Capitalist development

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Chapter 2 in Evolution of the Corporation in the United States, 2021, pp 27-61 from Edward Elgar Publishing

Abstract: Chapter Two evaluates the stages of capitalist development presented by seven economists; Thorstein Veblen, John R. Commons, Wesley C. Mitchell, Adolf A. Berle, Gardiner C. Means, John Maynard Keynes and Hyman Minsky. Each of these authors analyzed capitalism, and its forms of business enterprise, using an evolutionary framework. As various practices appeared and were adopted, they cohered into specific periods of economic activity that presented their own internal structures for production, distribution, and consumption. As a result, these stages created their own macroeconomic dynamics. This presentation of capitalism and economics as an evolving system is an alternative to the dominant view of a natural order organized by universal verities. Most clearly, the authors reviewed demonstrate that the evolution of knowledge and technology alter what is possible and practical in economic organization, leading to the evolution of concepts such as capital, income, and resources.

Keywords: Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2021
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