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The future of capitalism

In: Approaching Equality

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Abstract

The chapter begins by refining a definition of capitalism, drawing on Marx and Schumpeter, but reconciles this definition with the existence of what Piketty calls a “Patrimonial middle class†by restating the definition of the working class in terms of the life-cycle. Sketches and in part criticizes Piketty’s account of the concentration of wealth, and integrates some of Stiglitz’s writing on rent-seeking. Concludes that mature capitalism tends to be transformed, via concentration of wealth, into plutocratic oligarchy, with regrettable consequences.

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  • ., 2017. "The future of capitalism," Chapters, in: Approaching Equality, chapter 2, pages 5-23, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17349_2
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    Cited by:

    1. Su, Siyan, 2022. "Updating politicized beliefs: How motivated reasoning contributes to polarization," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 96(C).
    2. Boysen, Nils & Schwerdfeger, Stefan & Weidinger, Felix, 2018. "Scheduling last-mile deliveries with truck-based autonomous robots," European Journal of Operational Research, Elsevier, vol. 271(3), pages 1085-1099.

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    Economics and Finance;

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