Capitalism as A Mixed Economic System

Richard R. Nelson

in The Oxford Handbook of Capitalism

Published in print April 2012 | ISBN: 9780195391176
Published online November 2012 | | DOI:

Series: Oxford Handbooks

 Capitalism as A Mixed Economic System

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This article argues that the conception and norms of capitalism, in particular the faith that market organization is the best way to govern economic activity, are much more unified and coherent than the actual organization of economic activity in countries that consider themselves capitalist. The latter is marked by great variation in the way different activities and sectors are governed. Although in countries regarded as capitalist market organization plays a powerful role in the governance of many economic activities, there also are many activities that are governed largely through nonmarket mechanisms. It is also argued that few activities or sectors are pure market or nonmarket. Most involve a mix of market and nonmarket elements.

Keywords: capitalists; market organization; economic governance; economic activities

Article.  10709 words. 

Subjects: Economics ; Public Economics ; Industry Studies

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