Refounding Capitalism

Edmund S. Phelps

in The Oxford Handbook of Capitalism

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

Series: Oxford Handbooks

Refounding Capitalism

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This article addresses the following questions: What is capitalism? What is the distinctive merit of a well-functioning capitalism? Can dynamism justify capitalism? It considers how the element of instability in capitalist systems affect the argument for continuing with capitalism. This is followed by discussions of whether there are reforms that address speculative swings while causing little or no damage to economic dynamism and inclusion; address the decline in the past decade of economic dynamism while causing little or no increase in instability; and address the still insufficient levels of economic inclusion without stifling dynamism.

Keywords: capitalism; capitalist system; dynamism; reform

Article.  5004 words. 

Subjects: Economics ; Public Economics ; Financial Markets

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