The Rise and Decline of General Laws of Capitalism

  title={The Rise and Decline of General Laws of Capitalism},
  author={Daron Acemoglu and James A. Robinson},
  journal={New Institutional Economics eJournal},
Economists have long been drawn to the ambitious quest of discovering the general laws of capitalism. David Ricardo, for example, predicted that capital accumulation would terminate in economic stagnation and inequality as a greater and greater share of national income accrued to landowners. Karl Marx followed him by forecasting the inevitable immiseration of the proletariat. Thomas Piketty’s (2014) tome, Capital in the Twenty-First Century, emulates Marx in his title, his style of exposition… 

Thomas Piketty’s Capitalism Revisited

Thomas Piketty’s international best selling Capital in the TwentyFirst Century lays out his theory of a long-run rise in income inequality under capitalism. It is written as a manifesto urging

The dark side of capitalism – in orthodox economics?

  • M. Zafirovski
  • Economics
    The European Journal of the History of Economic Thought
  • 2019
Abstract The article addresses the dark side of capitalism as an economic system, as identified and highlighted in orthodox, laissez-faire, including classical and neoclassical, economics. While

Moral Capital in the Twenty-First Century

This paper recasts Piketty’s Capital in the Twenty-First Century in light of Acs’ Why Philanthropy Matters: How the Wealthy Give and What It Means for Our Economic Well-Being. Philanthropy matters in

The Myth of Dynastic Wealth: The Rich Get Poorer

Thomas Piketty’s Capital in the Twenty-First Century rocketed to the top of the best-seller lists the moment it was published in 2013, and remained there for months. While this feat is quite

What Piketty Said in 'Capital in the Twenty-First Century' and How Economists Reacted

This work rehearses the main themes of Piketty’s book and summarizes the debate it triggered. The paper dwells on the rise in the ratio of household wealth to GDP in the rich countries since the

What Piketty said in Capital in the Twenty-first Century and how economists reacted

This work rehearses the main themes of Piketty.s book and summarizes the debate it triggered. The paper dwells on the rise in the ratio of household wealth to GDP in the rich countries since the

Piketty's Calibration Economics: Inequality and the Dissolution of Solutions?

Abstract By popularising interest in inequality, Thomas Piketty's Capital in the Twenty-First Century has made a significant contribution. It has helped to change the basic terms of debate regarding

Socialist project by Thomas Piketty (On the book “Capital and ideology”)

The review examines the model of democratic socialism proposed by Thomas Piketty, which is based on the concept of domination of public and temporary property and is designed to ensure a fair

Social and Historical Foundations for Business Ethics

This chapter is an investigation of the moral norms, sensitivities, and accountabilities that are endogenous in market activity and constitutive of human communities as systems of reciprocal



The Enlightened Economy: An Economic History of Britain 1700-1850

This book focuses on the importance of ideological and institutional factors in the rapid development of the British economy during the years between the Glorious Revolution and the Crystal Palace

Is Piketty’s “Second Law of Capitalism” Fundamental?

In Capital in the Twenty-First Century , Thomas Piketty uses what he calls “the second fundamental law of capitalism” to predict that capital-to-income ratios are poised to increase dramatically as

The Consequences of Radical Reform: The French Revolution

The French Revolution of 1789 had a momentous impact on neighboring countries. The French Revolutionary armies during the 1790s and later under Napoleon invaded and controlled large parts of Europe.

From the Corn Laws to Free Trade: Interests, Ideas, and Institutions in Historical Perspective

The repeal of Britain's Corn Laws in 1846--one of the most important economic policy decisions of the nineteenth century--has long intrigued and puzzled political scientists, historians, and

Stages in Corporate Stability and the Risks of Corporate Failure

  • R. Edwards
  • Economics
    The Journal of Economic History
  • 1975
Few would deny that the U.S. economy is today dominated by huge corporations. Much recent writing has proposed that these corporations form a stable and monopolistic (or oligopolistic) “core” around

Institutions as the Fundamental Cause of Long-Run Growth

This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental cause of differences in economic development. We first document the empirical

The Political Economy of Labour Market Institutions

According to most orthodox economists, labour market rigidities are the key culprit for such high unemployment as has been observed in Europe during the past three decades. But governments that have

Economic Origins of Dictatorship and Democracy

This book develops a framework for analyzing the creation and consolidation of democracy. Different social groups prefer different political institutions because of the way they allocate political

International Trade and Institutional Change: Medieval Venice&Apos;S Response to Globalization

International trade can have profound effects on domestic institutions. We examine this proposition in the context of medieval Venice circa 800-1350. We show that (initially exogenous) increases in