The Future of the Market Economy

David Simpson

Chapter 15 in Rethinking Economic Behaviour, 2000, pp 179-206 from Palgrave Macmillan

Abstract: Abstract Many writers, from Marx onwards, have speculated about the future of the social and economic order known as capitalism. Capitalism may be defined as the market economy coupled with the private ownership of capital, although some would argue that one is inseparable from the other. Of course there is no such single phenomenon as capitalism.1 Institutional and other arrange- ments vary in detail from one ‘capitalist’ country to another, and capitalism in each country has evolved over time, so that what we observe in the advanced market economy countries to- day is very different from what we should have observed in the same countries one hundred years ago. Despite these differences in detail, the complex adaptive systems which are the market economies manifest a recognisably common pattern which can be labelled as capitalism. It is the evolution over time of this pattern which is the subject of the present chapter.

Keywords: Market Economy; Advanced Country; Complex Adaptive System; Capitalist System; Public Ownership (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51355-6_15

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DOI: 10.1057/9780230513556_15

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