IDEAS home Printed from https://ideas.repec.org/a/wly/buseth/v32y2023is1p52-64.html
   My bibliography  Save this article

Capitalism and crises: A comparative analysis of mainstream and heterodox perceptions and related ethical considerations

Author

Listed:
  • Sophia Kuehnlenz
  • Valeria Andreoni
  • Imko Meyenburg

Abstract

This paper analyses the main perceptions of capitalism and crises from a mainstream and heterodox perspective. Broadly defined within the neoclassical structure, the mainstream approaches support the idea of long‐term stability of capitalism and describe crises as exogenous events. The heterodox perceptions, on the contrary, perceive crises as an internal feature of capitalism and propose to reframe the global economy within the limits of the socio‐environmental systems. Despite the historical recurrence of crises, the neoclassic capitalist framework and the related mainstream perceptions are still dominating the international economic debate. Most of the crises have then been addressed with reforms oriented to adjust some elements of the system without changing the overall economic structure. On the contrary, limited numbers of initiatives have been implemented to reorganise the economy according to the heterodox perspectives. Within this context, further analysis would be needed to investigate the feasibility of the proposed heterodox solutions. By discussing the main perceptions of capitalism and crises and by considering the ethical implications of the mainstream and the heterodox approaches, the present paper contributes to the existing debate around stability of capitalism and provides a starting point for analysis oriented to investigate the feasibility of alternative economic structures.

Suggested Citation

  • Sophia Kuehnlenz & Valeria Andreoni & Imko Meyenburg, 2023. "Capitalism and crises: A comparative analysis of mainstream and heterodox perceptions and related ethical considerations," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 32(S1), pages 52-64, April.
  • Handle: RePEc:wly:buseth:v:32:y:2023:i:s1:p:52-64
    DOI: 10.1111/beer.12420
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/beer.12420
    Download Restriction: no

    File URL: https://libkey.io/10.1111/beer.12420?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:buseth:v:32:y:2023:i:s1:p:52-64. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://onlinelibrary.wiley.com/journal/26946424 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.