Contemporary, strictly interdependent, financial, socio-economic
and ecological crises are associated with a pattern of economic
activity that subordinates substantial short and long term
interests of society to sectional groups and vested interests
within the economy. This book reassesses the work of key
institutional economists such as Veblen, Commons, Clark and Kapp in
the context of the current crisis and the theory of social costs.
This book addresses the need for an updated theoretical framework
to address those crises, namely social costs as extremely
heterogeneous, widespread and cumulatively self-reinforcing adverse
effects, induced by the ordinary functioning of business and market
institutions in advanced global capitalism and offers
evidence-based analyses of essential dimensions of the contemporary
financial, socio-economic and ecological crises, and the policies
required to deal with them.
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