Comparative Critique Of Comparative Capitalism

1214 Words Jul 20th, 2016 5 Pages

Case Study #4: Comparative Capitalism
Florence F. Messi
St Thomas University Miami Gardens, Florida Abstract
The Merriam-Wester dictionary defines capitalism as an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market. (2015). However for an ideal capitalism to fully operate it requires a set of conditions or institutions such as legitimacy of government and the rule of law, a well-defined property right, firms acting as price takers, not barriers to entry and exit, free capital and labor markets and free trade. (Henderson and Ramanna, 2001). However, it happens that these conditions are not usually fully met due to country history, social, political goals and few other reasons, which means there are various versions of capitalism.

Case Study #4: Comparative Capitalism
To answer some of the questions of this case study, we will use the comparative capitalism models such as the varieties of capitalism developed by political scientists, Peter Hall and David Soskice, the diversity of capitalism of Bruno Amable, while trying to find with of the two models is consistent with the creative destruction of Joseph Schumpeter.
Is the “varieties of capitalism” model a recognition that market capitalism economics is in reality
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