Based on a timely reassessment of the classic arguments of
Weber, Schumpeter, Hayek, Popper, and Parsons, this book
reconceptualizes actually-existing capitalism. It proposes
capitalism as an impersonal procedural solution to the problems of
spontaneously coordinating public institutions that enable durable
market-based wealth generation and social order. Few countries have
achieved this. A novel contribution of the book is that it
identifies a practical sequence of economic and institutional
shortcuts to real capitalism.
The book challenges current orthodoxies about varieties of
capitalism and relativist recipes for economic growth, and it
criticizes culturalist and incrementalist viewpoints in
institutional economics. It calls on the social sciences to help in
constructing dynamic and prosperous open societies of the
twenty-first century by reclaiming older ideas of ?social
economics?. Better and faster solutions will emphasize
crisis-induced change, rational leadership, ideological persuasion,
institutional engineering, rules-based market freedom, and the
universalistic formal-procedural impersonality of optimal
regulatory systems.
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