Capitalism, Institutions, and Economic Development (Paperback) book cover

Capitalism, Institutions, and Economic Development

By Michael G. Heller

© 2011 – Routledge

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Paperback: 9780415694452
pub: 2011-08-17
Hardback: 9780415482592
pub: 2009-07-03
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pub: 2009-09-10
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Based on a timely reassessment of the classic arguments of Weber, Schumpeter, Hayek, Popper, and Parsons, this book reconceptualizes actually-existing capitalism. It proposes capitalism as an impersonal procedural solution to the problems of spontaneously coordinating public institutions that enable durable market-based wealth generation and social order. Few countries have achieved this. A novel contribution of the book is that it identifies a practical sequence of economic and institutional shortcuts to real capitalism.

The book challenges current orthodoxies about varieties of capitalism and relativist recipes for economic growth, and it criticizes culturalist and incrementalist viewpoints in institutional economics. It calls on the social sciences to help in constructing dynamic and prosperous open societies of the twenty-first century by reclaiming older ideas of ‘social economics’. Better and faster solutions will emphasize crisis-induced change, rational leadership, ideological persuasion, institutional engineering, rules-based market freedom, and the universalistic formal-procedural impersonality of optimal regulatory systems.

Table of Contents

1. Institutional Capitalism 2. The Modern State 3. Law and Economy 4. Development in Disequilibrium 5. Carriers of Change 6. Models of Crisis 7. The Transition Sequence 8. Making the Change

About the Author

Dr Michael G. Heller is a political scientist specialising in development issues. He has held research and teaching positions at universities in Mexico (Colegio de México), the United Kingdom (School of Oriental and African Studies), Argentina (Universidad de Cuyo), and Australia (University of Technology Sydney).

About the Series

Routledge Frontiers of Political Economy

In recent years, there has been widespread criticism of mainstream economics. This has taken many forms, from methodological critiques of its excessive formalism, to concern about its failure to connect with many of the most pressing social issues. This series provides a forum for research which is developing alternative forms of economic analysis. Reclaiming the traditional 'political economy' title, it refrains from emphasising any single school of thought, but instead attempts to foster greater diversity within economics.

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Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / Economic Conditions
BUSINESS & ECONOMICS / Economic History
BUSINESS & ECONOMICS / Economics / General