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Capitalism

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Abstract

Capitalism is a unique historical formation with core institutions and distinct movements. It involves the rise of a mercantile class, the separation of production from the state, and a mentality of rational calculation. Its characteristic logic revolving around the accumulation of capital reflects the omnipresence of competition. It displays broad tendencies to unprecedented wealth creation, skewed size distributions of enterprise, large public sectors, and cycles of activity. Whereas students of capitalism traditionally envisaged an end to the capitalist period of history, modern economists show little interest in historical projection.

This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume.

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  1. http://link.springer.com/referencework/10.1057/978-1-349-95121-5

    Robert L. Heilbroner

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  1. Robert L. Heilbroner
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    Heilbroner, R.L. (2008). Capitalism. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_154-2

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    • DOI: https://doi.org/10.1057/978-1-349-95121-5_154-2

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    • Publisher Name: Palgrave Macmillan, London

    • Online ISBN: 978-1-349-95121-5

    • eBook Packages: Springer Reference Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences

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    Chapter history

    1. Latest

      Capitalism
      Published:
      11 March 2017

      DOI: https://doi.org/10.1057/978-1-349-95121-5_154-2

    2. Original

      Capitalism
      Published:
      12 October 2016

      DOI: https://doi.org/10.1057/978-1-349-95121-5_154-1

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