Capitalism
Its Origins and Evolution as a System of Governance
1st Edition
Published on 31. January 2012
Book
Hardback
890 pages
978-3-540-44762-7 (ISBN)
Description
Two systems of governance, capitalism and democracy, prevail in the world today. Operating simultaneously in partially distinct domains, these systems rely on indirect governance through regulated competition to coordinate actors; inevitably, these systems influence and transform each other. This book rejects the simple equation of capitalism with markets in favor of a three-level system, a model which recognizes that markets are administered by regulators through institutions and governed by a political authority with the power to regulate behavior, punish transgressors, and redesign institutions. This system's emergence required the sovereign to relinquish some power in order to release the energies of economic actors. Rather than spreading through an unguided natural process like trade, capitalism emerged where competitive pressures forced political authorities to take risks in order to achieve increased revenues by permitting markets for land, labor, and capital.
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Content
Part I: The Theory of Capitalism.- Prologue: Chesterton, Maryland, as an "English" Village.- Introduction.- The Concept of Capitalism.- Capitalism and Democracy (Co-authored by Sarah Potvin).- Alternative Models of Capitalism.- Part II: The Origins and Early Evolution of Capitalism, 1400-1830.- Prologue: The Mystery of Governance.- Creating Capitalism in Europe, 1400-1820.- From Slavery and Feudalism to Oligarchy in Latin America, 1500-1830.- Creating Capitalism and Democracy in the United States, 1630-1830 (Co-authored by Sarah Potvin).- Part III: Political Obstacles to Capitalist Development.- Prologue: The Arizona Market: A Case Study in "Nation"-Building.- as "One Country, Two Systems" (Co-authored by Jamie Matthews).- The United States as "One Country, Two Systems" (Co-authored by Jamie Matthews).- Part IV: The Economic Strategies of Capitalist Systems.- Prologue: Economic Strategies.- Import Substitution.- The Washington Consensus.- Neo-Mercantilist or Enhanced Mobilization Strategies.- Part V. The Evolution of U.S. Capitalism and Democracy, 1830-2009.- Prologue: Transformations in the Governance of U.S. Capitalism and Democracy.- The Transformation of U.S. Capitalism and Democracy, 1830-1937 (Co-authored by Linnea N. Meyer).- The Transformation of U.S. Capitalism and Democracy, 1965-2009.- Conclusions.- Epilogue: The Financial Crisis, 2007-2009.- Appendix I: The Role of the Firm.