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A Review of Geoffrey M. Hodgson, Conceptualizing Capitalism: Institutions, Evolution, Future

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  • Susan Rose-Ackerman

Abstract

Capitalism and law go together in Geoffrey M. Hodgson's comprehensive analysis of the intellectual history and practical development of the capitalist system in Western Europe and North America. Given the breadth and depth of Professor Hodgson's reading in political economy and his reflections on its implications for the present and future of global capitalism, his book deserves to be widely read. Labeling his approach legal institutionalism, he argues that a legal system that supports capitalism and the market is necessary but not sufficient to sustain a fair and efficient economic system. The state makes efficient markets possible, but it must also deal with the inevitable tensions and the fundamental asymmetry between labor and capital. Tensions arise because labor cannot be used as collateral for the loans that are needed for large-scale capitalist enterprise. Hodgson has not developed the political implications of his conclusions in any detail, but his work ought to inspire research that explores the implications of his arguments for ongoing projects of nation building.

Suggested Citation

  • Susan Rose-Ackerman, 2017. "A Review of Geoffrey M. Hodgson, Conceptualizing Capitalism: Institutions, Evolution, Future," Journal of Economic Literature, American Economic Association, vol. 55(1), pages 182-190, March.
    • Handle: RePEc:aea:jeclit:v:55:y:2017:i:1:p:182-90
    Note: DOI: 10.1257/jel.20161367
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    References listed on IDEAS

    as
    1. Hodgson, Geoffrey M., 2012. "From Pleasure Machines to Moral Communities," University of Chicago Press Economics Books, University of Chicago Press, number 9780226922713.
    2. Greif,Avner, 2006. "Institutions and the Path to the Modern Economy," Cambridge Books, Cambridge University Press, number 9780521480444, October.
    3. Rose-Ackerman,Susan & Palifka,Bonnie J., 2016. "Corruption and Government," Cambridge Books, Cambridge University Press, number 9781107081208, October.
    4. Rose-Ackerman,Susan & Palifka,Bonnie J., 2016. "Corruption and Government," Cambridge Books, Cambridge University Press, number 9781107441095, October.
    5. Susan Rose-Ackerman, "undated". "Trust, Honesty, and Corruption: Reflection on the State-Building Process," Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy Working Paper Series yale_lepp-1013, Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy.
    6. Asim Ijaz Khwaja & Atif Mian, 2005. "Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(4), pages 1371-1411.
    7. repec:bla:kyklos:v:54:y:2001:i:2-3:p:415-43 is not listed on IDEAS
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    More about this item

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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