Toward an Evolutionary-Institutionalist Concept of State Capture: The Relevance of Kaleckian Analysis of Non-Equilibrium Dynamics

Anna Klimina

Journal of Economic Issues, 2009, vol. 43, issue 2, pages 371-380

Abstract: The paper contrasts viewpoints of neoclassical and traditional institutionalism on the prospects of state capture. It argues that state capture is a profit-seeking capital investment activity, which is determined by a historically prevailing and continuously evolving institutional environment, and, thus, it is an open-ended evolutionary phenomenon. Therefore the methodological framework of original institutionalism that emphasizes uncertainty and non-equilibrium processes is considered to be a better device for realistic study of state capture. Kaleckian analysis of non-equilibrium dynamics that links together capital accumulation and open-ended path of institutional change is recommended as a prospective method for further quantitative explorations in this field.

Keywords: state capture; non-equilibrium dynamics; Michal Kalecki (search for similar items in EconPapers)
Date: 2009

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Persistent link: http://EconPapers.repec.org/RePEc:mes:jeciss:v:43:y:2009:i:2:p:371-380

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