Capitalism

Art Carden and Ilia Murtazashvili

Chapter 17 in Elgar Encyclopedia of Public Choice, 2025, pp 123-127 from Edward Elgar Publishing

Abstract: Capitalism's critics and defenders tend to talk past one another because they understand the term differently. “Capitalism,” according to James M. Buchanan (2005:29), is an “unfortunate but widely used term again loosely described in terms of the range and scope for individual liberty outside collectivized direction and control.” As capitalism has never existed entirely separate from government, it has come in many forms, including crony capitalism, political capitalism, state capitalism, and entrepreneurial capitalism. We focus on understanding capitalism in the classical liberal tradition.

Keywords: Capitalism; Socialism; Free markets; Public choice; Mises; Hayek; Buchanan; Marx (search for similar items in EconPapers)
Date: 2025
ISBN: 9781802207743
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