Choosing your own capitalism in a globalised world?
Daron Acemoglu, James A Robinson, Thierry Verdier 21 November 2012
Amid the current economic slowdown there is renewed interest in what type of capitalism fosters growth and best improves welfare. This column argues Nordic-style capitalism may provide higher welfare but in an interconnected world, it may be the cut-throat US capitalism, with its extant inequalities, that makes possible the existence of more cuddly Nordic societies.
Against the background of the global financial crisis and the current economic slowdown, there is renewed interest in what type of capitalism is ‘best’ – which fosters growth and/or best improves average welfare in a society.
Global economy Welfare state and social Europe
technology, capitalism, interdependence
The age of equality
Richard Pomfret 22 May 2012
Politicians who rail against socialism or capitalism always adopt a more moderate stance after they come into office. This column argues this is because we are still experiencing the consequences of the industrial revolution. The current state of that process involves a widely accepted compromise between aggregate prosperity and distributional equality.
Economic reporting in the media frequently appears superficial since important economic processes may take decades for their consequences to work through, whereas media typically need fresh daily or weekly news. Economic history provides an antidote to this rush-to-judgement (e.g. Findlay and O’Rourke 2008, Eichengreen and Irwin 2009).
Politics and economics
Industrial Revolution, capitalism, socialism
Seven things I learned about transition from communism
Andrei Shleifer 05 February 2012
Twenty years ago, communist countries began their shift towards capitalism. What do we know now that we didn’t know then? Harvard's Andrei Shleifer, the Russian-born, American-trained economist, provides his answers and their relevance for contemporary policymakers.
Recently, I was asked by the organisers of the IIASA conference1 to mark the 20th anniversary of the beginning of economic reforms in Eastern Europe and former Soviet Union to comment on the lessons of transition. The assignment presumably refers to the things that I learned – as an economist – that are different from what I believed initially. Such a recollection free from hindsight bias is challenging, but I tried. This list might be useful to future reformers, although there are not so many communist countries left.
Development Global economy Politics and economics Welfare state and social Europe
Russia, communism, Transition economies, capitalism