University of Hertfordshire

From the same journal

From the same journal

Conceptualizing Capitalism – A Summary

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  • Geoffrey Hodgson
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Original languageEnglish
Pages (from-to)37-52
Number of pages16
JournalCompetition and Change
Volume20
Issue1
Early online date20 Oct 2015
DOIs
Publication statusPublished - 1 Feb 2016

Abstract

This essay summarizes key parts of the book Conceptualizing Capitalism (Hodgson 2015a). It briefly explains why institutions must be central to a definition of capitalism, and what is the nature and role of such a definition. It dates the rise of capitalism in England to the development of financial institutions in the eighteenth century, particularly concerning the institutional conditions for the use of property as collateral and the buying and selling of debt. It considers why economists and others have often downplayed the role of particular financial institutions. This provides a lead to the question of inequalities of wealth and income, and how they are generated within capitalism. In addition, while capitalism is a market system it inevitably has missing markets, leaving open a crucial role for the state.

Notes

This document is the accepted manuscript version of the following article: Geoffrey M. Hodgson, 'Conceptualizing capitalism: A summary', Competition & Change, Vol. 20 (1): 37-52, February 2016. The final, definitive version is available online at: https://doi.org/10.1177/1024529415611264. Published by SAGE Publishing.

ID: 10871761