000			02522nam a2200265Ia 4500
999			_c546 _d546
003			DE-boiza
005			20191219102603.0
008			190909
020			_a978-1-461-41878-8
040			_cIZA
100			_aScott, Bruce R. _91762
245		0	_aCapitalism: Its Origins and Evolution as a System of Governance
260			_c2011 _bSpringer, _aBerlin et al.,
300			_a672 pages
340			_hP1 13
520			_aTwo 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.
648			_ahistory 1400 - 1820 _95802
650			_acapitalism _91377
650			_adevelopment economics _9179
650			_aeconomic history _91187
650			_ademocracy _91062
651			_aEurope _920
856			_uhttps://www.springer.com/gp/book/9781461418788 _yPublisher's website
942			_cBO _2ddc