Article

The Four Types of Capitalism, Innovation, and Economic Growth

William J. Baumol, Robert E. Litan and Carl J. Schramm

in The Oxford Handbook of Capitalism

Published in print April 2012 | ISBN: 9780195391176
Published online November 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780195391176.013.0005

Series: Oxford Handbooks

 The Four Types of Capitalism, Innovation, and Economic Growth

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This article emphasizes capitalist economies' main contribution to the general welfare: economic growth far exceeding that achieved by any other economic system throughout history. It classifies capitalist economies into four categories: oligarchic capitalism, state-guided capitalism, big-firm capitalism, and entrepreneurial capitalism. It argues that all but the first category play a significant role in the growth process. State guidance has been successful in releasing economies initially mired in stagnancy and in a number of dramatic cases has managed to inaugurate a process of substantial growth. In several instances, economies dominated by large and actively innovative firms have stimulated remarkable economic performances by the countries in which they are based. The same can be said of economies in which entrepreneurial activity plays a key role.

Keywords: oligarchic capitalism; state-guided capitalism; big-firm capitalism; entrepreneurial capitalism; capitalist economy

Article.  5527 words. 

Subjects: Economics ; Financial Markets ; Financial Institutions and Services

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