The future of capitalism

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Chapter 2 in Approaching Equality, 2017, pp 5-23 from Edward Elgar Publishing

Abstract: The chapter begins by refining a definition of capitalism, drawing on Marx and Schumpeter, but reconciles this definition with the existence of what Piketty calls a “Patrimonial middle class†by restating the definition of the working class in terms of the life-cycle. Sketches and in part criticizes Piketty’s account of the concentration of wealth, and integrates some of Stiglitz’s writing on rent-seeking. Concludes that mature capitalism tends to be transformed, via concentration of wealth, into plutocratic oligarchy, with regrettable consequences.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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