed by sports' governing bodies (political authorities).  Tracing the evolution of capitalism from a variety of perspectives, Scott shows how governance has always been key to the system. Historically, capitalism was not a natural outgrowth of trade; it could not have emerged without political authorization for the creation of markets for land, labor, and capital. Urgently needing funds for military defense, regimes ceded some power to a new class of economic actors, spelling out their rights and responsibilities with corporate charters. The United States Constitution was anomalous in reserving to individual states the power to grant such charters, with the result that states compete to offer firms the least regulation. The Constitution also gave exceptional powers to the Supreme Court, which has interpreted the Constitution as mandating laissez-faire policies.  It is impossible to adequately understand capitalism without understanding the role played by governance. This book challenges the notion of a "universal" model of capitalism, particularly one based on the US system, and illuminates the broader frameworks upon which markets depend."--Publisher's website.
Notes: Includes bibliographical references and index.
Table of contents: title: The theory of capitalism.  Prologue: Chestertown, Maryland, as an "English" Village; title: Introduction; title: The concept of Capitalism; title: Capitalism and democracy; title: Alternative models of capitalism; title: The origins and evolution of capitalism, 1400-1830. Prologue: the mystery of governance; title: Creating capitalism in Europe, 1400-1820; title: From feudalism to oligarchy in Latin America, 1500-1830; title: Creating capitalism and democracy in the United States 1630-1830; title: Political obstacles to capitalist development. Prologue: the Arizona market: a case study in "nation"-building; title: Italy as "one country, two systems"; title: The United States as  "one country, two systems"; title: The economic strategies of capitalist systems.  Prologue: economic strategies; title: Import substitution as an economic strategy; title: The Washington consensus; title: Neo-mercantilist or enhanced mobilization strategies; title: The evolution of US capitalism and democracy 1830-2009. Prologue: transformations in the governance if US capitalism 1830-1937; title: The transformation of US capitalism and democracy 1830-1937; title: The transformation of US capitalism US capitalism and democracy 1965-2009; title: Conclusions; title: Epilogue: the financial crisis of 2007-2009; title: Appendix: the capitalist firm in a regional environment.