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Capitalism: Its Origins and Evolution as a System of Governance Hardcover - 2011
by Bruce R. Scott
From the publisher
From the rear cover
Two systems of governance, capitalism and democracy, prevail in the world today. Operating in partly overlapping domains, these systems influence and transform each other, but the nature of this interaction is often misunderstood -- largely because capitalism has not been recognized as a system of governance. Rejecting the simple definition "capitalism = actions of firms in markets," Harvard's Bruce R. Scott offers instead a conception of capitalism as a three-level system akin to organized sports, in which games (markets) are conducted according to rules administered by referees (regulators), which in turn are shaped and directed by sports' governing bodies (political authorities).
Tracing the evolution of capitalism from a variety of perspectives, Scott shows how governance has always been key to the system. Historically, capitalism was not a natural outgrowth of trade; it could not have emerged without political authorization for the creation of markets for land, labor, and capital. Urgently needing funds for military defense, regimes ceded some power to a new class of economic actors, spelling out their rights and responsibilities with corporate charters. The United States Constitution was anomalous in reserving to individual states the power to grant such charters, with the result that states compete to offer firms the least regulation. The Constitution also gave exceptional powers to the Supreme Court, which has interpreted the Constitution as mandating laissez-faire policies.
It is impossible to adequately understand capitalism without understanding the role played by governance. This book challenges the notion of a "universal" model of capitalism, particularly one based on the US system, and illuminates the broader frameworks upon which markets depend.
Details
- Title Capitalism: Its Origins and Evolution as a System of Governance
- Author Bruce R. Scott
- Binding Hardcover
- Edition First Edition :
- Pages 672
- Volumes 1
- Language ENG
- Publisher Springer
- Date 2011-10-01
- Features Bibliography, Index
- ISBN 9781461418788 / 146141878X
- Weight 2.56 lbs (1.16 kg)
- Dimensions 9.21 x 6.14 x 1.5 in (23.39 x 15.60 x 3.81 cm)
-
Themes
- Aspects (Academic): Economic
- Library of Congress subjects Economic history, Capitalism - History
- Library of Congress Catalog Number 2011938302
- Dewey Decimal Code 330.9
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