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- Title
Defining Capitalism.
- Authors
Sternberg, Elaine
- Abstract
This article aims to incorporate the essential features of capitalism in an operational definition that identifies capitalism per se (pure laissez-faire capitalism), and clearly excludes variations such as welfare capitalism and crony capitalism. By concisely highlighting the fundamental structures and mechanisms of capitalism, this essential definition facilitates defences of it that are more robust than those ordinarily offered. It also clarifies the relation between capitalism and phenomena with which it is frequently associated, and suggests a straightforward way of identifying and measuring the extent of capitalism in mixed economies.
- Subjects
CAPITALISM; ESSENTIALISM (Philosophy); FREE enterprise; FINANCIAL crises; MEDICAL care research
- Publication
Economic Affairs, 2015, Vol 35, Issue 3, p380
- ISSN
0265-0665
- Publication type
Article
- DOI
10.1111/ecaf.12141