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The authors of this book (hereafter BLS) reject the notion that the term “capitalism” denotes a unique type of economic system and distinguish instead among four forms it…
The authors of this book (hereafter BLS) reject the notion that the term “capitalism” denotes a unique type of economic system and distinguish instead among four forms it can take: state-guided capitalism, oligarchic capitalism, big-firm capitalism, and entrepreneurial capitalism. As suggested by the terms “good capitalism, bad capitalism” in the title, they examine both the positive and the normative implications of each type of capitalism and how consistent each type has been, in the various economies that adopted it, with the overall objective of promoting growth and prosperity. This book is thus about economic systems, the principles on which they are built, and economic growth. There are occasional references to authors of the classical, neoclassical, and Keynesian eras such as Richard Cantillon, John M. Keynes, T. Robert Malthus, David Ricardo, Jean-Baptiste Say, Joseph Schumpeter, Adam Smith, and Max Weber. Some of these are accompanied by brief quotations, but (as is to be expected from the very different interests of the authors of this book) no textual analysis of them or speculations about their influence on the history of economic thought. Given the authors’ emphasis on the effects of capitalism on economic growth, they also briefly discuss early theorists of economic growth such as Roy Harrod, Evsey Domar, Nicholas Kaldor, Robert Solow, and Trevor Swan and – in much greater detail – the theoretical, empirical, and historical work on growth theory that followed them, up to and including the “new growth theory” of Arrow, Romer, Lucas, and others. Chapters 2 and 3, titled “Why economic growth matters” and “What drives economic growth?,” introduce the general reader to the importance of economic growth to both developed and developing economies and the essentials of modern growth theory. While these are valuable supplements to the book for readers not familiar with them, these chapters are not discussed here since their main features are found in textbooks on economic development, macroeconomics, and growth theory.
One of the most momentous events in Britain's nineteenth-century economic history was the repeal of the Corn Laws and its move toward free trade in 1846. The reasons for…
One of the most momentous events in Britain's nineteenth-century economic history was the repeal of the Corn Laws and its move toward free trade in 1846. The reasons for this event have fascinated students both of the history of economic thought and of international economics for many generations. Introductory textbooks in both these fields of economics discuss the Corn Laws in connection with David Ricardo's principle of comparative advantage and his plea for free trade, particularly in the commodities consumed by the working class such as “corn” (a commodity that in classical times denoted all types of grain such as wheat, barley, and rye). The puzzling feature of this repeal, that intrigued scholars such as Schonhardt-Bailey and impelled them to search for plausible explanations, is that it appeared to run counter to the economic interests of the class of landowners that controlled Parliament and passed this legislation. Numerous explanations for this apparently paradoxical behavior have been advanced by historians, economists, and political scientists, and this book is the latest in this long and diverse series of accounts.
In the context of globalization, the concept of national identity becomes much richer and the governments’ policy‐makings have been largely monitored by the markets. If…
In the context of globalization, the concept of national identity becomes much richer and the governments’ policy‐makings have been largely monitored by the markets. If some countries have been more successful than others in responding to the same challenges posed by incorporation by the world economy, then the reason for these different answers is to be found in their national choices. In recent years, few developing countries have enjoyed benefits from interaction with outside world as much as China has. As a late‐comer of globalization, China has been confronted with a clash between the dissolution of a traditional society and the construction of a modern one. Taking into consideration China’s history, population, size, potential and geo‐political influence, this article reviews her unique pathway in quest for a new identity in the era of globalization and tries to find some enlightenments equally useful for other developing countries.