University of Hertfordshire

Varieties of Capitalism: Some Philosophical and Historical Considerations

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  • Geoffrey Hodgson
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Original languageEnglish
Pages (from-to)941-960
Number of pages20
JournalCambridge Journal of Economics
Volume40
Issue3
Early online date6 Jan 2016
DOIs
Publication statusPublished - 1 May 2016

Abstract

The literature on varieties of capitalism has stimulated some authors to challenge notions of ‘essentialism’ and even the concept of capitalism itself. In this essay it is argued that the existence of varieties of capitalism does not rule out the need for, or possibility of, specification or definition of that type. Accordingly, ‘capitalism’ is still a viable term. The critique of ‘essentialism’ is also countered, after clarifying its meaning. In particular, it is pointed out that a suitably-defined ‘essentialism’ does not imply some kind of ontological or explanatory reductionism – ‘economic’ or otherwise. But while adopting what are basically Aristotelian arguments about essences, we need to reject Aristotle’s auxiliary notion that variety generally results from temporary deviations from a representative type or trend. Furthermore, capitalism is a historically specific and relatively recent system: we need to develop a classificatory definition of that system that demarcates it from other past or possible social formations.

Notes

This is a pre-copyedited, author-produced version of an article accepted for publication in Cambridge Journal of Economics following peer review. The version of record: Goeffry Hodgson, “Varieties of Capitalism: Some Philosophical and Historical Considerations”, Cambridge Journal of Economics, Vol. 40 (3): 941-960, January 2016. is available online at: https://academic.oup.com/cje/article-lookup/doi/10.1093/cje/bev083.

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