Reasonable Capitalism, Worker-Oriented Policies, and the Future of American Democracy: Reflections on the Centenary of Legal Foundations of Capitalism

Charles J. Whalen

Journal of Economic Issues, 2024, vol. 58, issue 4, 1072-1095

Abstract: This article offers reflections on the centenary of Legal Foundations of Capitalism (LFC), by John R. Commons. It begins with the objective that Commons had in mind when writing LFC. Then it discusses his account of stages of Anglo-American history, which begins in 1066 and continues to the ever-evolving “reasonable capitalism” of the twentieth century. Next, I reflect on that historical account, discussing not only how it underscores Commons’s commitment to the interests of workers, but also the historical lessons that LFC offers when read in conjunction with some of his other works. The rest of the article continues to follow the worker-oriented thread by considering labor law since LFC, Commons’s view of the interplay between organized labor and democracy, and the future of American democracy. The article closes with a brief summary and conclusion.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:mes:jeciss:v:58:y:2024:i:4:p:1072-1095

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DOI: 10.1080/00213624.2024.2418259

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