Chapter

Bringing Capitalism Back In

Wolfgang Streeck

in Re-Forming Capitalism

Published in print March 2010 | ISBN: 9780199573981
Published online October 2011 | e-ISBN: 9780191702136 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199573981.003.0018
Bringing Capitalism Back In

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The notion of capitalism brings about the concept that the economy is inherently dynamic since historical social formation is defined by a certain descriptive dynamism that evolves with social reality in real time. Also, capitalism veers away from fallacies of misplaced abstractness that prevents engaging in the world while events are happening. This chapter first provides a brief discussion on why it was a mistake that institutionalist theory and comparative political economy replaced capitalism with a functionalist concept called ‘the economy’. It then looks into Streeck and Thelen's model of institutional enactment to provide a micro-foundation for understanding the dynamic of institutional change under capitalism. It also argues that Polanyi's ‘double movement’ of market expansion allows for a more comprehensive interpretation of institutional change. Lastly, it suggests a way to accommodate both rationalization and globalization in a historical-institutionalist model of capitalism.

Keywords: capitalism; dynamic; fallacies; the economy; model of institutional enactment; Polanyi's double movement; rationalization; globalization

Chapter.  17804 words.  Illustrated.

Subjects: Political Economy

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